Wednesday, January 30, 2008

Repossessions comes of in July. Will it help my score and how much

I have an equifax score of 586. I have a repossession that is due to come off of my report in July. Will this improve my score? If so by how much would you guess.

The other 2 scores are 640 & 641.
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really it souldn't help your credit score at all
if you have 3 open and reported lines of credit to equifax that show at least 12 MR months of reporting, then it should not help.
if this is the only thing on your report it will drop your score to 0'
it sounds to me like you don't have 3 lines of open good and rated lines of credit at equifax with no lates in the past 24 months.

it will eliminate some problems wih financing at major good credit lenders. Many lenders will disqualify you for a collections repo or bankrupcty right of the bat. So this is a good thing, it just shouldn't help your credit mch because it is so old and you have have new good cedit to over ride the old bad credit.

obviously each bureau has different data on you as the scores are different

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