700+ Credit Score!!! : Kawasaki ZX Forums: Kawasaki Ninja Forum

Majck123 · 10-13-2009, 04:44 PM

It's no wonder why the bike I want has been sitting on the showroom floor for over a month now. I went in today to finally get it and I told the guy I didn't really have credit and that my dads wasn't too great and he started telling us about how we need a score of at least 700! I'm sorry but that's ridiculous. The banks won't even give loans to people under 680. I have a friend who offered to co-sign but we aren't sure what his score is yet, gotta check online tonight. Wish me luck!

Moscap87 · 10-13-2009, 05:24 PM

your cosigner needs to have a proof of the same address as you or else it doesnt work for most banks now a days

bdruggan10R · 10-13-2009, 05:40 PM

It's not ridiculous. That is how we ended up in this mess to begin with. I worked hard to get my score from a low 600s to 780. You'll get there, but a 700 score is not all that high.

KawaJAG · 10-13-2009, 06:00 PM

Mine's been in the high 700's since high school. My first line of credit was a Shell gas card. Then a Sears card. Then multiple Visa cards and Mastercards along with student loans.

Right now I have about 200,000 in available credit and I'm using about 50k of it. This helps the credit score to be approved for a certain line of credit and only be using a fraction of it. Of course never having a missed or late bill payment helps too. Pretty much the only way I can increase it now is to buy a home.

Drone · 10-13-2009, 06:13 PM

Welcome to the new era of financing. Earlier this summer i was going to finance a bike. Dealer was selling the bike for $4000, all said and done, $5200. Banks would not approve a joint loan with me and the wife on it. Our combined credit score was mid 700's.

The salesman couldn't believe it. Talked to the bank rep and they told him that a bike is not a necessity, only a toy. If I wanted to throw $1000+ down then they would finance, but only for up to 24 months.

The funny thing is, just two months before, I was at the local Jeep dealer and was approved for a 2009 Wrangler with some good options.

So as long as you are supporting Government Motors, I mean GM, Chrysler or Ford you are good to go, else tough shit.

golden city ninja · 10-13-2009, 06:28 PM

when i got my zx, my credit score was 765 at age 20. it has gone up since then but i dont know where its at. you just gotta keep your shit in line bro. i wish you luck but i personaly dont agree with having a cosigner. i would either wait till you havthe credit or just try to save the cash to cover it. good luck

zx6rr88 · 10-13-2009, 06:55 PM

Dude. Pay cash....You're a Dumbass to pay those fucking interest rates... My buddies 10k r6 is gonna be about 15K if paid on time

**Shifty1** · 10-13-2009, 07:03 PM

That's one of the reasons why I don't finance things...too many rules, regs and interest charges. I've got great credit but I still don't buy anything I can't pay for right then and there. I've never made a payment on a car, truck or bike. If I can't write a check for it, I don't buy it.

hyperionjr · 10-13-2009, 07:16 PM

Quote:

Originally Posted by bdruggan10R

It's not ridiculous. That is how we ended up in this mess to begin with. I worked hard to get my score from a low 600s to 780. You'll get there, but a 700 score is not all that high.

I got you beat. I went from 540-something to 735. I used the money I saved up in Iraq. However, most of my credit was from people and places I didnt even know so I disputed a lot of it.

To OP: Pull your credit report. You get 1 free report per year. Maybe you can find some things on there to dispute that aren't yours.

hyperionjr · 10-13-2009, 07:21 PM

Quote:

Originally Posted by zx6rr88

Dude. Pay cash....You're a Dumbass to pay those fucking interest rates... My buddies 10k r6 is gonna be about 15K if paid on time

Eventhough he is being an ass about it, he does have a point. Odds are if you do get financed it will be at a crazy interest rate. May not be what you want to hear but I would spend whatever money I have lying around on fixing my credit, not buying a luxury.

kaoss_11 · 10-13-2009, 07:27 PM

766. put no money down and 48 months

Tommy2273boy · 10-13-2009, 07:33 PM

I got 3 years to pay of 1,500.
In 2 months, only have 1000 left.

citation10 · 10-13-2009, 07:36 PM

Quote:

Originally Posted by zx6rr88

Dude. Pay cash....You're a Dumbass to pay those fucking interest rates... My buddies 10k r6 is gonna be about 15K if paid on time

I went from a sorry ass 560 to a 780 once I bought my house and paid for a few things . I got my bike cash ......

Save and WAIT !!!

I got about 10 grand in furniture from rooms to go and when It was time to do the payments I made 4x the payment and NEVER and I mean NEVER paid intrest on ANYTHING ..

only thing I pay interest on now is my house , only because I dont have the 200k in cash .

Moscap87 · 10-13-2009, 08:01 PM

even with high scores its also how new ur credit is too. i got a 718. i have 85% available credit and an auto loan. when they said i wasnt approved i found out its cuz my credit is only average 2.5yrs old.

everyday craigslist and saving is way to go. also helps to be mechanically inclined to get a real steal.

skwidd · 10-13-2009, 09:33 PM

I would not finance a bike for two reasons: 1. interest rates and 2. insurance requirements. I carry high insurance on my bike only so if some cager runs me off I will have underinsured/uninsured motorist coverage that is decent.

