A repossession reporting on your credit report is obviously going to cause substantial issues to your credit scores.
For most people, the immediate issue is going to be finding another car.
Most auto lenders will be averse to lending you money for a vehicle if you just had a repo. The lenders that may still do business with you will probably charge outrageous interest rates.
Need a car for work or school? It may be worth your while to find a something cheap you can pay cash for.
Is public transportation is an option? That may be your best bet until you can build your credit scores back up.
If you don’t have much active credit you will want to start re-establishing your credit by opening up a secured credit card. Pay your bills on time and carry a small credit utilization. Try stringing together 6 months of perfect payment history and you will see an improvement in your credit scores.
CreditFirm.net has helped thousands of clients improve their credit scores and move on with their lives after a repossession.
We have also helped many clients remove repossession accounts from their credit reports due to inaccurate information and other non-compliance issues.
If you have a repo on your credit report, contact CreditFirm.net to find out how we can help fix your credit after a repossession and improve your credit scores.