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