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.