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deeva_lee

Repo or not to Repo

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I have a truck that is just way overpriced, the payments on it are crazy, but when i got it, i desperately needed a car. Its a brand new car, so it has depreciated a lot. My question is this. I already have crappy credit. Would it be worth it to just have it repoed? Or should i just file for bankruptcy. There is no way for me to sell this truck and pay off the loan.

I also have a nother question. I am getting married next year, and my fiance has PERFECT credit( I do mean perfect!).. and mine, well lets just say its lacking around the 550 range give or take a few points. How will my credit affect his creidt? Will it be a lot? or just a little? I understnad taht our credit will become one, but doesnt that mean my score could improve rather than drag his down?

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well first.. I think you should post more info about your credit situation. Filing BK shoudl be your VERY last resourt...WIth your fiance having good credit, he can put you as a authorized user on his cards and that would give you nice boost in score...

If your scores are in 550s now, and you file BK, be ready for them to drop to 400s range. Is it worth it? I think not....but then again, if you are about to live in a cardboard box because you are flooded with bills, then I guess its a way out....

Think about it really hard.

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What would a repo do to my score. The Payoff is 20+K, the loan is for 45K and six years.. the truck is only worth 13 because of depreciation (learned that lesson, will never buy new again)

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I

I also have a nother question. I am getting married next year, and my fiance has PERFECT credit( I do mean perfect!).. and mine, well lets just say its lacking around the 550 range give or take a few points. How will my credit affect his creidt? Will it be a lot? or just a little? I understnad taht our credit will become one, but doesnt that mean my score could improve rather than drag his down?

Your credit will not become one with your fiancee's when you get married. You will each maintain your own credit file, and your credit will not affect his at all. Many other things in your life will be merged to become one, but your credit reports aren't among those ;)

He can help you improve your score by adding you as an AU (not joint until your credit situation improves) on some of his better, older, not-maxed-out cards, and even that will have no impact whatsoever on his credit because it won't show anywhere on his credit that you're an AU.

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Ok, then how does being an authorized user help me?

You'll get the entire history of the card, and his history will count in your score. It can only help you and not hurt him at all.

So if get my truck repoed, it WILL not effect his credit?

Not unless his name is on the note.

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Well here's another question, looking at my fico stuff, its telling me that best scenario would be to get a credit card and conslidate the couple of minor balances.. The problem with that is, NO ONE WILL GIVE ME A CREDIT CARD!!

I want good credit .. i do.. its frustrating

Also what should I do about my truck?

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Well here's another question, looking at my fico stuff, its telling me that best scenario would be to get a credit card and conslidate the couple of minor balances.. The problem with that is, NO ONE WILL GIVE ME A CREDIT CARD!!

I want good credit .. i do.. its frustrating

Also what should I do about my truck?

You'll have the credit card on your report if he adds you as an AU.

The truck... well, it's a very personal decision, really. You'll need to think about it and weigh the pros and cons. If it's repo'ed, and sold, you'll still have to pay the difference between what it sold for and what you owe, if the repo is done legally. So it will only reduce your debt, and you'll be out a vehicle.

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That would be the problem.. I dont know the pros and cons. I dont know hwo it will affect my credit. I dont know how long it will be on my report.. I dont know what happens when they repo it.. I dont know how much it affects my score.

Would my SS# be attached when we added me as an authorized user?

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That would be the problem.. I dont know the pros and cons. I dont know hwo it will affect my credit. I dont know how long it will be on my report.. I dont know what happens when they repo it.. I dont know how much it affects my score.

It will tank your score. That's a given.

It will stay on your report 7 years from the date of first delinquency when you never caught up (or the date of repo if you aren't late now.)

What happens when they repo it varies by state, but if it's a voluntary repo then the rules are pretty much relaxed. I did a voluntary repo a long time ago, and within 48 hours of me telling them to come get the f'ing car, it was gone.

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I was in your place about a year ago.. I had one repo and had my other car that was 10k more then it was worth.. so I repoed it too.. now I owe about 20k in repos.. plus all the credit cards.. and taxes.. I filed chapter 13 bankrupcy and it got rid of all of it.. now its time to rebuild.. my credit before the bankrupcy was in the high 400's.. after I filed its still in the high 400's..

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This might be a reach but...... could you refinance the truck in your fiancee's name. could give a better rate and of course cheaper payment. I had an involuntary repo had the car 4 years got behind last year and they tracked me down and got the car. However, i got it removed from all 3 reports so i was lucky(blessed is a better term0 Good lcuk though.

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THis is something i have thought about but not brought up with my fiance.. The reason is this, I am an excluded driver on his insurance (we live together) so i wouldnt be able to DRIVE my truck if we did that. After we are married that is definately an option i think.

Plus we are getting ready to take out a loan to pay for our wedding.

I guess my biggest worry is this, i would like to have good credit.. hell even ok credit.. But the stuff i have paid off STILL is on my credit report as bad debt or some other negetive statement.

Whats teh point of paying it off if they wont change how it looks on my credit report?

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Tooleman.. Where you behind in payments with 2nd car? My new car is worth about 6700 but the payoff is about 14,000 :twisted: Talk about getting screwed!!!!!!!!! I would like to trade it in but oh well i guess i 'll keep it.

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Tooleman..How can you do that. And 2nd IMO wouldn't that limit the type of loan you could qualify for if they couldn't use her income.

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Cookie..What is up with info under your name(Most unwanted member)

Swede doesn't like it when people spill her secrets. Check out the bumpage thread :p

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I will prolly keep coming up with questions, but What is a "No doc Loan"

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