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Car Repossession Question

Jayroc80
Established Member

Car Repossession Question

WOW I'm so happy I came across this website! I've learned a lot of information!!  I do have a situation to inquiry about though.

I was recently part of a class action lawsuit in which Triad Capital Corporation is required to remove a repossession from my credit score and the line credit in which I was held responsible for will be paid in full/deleted.

For the past three years I have paid all my bills on time and have no other delinquencies on my credit, but a Discover card that will fall off my report in May 2009.

If I continue to be on time with my payments and not have a ton of inquiries, on average how much will my credit score rise once from the repossession being removed from my credit score?

Thanks in advance!

TU - 530, EX - 595, EQ - 580 10-13-2007
TU - 623, EX - 637, EQ - 648 4-25-2008
TU - 623, EX - 655, EQ - 630 5-19-2008
Message 1 of 13
12 REPLIES 12
TheNewWorldMan
Valued Contributor

Re: Car Repossession Question

How old is the repo?
- - - -
in a credit-scoring postnuclear Stone Age...
Message 2 of 13
Jayroc80
Established Member

Re: Car Repossession Question

Thanks for responding!
 
The repo took place 6/2004.
TU - 530, EX - 595, EQ - 580 10-13-2007
TU - 623, EX - 637, EQ - 648 4-25-2008
TU - 623, EX - 655, EQ - 630 5-19-2008
Message 3 of 13
jask
Valued Member

Re: Car Repossession Question

I had 2 old collection a 1 repo (8/2004) come off and my score went up 60 points. So i would guess around between 30 and 45
Message 4 of 13
Jayroc80
Established Member

Re: Car Repossession Question

Ahh thanks for the infomation, that 30-45 points will really look good on my score!!
TU - 530, EX - 595, EQ - 580 10-13-2007
TU - 623, EX - 637, EQ - 648 4-25-2008
TU - 623, EX - 655, EQ - 630 5-19-2008
Message 5 of 13
llecs
Moderator Emeritus

Re: Car Repossession Question

You may not get back as much as you think you might. I had a 2/2004 repo removed late last yr.(redeemed & PIF on schedule) and received no increase. Of course it wasn't labled as a CO, which might make a difference in your case.
Message 6 of 13
jask
Valued Member

Re: Car Repossession Question

Hmm that's a good point. I did have other things come off at the same time and I had the same kind of repo (redeemed and PIF on schedule) as you.

Even if the FICO score doesn't go up, getting the repo status off will still help you when you go to get another car loan. Auto lenders hate repos and will sock it to you in interest when they see one, or they just deny no matter what you FICO score.
Message 7 of 13
llecs
Moderator Emeritus

Re: Car Repossession Question

If I were certainly looking for a new car, I'd want it off too.
 
Another point to consider is that you may not see the repo in your FICO report. On my EQ FICO report is does not mention or show that I had a repo. However, pulling the org. report direct from EQ does show that.
Message 8 of 13
Jayroc80
Established Member

Re: Car Repossession Question

Thanks for all the info. Jask adn Illecs!
 
I really hope it goes up just a little bit!!  The only report the repo isn't showing up on is TU and its my lowest score lol, go figure.
 
Either way it goes, once it falls off I will definitely refinance my current loan, because the the rate I got was horrendous, but rightfully so.  I have learned my lesson, never, ever cosign for anyone!!!
TU - 530, EX - 595, EQ - 580 10-13-2007
TU - 623, EX - 637, EQ - 648 4-25-2008
TU - 623, EX - 655, EQ - 630 5-19-2008
Message 9 of 13
vesper
Regular Contributor

Re: Car Repossession Question

Out of curiosity what was the suit against Triad about? My loan was thru them but I paid it off in 06. I sent them a GW to get the late payments I had off of my CR (i lost my job at that point).....they denied me of the request.
Message 10 of 13
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