There are many advantages to having a good credit score. Qualifying for lower interest rates, ability to get approved for loans and lines of credit, and paying less on loans for items such as homes and automobiles to name a few.
Just because you settled with a car loan company after a car repossession, that doesn’t mean that they have to remove it from your Equifax, Experian or TransUnion reports.
Having a foreclosure on your credit report is like dropping a bomb on your credit score — almost cutting it in half in some instances. Your FICO Score will take a big hit that could remain on there for as much as seven years.
About How to Boost Your FICO Score
Good Credit Scores takes patience and persistence and there are quite a few ways to legitimately give your score a boost when needed. Over the long haul, you'll be rewarded with a solid FICO Score.