anyone know where i could apply for a loan if my credit is shitty? I found a good deal on a bike i want to get.
here’s a tip, don’t waste money on a bike that’s a good deal if you have shitty credit, worry about fixing your credit before buying extra toys.
my credit if wrecked due to bad decisions in college, its on its way to being repaired, all that i can do is let it regen pts.
[quote=“RedDawg”"]
anyone know where i could apply for a loan if my credit is shitty? I found a good deal on a bike i want to get.
[/quote]
That could be the dumbest thing I’ve ever read. :tup:
[quote=“RedDawg,post:3,topic:26944"”]
all that i can do is let it regen pts.
[/quote]
huh?
[quote=“Viper966,post:5,topic:26944"”]
huh?
[/quote]
your credit doesn’t automatically bounce up 200 pts. just because i paid off the outstanding debt. So i figured getting a small loan for a bike would help my credit score.
[quote=“RedDawg,post:6,topic:26944"”]
your credit doesn’t automatically bounce up 200 pts. just because i paid off the outstanding debt. So i figured getting a small loan for a bike would help my credit score.
[/quote]
i know what u meant, just the spelling, i didnt know what words you were using
and no a small loan for abike will not help your credit any more short term, it will actually hurt it, long term it MAY help, but long steady payment history
how shitty is your credit? FICO?
[quote=“Viper966,post:7,topic:26944"”]
i know what u meant, just the spelling, i didnt know what words you were using
and no a small loan for abike will not help your credit any more short term, it will actually hurt it, long term it MAY help, but long steady payment history
how shitty is your credit? FICO?
[/quote]
its bad, so all i can do is wait it out for it to climb?
No, it doesn’t work that way. There is ALOT you can do to help repair your credit. I know from experience. 
Anyways, if you are really serious about repairing it, join this forum and start reading. www.creditboards.com
there are many different techniques you can follow, both ethical and not, that will either remove lates from your credit report, or have collection accounts removed. Even charge-offs aren’t impossible to remove. a lot of people make mistakes in the beginning of college. dont let it haunt you. if you want more help, just send me a PM.
the only thing that you cant get removed ( or that is very very very very hard to remove ) are judgments through the state/attorney general
edit:
and in regard to getting a small loan. it will hurt in the beginning for a few reasons, but the longer term effect of having established credit through a lender will undoubtedly be more beneficial. unfortunately some people believe that having poor credit = having no money… but it often doesn’t work that way. if you can get a loan you should. refinancing is always possible after your credit goes up.
[quote=“sureshot!,post:9,topic:26944"”]
No, it doesn’t work that way. There is ALOT you can do to help repair your credit. I know from experience. 
Anyways, if you are really serious about repairing it, join this forum and start reading. www.creditboards.com
there are many different techniques you can follow, both ethical and not, that will either remove lates from your credit report, or have collection accounts removed. Even charge-offs aren’t impossible to remove. a lot of people make mistakes in the beginning of college. dont let it haunt you. if you want more help, just send me a PM.
the only thing that you cant get removed ( or that is very very very very hard to remove ) are judgments through the state/attorney general
[/quote]
definetly gonna check that out. But for the loan, i’m basically SOL on finding one?
[quote=“RedDawg,post:10,topic:26944"”]
definetly gonna check that out. But for the loan, i’m basically SOL on finding one?
[/quote]
Not necessarily. There are places that will absolute rape you on the interest rate, but will loan you some cash. Without a cosigner… just not a bank. Consider finding a credit union and pleading your case. Credit unions offer lower interest rates usually, and have a more ‘personal’ feel to them. Numerous members of the aforementioned forum have gone into a credit union with a sub 500 credit score, a huge binder of print outs, bills, receipts, credit reports, disputes, etc… and have gotten big loans. (they use all the documentation to show they are serious about repair etc) A bank will go off numbers only when issuing loans, where as a credit union is essentially a person who can be swayed from going against what the numbers advise.
edit: many many people have transformed their credit from low 500s to near 700 in just a few months with the advice and support of www.creditboards.com
How about you don’t finance a toy, but rather save your money and increase your asset:debt ratio and use a charge card that you pay off every month to build some responsible credit history? You can then ask for an increase in credit limit increase, thereby decreasing your debt:available debt ratio improving your credit score exponentially.
I know it’s crazy, but it’s so crazy it just might work.
Make a book on personal finance the first thing you charge and pay off.
Or you could pay a high interest rate on something unnecessary and justify it by thinking it will increase your credit score. Justifying bad decisions worked in college right?
Go to a few banks but if your credit sucks and your income to debt ratio is high they will deny it always… I believe most banks standard is like anything 38% + debt to income and they won’t approve.
[quote=“sureshot!,post:11,topic:26944"”]
edit: many many people have transformed their credit from low 500s to near 700 in just a few months with the advice and support of www.creditboards.com
[/quote]
in for learning when i get home from work! thanks man :headbang:
[quote=“BikerFry,post:12,topic:26944"”]
How about you don’t finance a toy, but rather save your money and increase your asset:debt ratio and use a charge card that you pay off every month to build some responsible credit history? You can then ask for an increase in credit limit increase, thereby decreasing your debt:available debt ratio improving your credit score exponentially.
I know it’s crazy, but it’s so crazy it just might work.
Make a book on personal finance the first thing you charge and pay off.
Or you could pay a high interest rate on something unnecessary and justify it by thinking it will increase your credit score. Justifying bad decisions worked in college right?
[/quote]
wow, someone’s got a case of the mondays. Did a loan officer molest you when you were young or something?
[quote=“RedDawg,post:15,topic:26944"”]
wow, someone’s got a case of the mondays. Did a loan officer molest you when you were young or something?
[/quote]
I wasn’t young.
Yeah, I guess I’m cranky. Carry on. 
[quote=“Dex,post:14,topic:26944"”]
in for learning when i get home from work! thanks man :headbang:
[/quote]
Hell yeah x2, i am gonna try and sit down tonight and see what my credit score is and then read up on that site fo sho
[quote=“BikerFry,post:16,topic:26944"”]
I wasn’t young.
Yeah, I guess I’m cranky. Carry on.
[/quote]
just to clarify i have fixed my credit about as far as i thought i could take it. All creditors/collectors were contacted and either paid back in full or are setup on auto-monthly payments. But i’m going to check out sureshots recommended forum and see what else i can do. Its not like i have huge outstanding debts with collectors calling me everyday and am trying to buy a toy. I wanted to get a bike since i took the MSF but held off for 2 yrs so i could straighten out my finances and get things in order. I just dont have a spare $4000 laying around to buy it in cash or else i would, and the loan would be repaid within a year.
Oh, and FYI, my last loan I took out (last month) was at an interest rate of 3.25%, I’m getting paid to finance things. Having good credit is invaluable. Much more valuable than those supa sweet rimz you really thought you needed in college.
haha word. i’m glad i could help. that site will definitely set you guys on the right path. it worked wonders for me, i can attest to it. but… it’s a lot of work. it’s a lot of reading and you do have to have a lot of patience when dealing not just with the credit reporting bureaus ( equifax, transunion, experian ) but also the original creditors, or collection agencies.
one thing to keep in mind is that anything is possible. the people who will handle your disputes are just regular office monkeys sitting in a big cubicle cage. if your letter catches someone on the right day, they might just remove the biggest and worst thing you never thought could ever go away. it honestly happens. :tup: