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It is common knowledge that motorcycle financing companies' base
high importance on your FICO credit scores when approving
motorcycle loans. However, what many people overlook is that
their FICO credit 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 credit score as a picture of how risky you are to the
lender. Your FICO credit 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 credit change on a daily basis so can your FICO
credit score.
The below 5 tips are designed to help ensure you improve your
creditworthiness as your credit 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 credit limit. This is
especially true with your revolving credit card because many
motorcycle financing companies see credit card debt as more
risky. If you have a credit card with a $500 limit, you should
try to keep the balance owed below $150 when you apply for a
motorcycle loan.
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 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 credit
score and how lenders rate you when getting a motorcycle loan.
Check Your Credit Regularly - In today's age it is easy to get
online to check your credit report. 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 or errors on your credit report. 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.
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 finance
companies see this as a negative since it affects your FICO
credit score. Therefore, when you are applying for credit or
shopping for motorcycle loans it is very important you consider
how many times your credit 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 credit inquiry on your credit
report. Be prudent in shopping for credit and motorcycle loans.
Establish Credit Early - Time is very important part of
improving your FICO credit score. Therefore, it is recommended
that you start building credit early in life. Getting one or two
credit 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 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.
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:
Poor Credit Motorcycle Loans, Poor Credit
Motorcycle Financing Guide
About the author:
Jay Fran is a successful author at
Motorcycle-Financing-Guide.com - A comprehensive resource to
compare motorcycle finance companies for motorcycle financing,
after bankruptcy motorcycle loans and new & used online
motorcycle buying tips for Harley-Davidson, Kawasaki, Yamaha,
Suzuki, Honda and more.