Credit Score and Financing a Bike.

  • Thread starter Thread starter sleezyray
  • Start date Start date
pay off credit card as quick as possible. don't miss any payments on other debt or bills or on credit cards for 2 years and your credit will be as shining as possible and probably better than average. you are probably going to get pretty average rates even now. payment history, capacity and usage as % of total available are the major factors in the score.

sleezyray said:
Okay miss Cleo. Geez, like I said, I don't need personal opinion as to what's good and bad for me just the requirement for credit approval on a standard rate offered by kawasaki in particular. If you don't know shut up and just read on. Your future insight is worthless and makes you look arrogant. I thought this post can help some of us who cannot cash purchase a bike. I checked my Equifax last night, here are the figures. Credit score is 681. Income is $68000. Total debt is student loan $6400. Credit card $5600. Car loan $16000. Rent towards my mothers house is $800 and i cannot leave her because she is single. 3 late payments in 12 months on my credit card. No prior lateness before this. Otherwise no bankruptcies, collections and such. I posted this only because I do not want banks making inquiries on my account if the end result will be denial of loan for bike and a lower credit score as each inquiry lowers the score. Talking to CIBC, they offered for me to bring my laptop and they will access my equifax report which i paid $15 for before the application process. This way, there will be no inquiries by them to equifax and i will know if i can proceed with a loan application. The BS some of you are posting is just ridiculours. I said i can EASILY afford the bike on a monthly terms, however as you all know, a good credit is everything in this world. I also just got a second weekend job so my income will rise. OH well, flame on. Thanks folks.
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my score is in the 750's now. Was 712 in February.

Soft enquiries don't hurt your score it is the hard ones that do but not much. Just as signing up for multiple credit cards for the sign-up bonus and cancelling soon after will only hurt your score in the short term but will rebound quickly back to normal.

EaZ8 said:
not true... they all affect your credit... dont pull the info unless you really need to know it. it doesnt uaually change much within a 6 month time period.

what do they saw is their financing rate? honda told me that the best they would finance anyone at is about 10% on a motorcycle. it is a toy, with a high chance of non re payment if the buyer has bruised credit, easy to hid, easy to say it got stolen if they try to come repo it.

i was going to buy new, but i went to the used market and got a 2 year old 2009 (it was old inventory when previous buyer picked it up) i saved a bunch and it only had 3km on it.

your credit score isnt really bad, sub 600 is bad, yours is average.

stop pulling your credit scores...its going to affect it eventually. the form you signed for your mortgage also allows them to pull your credit annually, so you arent the only one checking up on it.
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if possible you can increase your credit card limit to lower the usage % and that would help get your score up.

eljay said:
pay off credit card as quick as possible. don't miss any payments on other debt or bills or on credit cards for 2 years and your credit will be as shining as possible and probably better than average. you are probably going to get pretty average rates even now. payment history, capacity and usage as % of total available are the major factors in the score.
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Sushii said:
Like i said, Soft inquires do not hurt your record. Only hard ones do.
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A hard inquiry is one in which a bank:roll:, a landlord, an a mortgage broker, or another creditor :rolleyes: or lender accesses your credit file because of a transaction you have initiated.
 
Kedo said:
A hard inquiry is one in which a bank:roll:, a landlord, an a mortgage broker, or another creditor :rolleyes: or lender accesses your credit file because of a transaction you have initiated.
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Yes, apply for a loan, apply for a credit card...
 
Sushii said:
http://www.myfico.com/crediteducation/questions/inquiry-credit-score.aspx

http://blog.equifax.com/credit/interest-rate-shopping-and-its-effect-on-your-credit-score/


Like i said, Soft inquires do not hurt your record. Only hard ones do.
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the info you get when you get a equifax log in says that all inquiries affect it to some degree.
you probably dont have a equifax log in unless you work in finance.
psycho44 said:
my score is in the 750's now. Was 712 in February.

