On the market for 2008 GSXR 750.. Financing advise! Need help!

[TerryNugwin]

No need for a new bike miguel, listen to the elders, they know what they're doin. Also I'll be applying to be Sgt at Arms for ur crew, haha.

 

[Warpkor]

If you are looking for financial advice, check your employer's EAP (Employee Assistance Program). They are confidential and often offer basic financial services including credit repair at no charge. If you need financial advice beyond that, they can usually point you in the right direction for an objective financial advisor in your area.

 

[mikhail]

How would one get a paid collection removed off of their credit report?

There are a few different ways to do it. Each case is different, though. The easiest way to get those types of negative tradelines removed is to dispute them off based on inaccuracies. There is almost always one data point in every tradeline that isn't 100% accurate. Creditors and collection agencies reporting inaccurate information on your report is a violation of the FDCPA. PM me if you want to go into this further, I'm not in business to repair credit or anything but I will help you if I can.

 

[VFRrider]

PM me if you want to go into this further, I'm not in business to repair credit or anything but I will help you if I can.

This offer good for anybody else? LOL I'm getting to a point where I want to get serious with life and fix my credit. It's not horrible, but I'd like to know what to do to get it better. Need some advice....

For the OP - - I'll add this to the thread. My credit is a bit higher(although not too much higher) than yours, and I just got denied financing for a Yamaha that costs less than a GSX-R would. FWIW...So I'm riding my current bike around until I can save up cash for a new one.

 

[nvp]

Thanks for the reply... I didn't know that financing a bike could hurt me...

Well my credit score is 590. The loan agent told me that I need to be at 620 to qualify for FHA. So thinking I need to raise my score to 630-640 just to be safe. I paid off all my debts. Only one that is still active is my school loan that I'm currently paying every month.

Never ceases to amaze me what people are willing to reveal in a public forum.

 

[bmer97]

well, the smartest thing to do is buy the house, then spend 6k on one slightly used. If you haven't bought a house yet, no offense, but you really don't know how much it will cost, what with weekly trips to home depot, property taxes...ect.

I know a new, shiny gsxr sounds great, but after a couple years it isn't as shiny, and if you've financed it for a long time it will be underwater and won't be looking like such a good decision.

not to MENTION what you'll be paying on insurance for it.....

This is truth.

Can emotion handle truth?

Sometimes not.arty

 

[afm199]

Yes I am serious about buying a house. Reason I'm trying to find ways to raise my credit.. Like I said I was not approved for a house due to my current credit score... All I need to know would it help my credit and raise it, if I finance a bike? Thats all I need to know...

I paid off all my debts except for my school loan that I still owe about $6000 and currently paying it off monthly. My loan agent advised me not to pay it off in full amount because paying it off monthly is also helping me.

And to answer all your questions.. Yes I do have money in the bank saved. I already thought about all those emergency expenses, taxes, insurance and stuff. I won't put myself in this situation if I cant afford it... Like I said money is not really an issue... MY CREDIT IS THE ISSUE>

Uhh, if you have MONEY in the bank pay off that loan. Your agent is full of shit. And MONEY is not five thousand bucks. Money is six months to one year's living expenses for your family.

 

[miggz410]

Then spend $1000 with a good financial advisor, if you have the money, and find out GOOD ways to help your credit, rather than asking advice on a motorcycle forum. As far as I know, the credit report won't affect your rating for many months, so buying the GIXX is not going to help you buy a house. Getting good advice might, which you wont' find much of here.

Dont forget to add in the $1000 a year for insurance on the GXSR, if you buy on credit you will have to have full coverage.


I'd advise you to get real about your expectations.

Sonny buck who wants the GSXR, you truly don't have any idea what is coming. When I asked if you had $50k in the bank I was SERIOUS, you get sick enough to get laid up for six months, what do you intend to do to make the mortgage payments?

afm199, I understand where you coming from, but why waste $1000 on an advisor? When I can do the research myself for free... This forum has been helpful to a certain extent.

As for you being SERIOUS about money in the bank, I looked at every angle possible and I have saved enough money for a down payment and saved enough money to pay for mortgage just in case something happen to me like lose a job or get sick for a year. Enough money for insurance and other expenses. No I'm not rich, but I'm not buying the house by myself either. My gf and I are both in the market. 2 income is better always than one and we both make pretty good decent money.

