Credit question...

[low_clazz]

I currently have an excellent credit score but was conned into a high interest rate on my new pickup. It's now 2 years since I bought it and have 3 left. However, I got laid off a year ago from a high paying position and can no longer really afford it. I am struggling to make the payment every month. I haven't missed a payment yet as I found a new job...just doesn't pay anywhere near what I need. My question is, how bad is it if I have the bank come take the truck back? Will it affect my credit bad enough not to receive an offer of employment as a police officer? I can't find a bank to refinance me despite my high credit score due to the high mileage and now low value compared to how much I owe. I'm way upside down on it. I need to be focusing every dime I have paying off a more serious debt. Thanks for any insight.

[PhilipCal]

I currently have an excellent credit score but was conned into a high interest rate on my new pickup. It's now 2 years since I bought it and have 3 left. However, I got laid off a year ago from a high paying position and can no longer really afford it. I am struggling to make the payment every month. I haven't missed a payment yet as I found a new job...just doesn't pay anywhere near what I need. My question is, how bad is it if I have the bank come take the truck back? Will it affect my credit bad enough not to receive an offer of employment as a police officer? I can't find a bank to refinance me despite my high credit score due to the high mileage and now low value compared to how much I owe. I'm way upside down on it. I need to be focusing every dime I have paying off a more serious debt. Thanks for any insight.

Many Departments are pretty strict concerning credit. They view it as an indication of how an applicant handles responsibility. Other agencies are a little more forgiving. With the dramatic downturn in the economy, your situation has become more common. I won't presume to tell you how to set your priorities. I will tell you that if the truck is repo'ed, it will have a negative impact on your credit. Any history of late payments, charge offs, or accounts referred to collections, will negatively impact your application. OTH, keep in mind that indebtedness of and by itself is not a DQ. What's going to make the difference is how you're handling the debt. Do what you can to make regular payments on all of your accounts. Keep them current in other words. It many be possible to renegotiate some accounts, but be very careful here, and make certain you know who you're dealing with. You might wish to consult with an Attorney who handles indebtedness. You do have options. Again, do your best to keep your accounts current. Good luck.

[just joe]

See if you can negotiate with the lender.

[kckpd756]

Do anything you can to keep your car from getting repo'ed. I had a car taken back by the bank a long time ago when I was a young man. Took years to straighten it out, and at considerable expense. One thing, do you own a home? If so you might look into a HELOC to pay of your truck, though that is a very unsavory way to go about it. Ifnot I would continue trying to find a bank or more preferably a Credit Union to re-fi with. You are just all around in a bad situation.