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hi all, i have a redeemed repo (2006) which i got back 2 weeks after it happend, and have since paid it off in full (2009)
i am trying to buy a home but my scores/credit reports list this GMAC auto loan as an open account and repossession.
i have spoken to GMAC/Ally about this, and they agrees they made a mistake and will request removal of the incorrect information from the big 3.
question is, i need 10 points to qualify for a conventional loan, will this happen if they fix the repo to paid as agreed/closed?
really wondering....
Everyone's experience is different however.. If you removed that account I would be willing to bet the ranch you'd get at least those ten points.. Repossession is one of the worst negative listing you can have.. Having that removed will have a huge impact.. -scott
@Anonymous wrote:hi all, i have a redeemed repo (2006) which i got back 2 weeks after it happend, and have since paid it off in full (2009)
i am trying to buy a home but my scores/credit reports list this GMAC auto loan as an open account and repossession.
i have spoken to GMAC/Ally about this, and they agrees they made a mistake and will request removal of the incorrect information from the big 3.
question is, i need 10 points to qualify for a conventional loan, will this happen if they fix the repo to paid as agreed/closed?
really wondering....
@rckstrscott wrote:
Repossession is one of the worst negative listing you can have.. -scott
Tell me about it...
@Anonymous wrote:hi all, i have a redeemed repo (2006) which i got back 2 weeks after it happend, and have since paid it off in full (2009)
i am trying to buy a home but my scores/credit reports list this GMAC auto loan as an open account and repossession.
i have spoken to GMAC/Ally about this, and they agrees they made a mistake and will request removal of the incorrect information from the big 3.
question is, i need 10 points to qualify for a conventional loan, will this happen if they fix the repo to paid as agreed/closed?
really wondering....
I am a little confused. Were they more specific when they said they would remove the incorrect information? It would seem that a reposession on this account is not incorrect, if the vehicle was in fact reposessed. I don't know that paying it off and getting the car back eliminates a reposession. Any chance they simply meant they were going to report the account as closed and paid in full, but still as a repo?
Getting it changed to Paid might actually do nothing. Not sure, when it comes to reposessions.
Pretty sure that if it got removed altogether from your reports, you'd see quite a boost.
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any know how many points a reposession is worth on the fico?
@Anonymous wrote:any know how many points a reposession is worth on the fico?
Nothing is worth "X" amount of points. Nobody knows this. If we did, FICO couldn't make billions of dollars selling their scoring formula. It depends on every other factor. The only thing we know is that it has a huge effect, especially if you have no other baddies. But if you have maxed out cards and lots of collections, a repo will probably have a small effect. If you have 10% utilization with a 10 year AAoA and no lates or other baddies, it could be 100+ points. It is just impossible for anyone to say.
@Anonymous wrote:
@Anonymous wrote:any know how many points a reposession is worth on the fico?
Nothing is worth "X" amount of points. Nobody knows this. If we did, FICO couldn't make billions of dollars selling their scoring formula. It depends on every other factor. The only thing we know is that it has a huge effect, especially if you have no other baddies. But if you have maxed out cards and lots of collections, a repo will probably have a small effect. If you have 10% utilization with a 10 year AAoA and no lates or other baddies, it could be 100+ points. It is just impossible for anyone to say.
+1
It all depends on your personal credit makeup..
Hi there,
Did you get this resolved? Your setup here is exactly like mine. I had a GMAC repo in Christmas 2006, redeemed the 2nd week of Jan 2007. Then the balance was paid off Apr 2009. I just called Ally and they said there was nothing they could do. May I ask how you discussed it with Ally/GMAC?
Thanks for your help.
L
Your signature is impressive. How did you get all those negative things removed? Or did you just have to wait it out?
Thanks
L