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It is common knowledge that motorcycle lenders base high
importance on your FICO credit scores when approving motorcycle
loans. However, what many people overlook is that their FICO
credit score can highly impact the term on their motorcycle loan
along with the interest rate that is assigned to the motorcycle
loan.
In order to gain better motorcycle loan rates it is important
that you think of your FICO credit score as a picture of how
risky you are to the lender. Your FICO score is essentially a
enchmark which lenders use to grade you and assign a risk to you
when applying for a motorcycle loan. Since factors about your
credit change on a daily basis so can your FICO credit score.
The below 5 steps are designed to help ensure you improve your
creditworthiness as your credit score changes. Ultimately these
steps should help you obtain better motorcycle loan rates in the
future.
Avoid Excessive Credit Inquiries- A credit inquiry
normally happens when you apply for credit. If you have a large
number of credit inquiries in a short time period many
motorcycle lenders see this as a negative since it affects your
FICO score. Therefore, when you are applying for credit or
shopping for motorcycle loans be careful how many times your
credit is accessed. Be advised that sometimes motorcycle
dealerships will pre-screen you by asking you for your driver
licenses and social security number. Normally this results in a
credit inquiry on your credit report. Be prudent in shopping for
credit and motorcycle loans.
Make Your Payment On-time - Paying your current credit
bills on-time is one of the biggest factors that contributes to
a higher FICO score. Typically when motorcycle lenders see
potential customers that do not pay their bills on-time then
they either decline them or issue a motorcycle loan at a much
higher interest rate. Late payments, collections and
bankruptcies have the greatest negative effect on your credit
score and how lenders rate you when getting a otorcycle loan.
Establish Credit Early - Time is very important part of
improving your FICO score. Therefore, it is recommended that you
start building credit early. Getting one or two credit cards can
significantly help build credit. However, the key to this
strategy is keeping your purchases small and frequent and paying
off the balance every month on time. When establishing credit
you should also keep the oldest account on your credit report
open in order to lengthen your period of active credit use. The
length of your credit history can make a big difference in
getting approved for a motorcycle loan.
Watch Your Debt- Keep your account balances below 30% of
your available credit limit. This is especially true with your
credit card because many motorcycle lenders see credit card debt
as more risky. If you have a credit card with a $5,000 limit,
you should try to keep the balance owed below $1500 when you
apply for a motorcycle loan.
Check Your Credit Regularly - In today's age it is easy
to get online to check your credit. Checking your free credit
report regularly is very important because it can help you
uncover inaccuracies that are affecting your FICO credit score.
Don't let your credit health suffer due to inaccurate
information. If you find an inaccuracy on your credit report
contact the creditor associated with the account or the credit
reporting agencies to correct it immediately. Copyright (c)
2005, by Jay Fran This article may be freely distributed as long
as the copyright, author's information and the following
active live link with anchored text is published with the
article:
Motorcycle Financing -Bad Credit Motorcycle
Financing
About The Author:
Jay Fran is a successful author at http://www.motorcycle-financing-guide.com - A
comprehensive resource for finding motorcycle financing lenders,
online motorcycle loans, poor credit motorcycle loans and new &
used online motorcycle buying tips for Harley-Davidson,
Kawasaki, Yamaha, Suzuki, Honda and more.
About the author:
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