In Nov2007 my vehicle was repossessed. Since then I bought a new one car with a cosigner and am rebuilding my credit but the $6000 balance after the vehicle was auctioned off is still there. Do i have to wait 7years for it the repo to disappear or can I just pay the money now and qualify for a house now?
Originally posted 2008-12-20 13:35:35.
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You can pay the money now, but the default will stay on your credit report for the seven year period. Of course, a PAID default will look much better to any lender inquiring about extending credit to you.
Please don’t take this the wrong way but what in the world makes you think that you’re ready for home ownership?
The repo was only in 2007… you’re not ready!