Question by SHELLY: Will my unpaid car repossession be removed from my credit after 7 years?
I want to buy a house soon, but I have that on my credit report. I have purchased a new card since then, but Im not sure if I will get a mortgage with that on my credit. Will I be able to obtain a a mortgage with a voluntary repo on my credit. I never paid them late. I gave the car back because my engine stopped working in less than a year and the dealership would not fix it. I don’t know what to do.
Best answer:
Answer by Fig Newton
Yes it will fall off your credit after 7 years. If everything else about your credit is stellar you might still be able to get a mortgage but that car is going to drag your score down. A lower score means you’re not going to get a great interest rate. It might be better for you to wait.
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