Impact on Credit Your credit will suffer any time you defaul..
Added 2021-11-14 17:08:23 +0000 UTCImpact on Credit
Your credit will suffer any time you default on a loan. Credit scores try to determine whether or not you’ll stop making payments, and they base the prediction primarily on whether or not you’ve done so in the past. But nothing is permanent: Defaults typically fall off your credit reports after seven years, and your scores should start to improve within a few years of repossession. You even can rebuild your credit after repossession by getting new loans and paying them off over subsequent years.4
