Well guys, she's gone
#21
02-09-2006, 05:52 PM
Well guys, she's gone
Originally posted by: DSNUT
Mudnuri,
A 668 is good credit. That is like a B+. The credit score isn't the problem. What hurts borrowing ability more than anything is unsecured debt ratio. If you have $5,000 credit card and you owe $4,000 on it and you have no other open lines of credit, your unsecured debt ratio is 80%. The solution is to open another credit card or get them to raise your limit on that one. The other thing is income to debt ratio. Lets say you make (X) number of dollars. They will loan you (Y) amount minus any other liabilities. If you have a truck and a motorcycle and a credit card and they already add almost up to (Y), if the new quad pushes you over the top, you will get declined.
Disposable cashflow is another factor. You know what payment you can afford to make but the lender decides whether you can pay it or not.
The other thing could be that the particular finance company they wer going through has a minimum credit score threshold of like 700 and they don't offer alternatives like a slightly higher interest rate for those that don't qualify. If that is the case, the salesman is an idiot!
Make sure your unsecured debt ratio is under 50%, get pre-approved with a credit union that likes ATV's (mine hates them so 19%. I don't think so!)
I won't even comment on what happens when you tell a creditor to screw off.... You figured that out already. [img]i/expressions/face-icon-small-sad.gif[/img]
Just some thoughts
Ron
Mudnuri,
A 668 is good credit. That is like a B+. The credit score isn't the problem. What hurts borrowing ability more than anything is unsecured debt ratio. If you have $5,000 credit card and you owe $4,000 on it and you have no other open lines of credit, your unsecured debt ratio is 80%. The solution is to open another credit card or get them to raise your limit on that one. The other thing is income to debt ratio. Lets say you make (X) number of dollars. They will loan you (Y) amount minus any other liabilities. If you have a truck and a motorcycle and a credit card and they already add almost up to (Y), if the new quad pushes you over the top, you will get declined.
Disposable cashflow is another factor. You know what payment you can afford to make but the lender decides whether you can pay it or not.
The other thing could be that the particular finance company they wer going through has a minimum credit score threshold of like 700 and they don't offer alternatives like a slightly higher interest rate for those that don't qualify. If that is the case, the salesman is an idiot!
Make sure your unsecured debt ratio is under 50%, get pre-approved with a credit union that likes ATV's (mine hates them so 19%. I don't think so!)
I won't even comment on what happens when you tell a creditor to screw off.... You figured that out already. [img]i/expressions/face-icon-small-sad.gif[/img]
Just some thoughts
Ron
That about sums it up.
#22
02-09-2006, 06:18 PM
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#23
02-09-2006, 08:14 PM
Well guys, she's gone
Fill us in on the details, and give a comparison on it with your ds. By the way congratulations and now we expect more of those awesome race threads only this time yuu had better be the one in the lead at the end, or we will vote you off the island and onto the yammi forums. lol Just kidding, we do expect to hear only good race results and we all wish you the best luck.
Later,
John Boyd
Chiknhawk
Later,
John Boyd
Chiknhawk
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