and does it affect apr om my existing cards?
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how does house repossession affects your credit?
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it ROYALLY screws your credit. any time that you default on a payment, it screws you.
It will drop your credit score off a cliff. And yes, it can affect the apr on existing cards. Almost all credit card agreements have a clause that says something about raising your rate at any time.
I wouldn’t say it affects it, it infects it! I am sorry to hear that you may be one of the many Americans now experiecing this unfortunate problem.
Although this will affect your credit rating, you will have to do some serious soul searching. Make time to sit down and put all your finances on paper and find out what things play an importance in your life. If you are living beyond your means, which tends to be the American mentality, I have one word for you, “MINIMIZE”! If after cutting out alot of luxuries still leaves you in a tight bind financially and makes it hard to afford your home, then you have to ask yourself , “Is my house worth my life, my sanity, my family?” If the answer is no, it is not the end of the world if you have to start over.
Try speaking to your creditors first before making any rash decisions, with the current state of the American economy, bankers seem to be willing to work with you. Most times creditors don’t care about anything but the bottom dollar so choose wisely.
I wish you luck.
basically, a “repo” on your house means foreclosure..and THIS KILLS your credit. Sure, you can still (maybe) get loans/credit cards, but the rates on them will be very high. I’m not sure about the APR of your existing credit cards, but I wouldn’t put it past the CC companies to jack things up on you. I’d give the card companies a call and ask them, just to be sure..either way. At least if you get bad news, you’ll have some time to prepare for the payment increases (or to try and work out a deal of some sort.)
it will put you in a downward spiral. Not only do you have to pay higher interest on any credit lines you currently have open, it will increase any insurance policies because of bad credit and most employers are doing credit checks for employment, so it keeps you from getting a better paying job to be able to clear up your past.
Your credit score will take a nose dive and the APR on your credit cards will likely double. Harsh..but it’s the facts.