TIPS TO OBTAINING AND MAINTAINING A GOOD CREDIT SCORE
Your FICO score is a point of
reference lenders will use to rate and designate a risk to you
when deciding whether or not to grant approval for your motorcycle
loan and what kind of interest rates to give you. If you do not
know what your credit score is, click here to get your
FREE 2016 Credit Score & Report.
Below are some tips intended to
help you improve your credit value. If you follow the advice below,
you will be able to improve your credit score, thus allowing you
to obtain approval for your motorcycle loan, with the best rates
Avoid Excessive Debt
- Try not to lose control of the balances you have on your credit
cards. A good idea is to try and keep your balances below 25% of
the accessible credit line. For example, if you have a credit card
with a $10,000 limit, do not keep a balance of more than $2,500.
Don't Fall Behind on
Your Payments - If you do not pay
your bills on time, your credit score is going to be effected in a
very negative way.
Start Building Credit
As Early As Possible - If you have
no credit, getting approved for a motorcycle loan is going to be
more difficult than if you do have credit. If you do obtain
approval with no credit, the rates you receive for your financing
are going to be higher than someone with a good credit history.
Therefore, it is important to start establishing credit as early
as possible in your life.
One good means of building credit is to obtain a credit
card. Use your credit card once a month, and always pay the bill
on time. Don't close this credit card account ever! The longer
you have a credit card account open, in good standing, the
better it will reflect on your credit score!
Another good means of establishing
credit is to have utility and/or phone bills in your name. A
positive payment history with these types of bills will help your
credit fast! Get more
getting approved for no credit motorcycle loans.
Stay Away From Having Your
Credit Pulled Many Times
- Your credit is pulled, or checked, every time you apply for
any type of credit. Having your credit checked excessively in a
short period of time negatively effects your credit score,
regardless if you approved or denied for the credit you are
Check Your Credit Regularly
– Did you know that you can
a free copy of your credit report? It is very important to
obtain your credit report a minimum of once a year. You
want to eliminate the chance that there is any damaging
information or erroneous data present that
can hurt your chances of approval for your motorcycle loan or
negatively effect the interests rate you receive for your
financing. Click the link to learn more about
the importance of getting your credit
checked on regular basis.
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