IMHO you'd have to still be stupid to be buying a house in a falling market. The decline in housing prices has a long way to run... wait a year and the same places you're looking at now will be selling for $50K less. Two years from now maybe $100K less.

Why would you want to own something that you'll lose $1,000 a week on?

I guess everyone in here can predict the future now... I know market is still going down further in the next year. But who can predict whats going to happen 2 years from now. I would think the best time to buy a house is 6 months from now to a year. Prices will go down even more but how much more is the question? But eventually their gonna start going up again.

Getting a new credit card won't really bring up your score.
you need something that shows that you've had credit for long a period.
ask a friend who has good credit for years if they can add you as a "co-borrower" on one of their credit cards they've had for years.
that might bring up your score a bit.
have those collection remarks REMOVED from your credit report.

and actually getting a vehicle will help a bit to increase your score as it's a varied type of loan credit other than credit cards.
My score went from 720-740 just for getting a car loan.
having a low amount of revolving credit will also increase your score.
paying more than the minimum on your credit card bills will also be a factor in raising your score.
just my $0.02

Thanks for the input, my loan agent said almost the same exact things to me. She also said that I should look into financing something small. So I thought a bike would be a good idea and I will be dropping good amount for a down payment because I don't want to finance the full amount and it will give me a lower monthly payments. Also Since I'm not looking to buy a house 6mos or so from now, she said it should get me enough time to establish a credit. Financing will be a better way to establish myself than getting just a credit card.

 

[miggz410]

Never ceases to amaze me what people are willing to reveal in a public forum.

It's not like im revealing my bank account and pin number. Cmon man, it's just a credit score. It won't stay like that forever. So I didn't see how I'm revealing a lot.

No need for a new bike miguel, listen to the elders, they know what they're doin. Also I'll be applying to be Sgt at Arms for ur crew, haha.

Well the reason I'm in here is to get some advise and some help. Some have been pretty helpful.

Hahaha as for the Sgt@arms position its been filled. But you're more than welcome to prospect and see where it takes you buddy.

 

[afm199]

Dude sounds like you have most your bases covered. Good luck and congrats on making the decision. There is no right time to buy a house. Ever. My house was bought close to a market peak, and the next seven years home values were stable or down. It was nine years before I would have made any money selling. Today it worth four times what I paid for it.

 

[miggz410]

Dude sounds like you have most your bases covered. Good luck and congrats on making the decision. There is no right time to buy a house. Ever. My house was bought close to a market peak, and the next seven years home values were stable or down. It was nine years before I would have made any money selling. Today it worth four times what I paid for it.

Yea I try to do whatever I can. I understand that buying a house is going to be one of the biggest decision I will make in my life. I try to cover everything I can but you can only do so much. Noone can predict the future and specially the market. All I know is eventually it will start to go back up again. But the question is when?

It's also hard when you have a disappointed gf because you didn't get approve for a loan. I need to do whatever I can to raise my credit fast so ( can wipe that disappointed look on her face. I know she understand my situation but deep down inside I know how she really feels.

For now I will start with my secured credit card and my gf is going to add me as a co-borrower on one of her card. I will also try to get some of those delinquency listed off my record. Also I will do more research about rebuilding credit.

Just want to thank you guys for all your inputs...

 

[calixguy18]

Yea I try to do whatever I can. I understand that buying a house is going to be one of the biggest decision I will make in my life. I try to cover everything I can but you can only do so much. Noone can predict the future and specially the market. All I know is eventually it will start to go back up again. But the question is when?

It's also hard when you have a disappointed gf because you didn't get approve for a loan. I need to do whatever I can to raise my credit fast so ( can wipe that disappointed look on her face. I know she understand my situation but deep down inside I know how she really feels.

For now I will start with my secured credit card and my gf is going to add me as a co-borrower on one of her card. I will also try to get some of those delinquency listed off my record. Also I will do more research about rebuilding credit.

Just want to thank you guys for all your inputs...

Can she get the loan?

 

[miggz410]

Can she get the loan?