But to get a new bike, insurance rates are extremely high. An 09 bike would be 2x what I am paying now in current premiums. Sucks.

Anyways, get a used bike.

My $0.02

jakeg823 · 10-13-2009, 11:24 PM

not to mention a lot of dealers are willing to come off the price a bit if you can pay in cash, especially if they're already trying to do a year end clearance, cash saves them some hassle, they wont make as much off of it, but the average mark up on bikes is probably pretty insane so i know they can afford to lose a bit...to give you an idea, on parts and gear from your average shop you're looking at 40-50% mark up...i have friends in the parts business so i know that # is pretty accurate, but they dont deal bikes so i cant say there for sure

LILBILL303 · 10-14-2009, 03:39 AM

I had awesome credit, never set a foot wrong. Then my bike got stolen, I called HSBC (the finance company) and told them it got stolen, and i asked if I could deffer payments until the insurance check came in and id pay the account in full (only had about 1700 left on the loan). They agreed. Next thing I know I get an automated call saying that since Im late on a payment, my interest rate more than doubled. I called and they claimed to have no record of an agreement being made. I assured them that I was gonna call my lawyer. They then froze and closed my account and filed it under collections, and repo. I just finished a legal battle to save my credit...that i lost. I now have a collection and repo (how they figure they can repo a stolen bike is beyond me) on my credit record.

Now HSBC is under investigation. It seems that they were close to bankruptcy, and refused bailout money. Its alleged that they refused to avoid investation by the government. But they now have over 100k registered complaints against them, and the government is going to investigate anyways.

Also, my local dealership has 3 '09 zx-6r on the floor because they have not sold a single one at all since they were released. HSBC will not extend credit to anyone with a credit score under 760, and if they do offer credit its at 9.99% for 2 years, then goes to 30% and you get back interested 30% on the two years you have already paid. Its sad that the dealer cant sell the bikes (have sold 50% more gsx-r's this year than last year), the '09 is unbiasly the best 600 out right now.

Macho809 · 10-14-2009, 08:56 AM

Hey man.. ifeel your pain.. i went in with a 700 credit score to buy an 08 zx6r and was REJECTED.... i was so pissed because i worked hard to get my score from a 614 to a 700... so i went in to get the bike for $7300 OUT THE DOOR.. not counting the $1500 I was putting down.. this was in february of this year.. it was a MONSTER of a deal... (probably because it was yellow and the last one but w.e).. and i couldnt do it... so i went to the bank with my Mom as a cosigner to get a loan and ended up getting out of chase bank with a credit card for $5500 without having to even use my mom's credit as a boost... so with that $5500 i bought an 06 zx6r (636) and i have never been happier... i had zero interest for 6 months on the card and now owe $2000 on the bike... and im about to drop $1000 on the bike at the end of the month.... the rest im gonna pay off slowly just to have some active credit... so my suggestion to you is get to your bank and get a card with zero percent interest for like a year and buy an 06 zx6r! pay it off in a year and your done... and happy...

shaun0169 · 10-14-2009, 12:07 PM

Quote:

Originally Posted by LILBILL303

I had awesome credit, never set a foot wrong. Then my bike got stolen, I called HSBC (the finance company) and told them it got stolen, and i asked if I could deffer payments until the insurance check came in and id pay the account in full (only had about 1700 left on the loan). They agreed. Next thing I know I get an automated call saying that since Im late on a payment, my interest rate more than doubled. I called and they claimed to have no record of an agreement being made. I assured them that I was gonna call my lawyer. They then froze and closed my account and filed it under collections, and repo. I just finished a legal battle to save my credit...that i lost. I now have a collection and repo (how they figure they can repo a stolen bike is beyond me) on my credit record.

Now HSBC is under investigation. It seems that they were close to bankruptcy, and refused bailout money. Its alleged that they refused to avoid investation by the government. But they now have over 100k registered complaints against them, and the government is going to investigate anyways.

Also, my local dealership has 3 '09 zx-6r on the floor because they have not sold a single one at all since they were released. HSBC will not extend credit to anyone with a credit score under 760, and if they do offer credit its at 9.99% for 2 years, then goes to 30% and you get back interested 30% on the two years you have already paid. Its sad that the dealer cant sell the bikes (have sold 50% more gsx-r's this year than last year), the '09 is unbiasly the best 600 out right now.

thats rediculous..that must be only in the states...I am with HSBC here in Canada with my bike..yes the interest was a little high at 9.99%..BUt i did it to actually rebuild my credit by getting a loan ,making payments on time for a year then paying it off completely..BUt if I dont my interest doesnt go to 30%..I can go 5 full years if I want to..but that would be stupid..

Moscap87 · 10-14-2009, 02:24 PM

if u want it THAT bad, its easier to get a personal loan. yea ull pay a higher interest rate but then to the dealer its like u have cash in hand and therefore dont have to pay full coverage on it... then again to not have full coverage on something ur paying out the A** for doesnt make sense to me... its up to you tho.