I want a motorcycle, what do you think

[Anonymous]

So, I started my credit building journey on the first of september MAINLY because i want a motorcycle, but it was also time to build my credit just because I hate knowing that I can't get a new car when I need one, paying more for insurance, need to pay deposits on everything, etc.

So I started with a capital one and opensky secured that have payment history starting in october, I just got an AMEX everyday card that should be reporting any day now, and I have an installment account with fingerhut. In addition, I am an AU on too very old cards with higher limits.

Realistically, how long do you think it will take me to build my credit enough to qualify for a loan for a bike? I'm okay with paying a higher interest rate if it will just get me on one. (And no, I don't mean 25% or something crazy like that)

P.S. I'm already aware that the AU accounts will not be factored in to any credit applications like these.

If anyone has an experience to share, I'd appreciate it

[kenhuynh1224]

I think your credit way better than me . I just got approved for 2015 Kawasaki Z1000 yesterday . 

Here is my credit : got discharged from bankruptcy chap 7 around 2 months ago. My score was mid 400 at that time , after 2 months with 2 cap1 credit card and 1 auto loan with Ally ( 11 APR ) , and yesterday my score backup to 589 when I do credit check at dealer . They approved the loan for my bike with $2000 down payment. OTD was $9650 minus 2000 will be 7650 with 48 months at 14%. Of course high rate due to bankruptcy but will re-fi later with my local CU .

Good luck 

[Anonymous]

Looks like your off to a good start, of course getting qualified for a motorcycle loan will require more than just the scores.  They will be interested in your debt to income level and of course how much you make.  Assuming all of those are in order I am pretty sure you will qualify.  I strongly suggest building a relationship with a credit union, they are consistantly the best source of low APR loans and I think are an essential element to rebuilding and having a strong credit future.   Best of luck and wear a helmet !! (sorry, I was a paramedic for 9 years so I have stories)

[Anonymous]

The only deat i have is whatever is currently on my CCs, maybe 200 bucks which will be paid off within the month, my plan is to catry no balances unless some kind of emergency comes up.... income could be better, could be worse, but over 40k, and I've been with a credit union for about 2 years.... my main issue atm is that my report is thin, the only thing holding me up atm are my AU accounts which as I said don't mean anything when applying for a loan, and I have one paid collectiom for sixteen dollars that will haunt me for 3 more years