Nah we tried that... She couldn't qualify by herself because she's in too much debt and doesn't have enough for her to cover the mortgage with her income. She got a bunch of credit cards, car payments, and school loan. Plus we both want our name on the house.

 

[HalfEvil]

If you want a bike that badly get one, but getting a bike to justify help getting a house.. good luck man.

 

[816am]

Miggz...afm is giving it to you harsh, and sadly enough very very real. I too am purchasing my first home in the fall. Calhfa is also helping me big time. I also have a an excellent credit score and bought my ninja 250r (in part, bc of its reeeeasonable price) with straight up cash bc my loan agent, finanacial advisor, and other friends in mortgage aaaaall told me financing anything big before attempting to acquire a mortgage is a red flag on fire and cause for possible mortgage difficulties. And...I have an excellent fico. Also, I've ALWAYS been told to pay off, or down as much as possible any existing loans. I'm sorry buddy, but this doesn't look like the time for a bike and maybe.... not so much a home either. Please take no offense when i remind you that subprime loans are the reason why we are in a real estate crisis. Keep plugging away at raising your fico....it sounds like you're on the right track (the bike will throw you off a bit, unfortunately). In time...you'll have it all!!!

 

[B-Cuz]

My $0.02, buying a bike would help your credit score, but place you further in debt. The best way to raise your score a MEER 40-50 points, keeping paying what bills you have right now on time and you'll be good.

 

[miggz410]

Miggz...afm is giving it to you harsh, and sadly enough very very real. I too am purchasing my first home in the fall. Calhfa is also helping me big time. I also have a an excellent credit score and bought my ninja 250r (in part, bc of its reeeeasonable price) with straight up cash bc my loan agent, finanacial advisor, and other friends in mortgage aaaaall told me financing anything big before attempting to acquire a mortgage is a red flag on fire and cause for possible mortgage difficulties. And...I have an excellent fico. Also, I've ALWAYS been told to pay off, or down as much as possible any existing loans. I'm sorry buddy, but this doesn't look like the time for a bike and maybe.... not so much a home either. Please take no offense when i remind you that subprime loans are the reason why we are in a real estate crisis. Keep plugging away at raising your fico....it sounds like you're on the right track (the bike will throw you off a bit, unfortunately). In time...you'll have it all!!!

Like I said I understand where he's coming from and I do take everything he said in consideration. It's a little harsh but I dont get bent sideway that easily.. Thanks for your input. I also understand where your coming from also.

If you want a bike that badly get one, but getting a bike to justify help getting a house.. good luck man.

I just thought it's a good way to knock off a couple things in one shot. I don't need a brand new bike, because I rather have a brand new house. I just thought financing a bike will help me build a credit history and raise my credit at the same time. But I guess it's not.

 

[mikhail]

FICO doesn't pay your bills. If you're paying interest on a debt and have the ability to pay it off with cash now, do so. The only way you're going to see an immediate 40 or 50 point increase in your credit score is to get one or all of those paid collection tradelines deleted from your credit reports. Once that happens, open a few new accounts, don't use them, and then let your tradelines age.

 

[miggz410]

FICO doesn't pay your bills. If you're paying interest on a debt and have the ability to pay it off with cash now, do so. The only way you're going to see an immediate 40 or 50 point increase in your credit score is to get one or all of those paid collection tradelines deleted from your credit reports. Once that happens, open a few new accounts, don't use them, and then let your tradelines age.

Yes I am working on that... You know any effective faster ways to have the collections I just paid off remove from my report?

FYI, 3 collections.. 1 is student loan that was in collections for 3 years that I just started paying off monthly in January. The other 2 was just paid off 2 months ago and both were on my report for 5-6 years.

 

[mikhail]

If you have current copies of your credit reports, can you PM me the entire contents of the tradelines minus the personal information like account number and your name? I need to look for inaccuracies, something or anything to go forward with to get them off.

One important question...you say that these paid collections were on your credit report for five or six years. I need to know the date of first delinquency on the original debt. The date you first stopped paying or became late (if you brought the debt current once in the past, then went late again, it's the second late...bringing an account current and then letting it go delinquent again resets the date of first delinquency). LOL...confused yet?

If the tradelines are old enough, it may be past the time for them to come off already without doing any additional digging. Then it'll be easy.