Obtaining a loan.

[Pl8er 5,000+ posts]

Currently Active Users Viewing This Thread: 23 (21 members and 2 guests)

Pl8er , 12sec50 stang , bikinpunk , BuckyBoy , DumpinTreos , faulkton , hemi=22s , iagrdshaka , iDesignBoxes , Lingerfelt , Loud01Blazer , pioneerpimp , riogigalo , shynegrynd07 , slick rick , sqhertz , staypuff , Toasted1 , TribeX85 , Trkle , yourchamp23

And there is only 3 of us talking? LOL

 

[staypuff 10+ year member]

Currently Active Users Viewing This Thread: 23 (21 members and 2 guests) Pl8er , 12sec50 stang , bikinpunk , BuckyBoy , DumpinTreos , faulkton , hemi=22s , iagrdshaka , iDesignBoxes , Lingerfelt , Loud01Blazer , pioneerpimp , riogigalo , shynegrynd07 , slick rick , sqhertz , staypuff , Toasted1 , TribeX85 , Trkle , yourchamp23

And there is only 3 of us talking? LOL

maybe we're the only ones with money...... //content.invisioncic.com/y282845/emoticons/wow.gif.23d729408e9177caa2a0ed6a2ba6588e.gif

 

[Pl8er 5,000+ posts]

that's why i mentioned the insurance and that..... motorcycles are much more expensive than cars where i'm from.....
also the bank takes into account how long he's worked at his present job.... and most banks don't even consider one low hours part time job as even employment.... he needs to get another one.....

I totally agree with ya.

Just saying it isn't totally grim. He still has a shot.

 

[Pl8er 5,000+ posts]

maybe we're the only ones with money...... //content.invisioncic.com/y282845/emoticons/wow.gif.23d729408e9177caa2a0ed6a2ba6588e.gif

Na, I see a couple of the rich mofo's looking right now.

A few of the current actives have more in stereo eq than my car costs //content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif

Hell, if you could get Lousiana_CRX on here, he would prolly give you the bike (he prolly has 3 or 4 sitting out back collecting dust).

The guy could be his own bank. //content.invisioncic.com/y282845/emoticons/satan.gif.9c6a335ed7aeeed3ee273e573f1fcaac.gif

 

[staypuff 10+ year member]

I totally agree with ya.
Just saying it isn't totally grim. He still has a shot.

i think it'd be even better tho if he can find some half decent collateral or a cosigner.... i'd like to see this kid get a loan and pay it off..... it'd be a good start to his financial future...... the one problem is with the banking fvckups of the past year or so the banks are very wary of any risks right now.....

 

[Lingerfelt 10+ year member]

*hi-five*
Sweet. I'm telling ya, break it in half and pay the same amount or a bit more twice a month. Watch it drop fast. Just set your debit card to auto pay.

I have to set up an account their first, bank is about an hour away. Have to stop being lazy. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

Checked my credit report. Transunion said they didn't have enough info to show me my information online.

Equifax's free report says I have 4 accounts in good standing, 0 negative.

Equifax says my FICO score is 702, this sound about right?

Edit: Ah ha, other factors affecting my score.

Accounts have only been established for a short time.

My balances are too close to my credit limits.

High number of accounts with balances. - If they're always paid off, why does this matter? Doesn't that one ^ cover this?

Recently been seeking credit services, inqueries in the past 12 months.

 

[riogigalo 10+ year member]

if youve not had a credit card, and only used a jewerly store card or whatever for 300 bucks i would say your credit score is low... i checked a bank here for some refinance rates the other day and they were doing a deal for 5.5 on motorcycles or atvs.. i thought that was pretty good.. im sure that was for above average credit though.. again check insurance rates before you do anything..

 

[Pl8er 5,000+ posts]

I have to set up an account their first, bank is about an hour away. Have to stop being lazy. //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif
Checked my credit report. Transunion said they didn't have enough info to show me my information online.

Equifax's free report says I have 4 accounts in good standing, 0 negative.

Equifax says my FICO score is 702, this sound about right?

Edit: Ah ha, other factors affecting my score.

Accounts have only been established for a short time.

My balances are too close to my credit limits.

High number of accounts with balances. - If they're always paid off, why does this matter? Doesn't that one ^ cover this?

Recently been seeking credit services, inqueries in the past 12 months.

High number of accounts with balances does not mean paid off. If you don't use them/need them, close them.

702 is above average. Actually enough of a credit rating for a house (still have to factor debt to earnings).

 

[Lingerfelt 10+ year member]

High number of accounts with balances does not mean paid off. If you don't use them/need them, close them.
702 is above average. Actually enough of a credit rating for a house (still have to factor debt to earnings).

I've only ever had four accounts (all four mentioned as "in good standing" on my Equifax report).

BP Chase Visa - The one I pay off every month. Always has a high balance because I use it for the rebates and to "build my credit".

My loan, paying $50+ extra every month.

An account at Jared. Balance of $0 as the limit was too low to be of any use, I just closed this account recently.

My Target card I just opened to save 10% on my PS3. Balance of $200 (my limit on that card), payed off in full on time and currently sitting at $0 (had the card for about 1 month now).

 

[shynegrynd07 10+ year member]

this thread picked up a lot..

and yeah, if anyone wants to sell me a bike lmk shoot me a pm lol hopefully i'll have the money soon! //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[ravens9322 10+ year member]

i was a car salesman for quite sometime but car loans and motorcycle loans are totally different. a car is considered a need and a bike is a want. unless you take out a personal loan, thats a differnt story. Just dont get caught up in the revolving credit deal on a brand new bike for 99 a month for 2 years because the next 3 years will go up to like 280 a month. The only good thing about a new bike load is minimum coverage for insurance. If you take a loan out from a bank they will want you to have full coverage and you couldnt begin to afford that

 

[myvanpounds 10+ year member]

making $125 a week.... its doable depending on your other expenses. I took out a 36mo $5000 personal loan with a fixed rate to buy a bike. runs me bout $135 a mo

 

[Flipx99 5,000+ posts]

:waits for Flip's input:
He'll probably say it's good to be in debt so do it.

Not for a motorcycle....

 

[bigbangtheory 5,000+ posts]

Correct. I worded it wrong earlier (was multi-tasking). Running credit checks is fine, applying for multiple loans is bad.

Huh? I am not sure who told you that, but in my experience(Could have been told wrong maybe?) when I was recently looking for a bigger ride, I had one dealership run my credit 11 times over. This was just what they told me was a credit check. I was so pissed at the guy and asked him why he did this and he said he didn't. When put into the system it brings up other banks and what not that runs your credit. My credit went from the 680 to 630! Just from that.

Went to another dealership and asked him if he was going to run my credit and he said yeah, just once to see where you stand. That is how I found out. This was all with in a couple days too. //content.invisioncic.com/y282845/emoticons/furious.gif.fc81ca146dbff91fede3ed290dbc4f4c.gif

I stopped looking for a car.