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post #1 of 13 (permalink) Old 07-28-2005, 10:49 PM Thread Starter
 
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question about credit!?

OK guys I've surrendered to the fact that im going to get a motard sooner or later. so I have a few questions about financing stuff.

I am planning on buying a house in teh spring, well im currently looking so I have been doing everything possible to build my credit as fast as possible.

My gixxer is close to paid for so should I::
A) Pay off gixxer take out smaller loan for Motard
B) Buy Motard Cash, continue paying Gixxer
C) Finance Motard in addition to gixxer and max out both credit cards putting as much aftermarket stuff as I can on it?

Im leaning toward A because with the gixxer paid off I could get cheaper insurance with higher deductibles and the monthly payment on a 5K loan is a lot cheaper than one for a 9k loan. BUT if its going to be beneficial for my credit to keep paying the larger loan I'll do it.

I dont know what they look for help me out.
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post #2 of 13 (permalink) Old 07-28-2005, 10:51 PM
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definitely A.

of course, i'd do C.

already did......several times.....


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post #3 of 13 (permalink) Old 07-28-2005, 11:28 PM
 
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b

then pay out aas quick as humanely possible without a penalty....boost yer credit fast

another good way is to use CC to buy like 1 tank of gas and say maybe a pair of pants once a month...pay off every month....BOOM! good credit as possible

beware when buying a house.......you show that you have outstanding loans and junk...it decreases your probability of getting your home you want.

I went through this getting mine.....I had to show all this stuff paid off before I could get it......kind of a pain in the ass really....but when all was said and done...I only put 1800 cash down on my brand spanking new home.

ask your realtor what all incentives are availiable...and do some of your own research....you would be amazed....I got:
1st time home buyer, west region discount, west of (X) road, rural discount, gas piping discount(meaning the house was primarily gas not electric), energy effiency home discount, flood control discount(the park immediately east of my house was a flood zone)...etc.....

there are a lot of incentives out there to look for and if your realtor misss one...you could pay thousands extra which in the long run hurts you in your resale.......you pay less for your home and sell in 5 years...you make the $$$
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post #4 of 13 (permalink) Old 07-28-2005, 11:31 PM
 
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post #5 of 13 (permalink) Old 07-29-2005, 10:21 AM
 
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First DONT PAY it all off. Just incase something happens.... That way ins will eat it instead of you. If you have the discipline to pay monthly and not be late... There is nothing better than making payments... Actually over paying them not by too much but you know what I mean.


As far as the Home loan.. As long as your income is decent... you can use that motard to help build your credit np.
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post #6 of 13 (permalink) Old 07-29-2005, 12:06 PM Thread Starter
 
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steve? SO what is the best route to go do you think? get another loan for the motard?

Im never late on payments it comes right from my account every month.

If I pay it off and own it outright but still carry insurance why wouldn't they pay for it if something happened?

sorry confused a little.
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post #7 of 13 (permalink) Old 07-29-2005, 12:54 PM
 
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Get a loan... But my point is.... Bikes depreciate no matter which way you look at it. Would you rather have 8 grand in the bank or something that you can pay off over time.. and in the event that your bike is stolen or totalled your ins co will cover most if not all. Instead of YOUR money that they would have to pay back they just send the check to the Lean holder... In the actuall situation it turns out that its about even wther you have the title or not.... But the way I am with my money... I choose to have the INS pay them instead of me collecting from them and it taking for ever. Just a precaution that I will take from now on.

Oh and paying it off in payments will help you build your creidt.

Hope that made sense
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post #8 of 13 (permalink) Old 07-29-2005, 03:13 PM
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pay the motard in cash, then pay the gixxer off fast as you can.

if you get aonther loan it will hurt your credit score. e verytime you apply for credit be it approved or disapproved it shows up and hurts your score. especially if done too much in a few years span.

just my .02


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post #9 of 13 (permalink) Old 07-29-2005, 03:26 PM
 
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well inq will hurt if your do it excessivly.... but again as long as you buy something it will out weigh the inq..... if you have like 15 inq's you have a problem but 1 or 2 wont make a diff. I said depending on what kind of person you are... wether thats no prob on making payments or ah I will just pay the min payment.... Then you have a problem.

Ask yourself this Do I have discipline to make my payments when they are due?
Will I make payments at which they are more than Min.

If you answer yes then your doing yourself a favor to establish
your credit.
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post #10 of 13 (permalink) Old 07-29-2005, 03:30 PM
 
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Pay for it all!!! No bank will ever own any of my bikes!
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post #11 of 13 (permalink) Old 07-29-2005, 03:39 PM
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steve: yes, but they also like to see steady payments for a period of time. paying the gsxr off and getting a loan for another isn't gonna help a credit score. do all you can to get the lowest interest rate ont he house. once you have the house, fix it up or hope you put enough down and get a home equity line of credit. then use that to pay off all the bikes. then all your rates are that of a house or close to it. then you can do what you want w/ insurance also.

just my .02


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post #12 of 13 (permalink) Old 07-29-2005, 03:42 PM
 
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You have a valid point but the way I am with my bills I have never had a problem and at 22 years old my credit is fucking fantastic.
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post #13 of 13 (permalink) Old 07-30-2005, 08:00 AM Thread Starter
 
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You guys make some valid points.

But doesn't being less in debt when I apply for a mortgage help?
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