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Discovering A Better Motorcycle Loan With A Better Credit Score
By Jay Fran
It is common knowledge that motorcycle financing companies’ base high importance on your FICO scores when approving motorcycle loans. However, what many people overlook is that their FICO score can dramatically 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 highly important that you think of your FICO score as a picture of how risky you are to the lender. Your FICO score is essentially a benchmark which motorcycle financing companies use to grade you and assign a risk to you when applying for a motorcycle loan. Since factors about your change on a daily basis so can your FICO score.
The below 5 tips are designed to help ensure you improve your creditworthiness as your score changes. Ultimately these tips should help you obtain better motorcycle loan rates and loan terms in the future.
Watch Your Debt– Keep your account balances below 25%-30% of your available limit. This is especially true with your revolving card because many motorcycle financing companies see card debt as more risky. If you have a card with a $500 limit, you should try to keep the balance owed below $150 when you apply for a motorcycle loan.
Check Your Regularly – In today’s age it is easy to get online to check your report. Checking your free report regularly is very important because it can help you uncover inaccuracies that are affecting your FICO score. Don’t let your health suffer due to inaccurate information or errors on your report. If you find an inaccuracy on your report contact the creditor associated with the account or the reporting agencies to correct it immediately.
Avoid Excessive Inquiries – A inquiry normally happens when you apply for credit. If you have a large number of inquiries in a short time period many
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motorcycle finance companies see this as a negative since it affects your FICO score. Therefore, when you are applying for or shopping for motorcycle loans it is very important you consider how many times your is accessed. Be advised that sometimes motorcycle dealerships will pre-screen you for a loan by asking you for your driver licenses and social security number. Normally this results in a inquiry on your report. Be prudent in shopping for and motorcycle financing.
Establish Early – Time is very important part of improving your FICO score. Therefore, it is recommended that you start building early in life. Getting one or two cards can significantly help build your 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 you should also keep the oldest account on your report open in order to lengthen your period of active use. The length of your history can make a big difference in getting approved for a motorcycle loan.
Make Your Payment On-time - Paying your current bills on-time is one of the biggest factors that contributes to a higher FICO score. Typically when motorcycle finance companies 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 score and how lenders rate you when getting a motorcycle loan.
Copyright (c) 2005, by Jay Fran.
About the Author
Jay Fran is a successful author at http://www.motorcycle-financing-guide.com - A comprehensive resource to compare online motorcycle financing, motorcycle loans and online motorcycle buying tips for Polaris, Honda, Suzuki, Harley-Davidson, Yamaha and more.
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