Soft enquiries don't hurt your score it is the hard ones that do but not much. Just as signing up for multiple credit cards for the sign-up bonus and cancelling soon after will only hurt your score in the short term but will rebound quickly back to normal.
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you obviously had some sort of finance change within that time period...most people wont be jumping like that unless they just paid off a loan.

its not a occasional pull that you should worry about, its multiple ones in shorter periods of time, it shows that you are potentially shopping around for something.(that you may not be able to afford).. pass 5 pulls within a week or 2 and you are raising red flags.
they could even see it as pre authorize for a loan then you get all the loans at once so you can max them all out and then not pay them.
its happened.

credit cards from stores are said to be the worst things for your credit from what i have been told. watch out for canadian tire, they will give you a points card that is actually a credit card....had some kid bugging me at the pump for my ID so i could save a few cents/L on gas.


in any event... bad credit i wouldnt recommend buying a new bike.
 
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EaZ8 said:
in any event... bad credit i wouldnt recommend buying a new bike.
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My belief is, if you cant afford the hobby with upfront cash, its not the right hobby. Motorcycling is a hobby for me, it is not my daily commuter. I understand there are people who use it as a daily commuter but as i said, its my belief and opinion.
 
DemonPig said:
This troll - OP, was posting a similar thread last year. About how he's making good money but he's got bad credit. Dudes, save your energy for something better and ignore him.
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This. Op doesn't want to hear anything but "go for it dude! A zx14, wicked!". So go for it! Btw, when you apply for said loan, Do Not tell them your name is SleazyRay. Lmfao
 
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Damn, equifax goes up to 900?

I thought I was doing good at 794 :(
 
sleezyray said:
Okay miss Cleo. Geez, like I said, I don't need personal opinion as to what's good and bad for me just the requirement for credit approval on a standard rate offered by kawasaki in particular. If you don't know shut up and just read on. Your future insight is worthless and makes you look arrogant. I thought this post can help some of us who cannot cash purchase a bike. I checked my Equifax last night, here are the figures. Credit score is 681. Income is $68000. Total debt is student loan $6400. Credit card $5600. Car loan $16000. Rent towards my mothers house is $800 and i cannot leave her because she is single. 3 late payments in 12 months on my credit card. No prior lateness before this. Otherwise no bankruptcies, collections and such. I posted this only because I do not want banks making inquiries on my account if the end result will be denial of loan for bike and a lower credit score as each inquiry lowers the score. Talking to CIBC, they offered for me to bring my laptop and they will access my equifax report which i paid $15 for before the application process. This way, there will be no inquiries by them to equifax and i will know if i can proceed with a loan application. The BS some of you are posting is just ridiculours. I said i can EASILY afford the bike on a monthly terms, however as you all know, a good credit is everything in this world. I also just got a second weekend job so my income will rise. OH well, flame on. Thanks folks.
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OP

Financial institutions are not going to publish their qualifying criteria but, here is the deal.

Your debt service ratio (DSR) looks good if your income is verifiable and your job is stable.

However, being late on a credit card 3 times in 12 months indicates regardless of your income, you don't manage your obligations responsibly. So, you likely won't qualify as a preferred rate. 681 Beacon/FICO score is not bad. It's not great. Most folks are doing good when the rating is in the middle 700s and higher.

Most dealers have contacts with lenders from the manufacturers themselves (typically underwritten by a major bank) to the various lending institutions. The higher risk lenders will ask for more money down or a guarantor/cosignor and will charge higher rates.

The OP wants to finance a seasonal hobby that requires funds to support to own and operate. A lot of banks don't look favorably at this but, at the same time, if there is money to be made, they will. So, it's going to cost you.

There is no doubt you can get financed. The question is, what is the best financing option available given your circumstances right now? An honestly, I can tell you, it's not that great. Even under the most favorable of conditions.

Good luck.

And to the previous poster stating soft inquiries affect credit ratings, they do not. Financial institutions do them all the time and you can ask for your own report anytime and it will have absolutely no impact on your rating.


Trans Union and Equifax have "standardized" their credit score rating systems and for the most part should be the same. But, sometimes there can be differences between the two.
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