I've had a spotless credit report up until recently, but back in May I voluntarily surrendered my vehicle. I was upfront with them the whole time and they never reported my repo, it only shows as 150 day late payment (which is still horrible). Since then I have contacted them and set up a payment plan so on my CR it shows my car loan is paid off and now I have a personal loan through my credit union. This has dropped my credit score down to 500. I currently have a mortgage on a home and have for the past year but I'm suddenly having to relocate for work. I'm going to want to get mortgage again where I relocate which will be in about 7-8 months. So my question is.. Will I be able to obtain a mortgage having a recent 150 day late payment and a credit score of 500? And if not, how can I raise my score? Am I going to have to play the waiting game and give this late payment some time?
