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Question: Is it worse to have just bad credit or to have a voluntary reposession on your credit?

(Posted by: on 2012-02-04 08:56:11)

Posted by: It Only Gets Better! on 2012-02-04, 09:16:11

Voluntary or not the credit report does not differentiate.

Posted by: Angry Bird on 2012-02-04, 08:57:44

Voluntary or involuntary does not make any difference to your credit.

Posted by: entropiii on 2012-02-04, 09:01:29

A voluntary repo will likely reflect on your credit report as what's called a "charge off ". A Charge off is when the company has no way of recovering the money from you. The problem with this is that it will NEVER come off of your credit report. On the flip side, having bad credit due to certain accounts being way past due have the potential of being paid at some point and completely removed, thus eventually raising your credit score, but having a charge off will lower your credit score indefinitely. However, having just one charge off shouldn't affect your score too much.

Posted by: bdancer222 on 2012-02-04, 09:57:05

A voluntary repo is the same as a involuntary repo. It's a serious negative on your credit which add to your bad credit.