Steps For Finding A Thin Or No Credit Motorcycle LoanWritten by Jay Fran
It is no secret that thin or no credit can hurt just like bad credit when shopping for motorcycle loans. The main reason for this is that lenders all have a variety of strategies on how to approach motorcycle loans in their loan portfolios. Some lenders see motorcycles loans as a risky but feasible business investment, while other lenders label motorcycles loans as a high risk money losing investment. Overall, general perception of most lenders is that a motorcycle is a “toy” and therefore motorcycle loans are much more risky than other types of loans. This “toy” labeled perception from lenders is a critical component which makes shopping for a motorcycle loan much more difficult for motorcycle buyers with thin or no credit. If you would like to get approved for limited or no credit motorcycle loans, first step is to look online. Many online lenders are very competitive with offering motorcycle loans and some of them specialize in limited or no credit motorcycle loans. If you have searched online and are still having trouble getting approved due to thin or no credit, it is critical that you begin to understand impact of your FICO credit score. Essentially, a FICO credit score is number one variable most lenders use in approving you for a motorcycle loan. The FICO credit score is a computer generated score which is comprised of your credit payment history, amount owed, length of credit, amount of new credit and types of credit. Since many people with thin or no credit do not even have a FICO credit score associated with their credit file their motorcycle loan applications are sometimes automatically declined by lenders. Therefore, first step to getting approved for a limited or no credit motorcycle loan is to start building credit history. In order to get a computer generated FICO credit score with your credit file you must have at least one credit account that has been open for at least 6 months and has been updated at least once in previous 6 months.
| | Debt consolidation – Options for Reducing Credit Card CostsWritten by Charles Essmeier
Americans are using credit cards more than at any time in history, and credit card companies are reaping record profits. One of reasons that credit card industry is so profitable is that so many of us use our credit cards unwisely.
If you have good credit, you can get a credit card with a reasonable interest rate; say 10% or so. You can keep that rate by paying your bill on time. On other hand, if you pay your bills late or fail to pay in full, then you will have to pay late fees and interest. Late fees often range between $15 and $29; some card issuers may charge even more. Adding to pain of paying late fees, however, is likely change in interest rates on your card if you pay late. A late payment may trigger a substantial increase in interest rate on your card, and that “reasonable” interest rate of 10% may suddenly rise to 20% or even 25%!
It’s hard to pay off your credit card balance when you have late fees and 25% interest, so this is something you definitely want to avoid. If you usually pay on time, and you pay late once and are charged a late fee, ask your credit company if they will waive fee. They will often do it – once. Some will not do it at all, but it is always worth taking time to ask. If they are
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