Reply
Highlighted
New Visitor
Posts: 2
Registered: ‎03-15-2007
0

Auto Repo Impact

How much of an impact will an auto repossession have on my FICO score, assuming that I keep all of my other accounts in good standing? My current score is 768 with Experian.
Administrator Emeritus
Posts: 4,444
Registered: ‎03-01-2007
0

While it's clear that the impact of a repo will be negati...

While it's clear that the impact of a repo will be negative, the following will help determine by just how much:
 
1. When was the repo? (The more recent the repo, the more negative the impact.)
2. Is there a balance due?  (The higher the balance, the more negative the impact.)
3. Are there any other negative items from the past?  (Additional negative items can increase the negative impact, depending on how recently they occured and how seriously late the payments were.)
 
The good news is that, based on your 768 Experian score, you already have excellent credit, which will help to minimize the negative impact to your score resulting from this repo.  The other good news is that by continuing to pay your other obligations as agreed, your score will increase more rapidly than if you had other problem accounts.

Formerly consumer affairs manager, media spokesman and myFICO Forums community manager at FICO, I'm now freelance writing for CreditCards.com and my own site, SpeakingOfCredit.com.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.