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Repossession

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jimmy_b30
Established Member

Repossession

Well I was blessed with a little good luck...which started out rough. I had my Car Repoed that was financed through Chase Bank. I dropped to 90 days past due and of course they came and got my vehicle at my job. The repo man was nice enough about it. He let me get what I wanted to out of it. Gave me his cell number when Chase decided what they wanted to do with me. I tried multi places to get financied without luck. Two days after the repo a friend co signed for a loan of 7,300.00 to buy the car back from Chase out of Repo. Then the one of the worst things hit my CRs....The Repo TL happened. NOW the good fortune of it. I DVd chase 8 months after the repo and it was changed to "paid"....now my questions...1) is the repo really gone? 2) the new line that is consigned for, what is that doing for my credit score? It's current balance is 5100.00 and no late payments for 7 months. Neither of these accounts are my oldest.












Message 1 of 10
9 REPLIES 9
pizzadude
Credit Mentor

Re: Repossession

 

You would need to look closely at your CR to determine whether the status is showing a PIF loan, or a Paid Reposession....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 10
guiness56
Epic Contributor

Re: Repossession


@jimmy_b30 wrote:
Well I was blessed with a little good luck...which started out rough. I had my Car Repoed that was financed through Chase Bank. I dropped to 90 days past due and of course they came and got my vehicle at my job. The repo man was nice enough about it. He let me get what I wanted to out of it. Gave me his cell number when Chase decided what they wanted to do with me. I tried multi places to get financied without luck. Two days after the repo a friend co signed for a loan of 7,300.00 to buy the car back from Chase out of Repo. Then the one of the worst things hit my CRs....The Repo TL happened. NOW the good fortune of it. I DVd chase 8 months after the repo and it was changed to "paid"....now my questions...1) is the repo really gone? 2) the new line that is consigned for, what is that doing for my credit score? It's current balance is 5100.00 and no late payments for 7 months. Neither of these accounts are my oldest.

Once a vehicle is repoed, whether you pay to get it back or not, it can still be listed as such. 

 

Exactly how is the TL reporting?

 

On a side note, you can't DV an OC.  They might have taken it as a dispute.

Message 3 of 10
jimmy_b30
Established Member

Re: Repossession

I pulled from several site all three reports only say "paid" .....what is the best site to pull a "3-1 report with the date of removal on it?












Message 4 of 10
jimmy_b30
Established Member

Re: Repossession

Sorry I am new....I disputed it and it changed from Repo to "paid" and that is all every CR I have pulled reads as.












Message 5 of 10
guiness56
Epic Contributor

Re: Repossession


@jimmy_b30 wrote:
Sorry I am new....I disputed it and it changed from Repo to "paid" and that is all every CR I have pulled reads as.


Well, it looks like you may have lucked out.  Keep an eye on it and make sure it doesn't change back.

 

The only place to get fully accurate reports from all three CRAs is annualcreditreport.com.  You can get one free each year from each CRA.

Message 6 of 10
jimmy_b30
Established Member

Re: Repossession

Excellent, thank you also. I pulled a Exf one using that site's link and it does show a date of removal....do I need to order a different kind of credit report?












Message 7 of 10
guiness56
Epic Contributor

Re: Repossession

Using what sites link?

 

You can and should get one from each CRA at annualcreditreport.com.

Message 8 of 10
jimmy_b30
Established Member

Re: Repossession

I have already gotten my free report 8 months ago. I had to purchase a report from each agency. So I went back to annual credit report and bought a CR from each but the only one that has removal dates is the TU one.












Message 9 of 10
guiness56
Epic Contributor

Re: Repossession

Each late will drop off 7 years from its occurence.  It is possible that this TL will turn positive before the drop off date. 

Message 10 of 10
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