Quote:
Originally Posted by LA.Rider
it also sounds like best case scenario you will get 70% of the value of the bike at most on a new bike loan, probably closer to 50 on a used bike with your credit. I didn't catch the value of the bike you were trying to aquire.
And btw paying extra on payments doesn't make your credit any better, paying on time and never being late are the main things. Most agencies don't want you to pay extra, the more you pay the less they make, they just want their money consistently. After that it's your debt to income.
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I am not paying extra to increase my score...I am paying extra to reduce my debt to credit available ratio on my REVOLVING ACCOUNTS *only 2* as fast as possible. I know they like the minimum payments so they make money off interest, but I also know that it's not good to carry a high load on your credit card balance. I am aiming to get them down to 30% debt to credit available by the end of this month. I have been paying about $500-600 per paycheck to both cards collective to reduce the balance.
I mean c'mon guys....my insurance quote came in at $50 for 100/300/100 limits with the same for under/uninsured AND $2,000 med payments with a $500 deductible. At $5K loan, my monthly payment would be $100...so essentially I would only be adding $150 per month for bike and insurance which is VERY affordable to me, I just don't want to shoot early in applying for a loan when my revolving accounts still sit at about 50% debt to credit. SO I am waiting until the end of this month/beginning of next to apply....
I AM I REALLY OUT OF MY LEAGUE? I have a feeling I could apply for a bank loan NOW and get approved, but I am driving myself to the end of this month so that I can pay down my credit cards...which only helps in the long run. I don't want to pay off my credit cards...just keep them at a 30% load. My income is sufficient now to take care of the monthly payments, but a year and a half ago I had to use my credit card to extend my paycheck for parking fees at work, sometimes gas, and sometimes misc stuff...