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will removal of repo account hurt or help?

Regular Contributor

will removal of repo account hurt or help?

So i have a repo from 3 years ago that has a $0 balance and I want the repo removed but now that i think about it, will it hurt my score if it's removed since the balance is at $0? Maybe they could just mark it as closed instead of a big fat "REPO". what are your thoughts?

Lender pulled fico scores 4-11-2013
Equifax 670, Exp 673, TU 672
Message 1 of 5
4 REPLIES
Contributor

Re: will removal of repo account hurt or help?

Can try
Message 2 of 5
Senior Contributor

Re: will removal of repo account hurt or help?

Auto Installment loans have hardly any affect on your fico score. It could change your AAoA tho. 

Message 3 of 5
Highlighted
Established Contributor

Re: will removal of repo account hurt or help?

I had 2 of them, both IIB with 0 balance, but both have been removed from my CR and I don't think it did much to my score, but much more important (to me anyway) its off my report and not reporting anymore.

EQ8: 646 EQ5: 652 V3.0: 665 **8/2015
TU8: 635 TU4: 700 V3.0 :663 **8/2015
EX8: 636 EX3: 670 V3.0: ? **8/2015
CCD Util 35%

Message 4 of 5
Established Contributor

Re: will removal of repo account hurt or help?

It really depends on your objective. If your goal is to have a higher score, it could lower it if its one of your oldest accounts.  If your focused on a clean report, then by all means get it removed.  A 3 year old repo is most likely having a heavy impact on your score and from my experience, its easier to get them to delete a trade line like that than to change the information to report more positively.  It really would come down to what else is on your report and their ages, but personally I cant see much of a benefit of keeping a repo on there.  As others on here have said, have a clean report and scores will follow.

Message 5 of 5