I dont have any credit as far as I know, has anyone been approved without having no credit history?

thanks for any comments.

looking to buy a 05/06 600r, they retail at the honda dealer around here for just about 9k. But was hoping to find a 05 and maybe I could get it for slighty less. I could put down about 2k and pay about 200 a month, since that would be good enough?

 

not sure how hard honda is to get approved. but i have good credit but i didnt have *enough* for suzuki. with 2K down i would think you would be ok.

 

Only credit I had was through my cell phone and credit cards and I got approved for $8k. I didnt even have a job when I applied and it went through. Ive heard Honda is very lenient with giving out credit unlike Suzuki. The guy at the shop said i probably wouldnt have got approved with suzuki.

 

I've always had the opposite result. Honda has seemed to be the hardest to get financed for in my case. When i didn't have any credit history, they wouldn't finance me for anything.

-Adam

 

Yeah I wouldn't expect to get credit for helmet without a cosigner.

 

I have good credit but only one line of credit (credit card) and I just got turned down by honda to get an 06 600RR for $9,000. Said I need a cosigner to be approved so don't get your hopes up. You might get $3,500 for a first time buyers deal honda has but thats all.

 

Cool thanks for your input.

Yeah i cant even get a credit card from any place with even the smallest limit.

I dont under some places, how the heck do people these days expect you to build a good credit history when no one gives you a chance.

Yeah I guess I will need to just try my local dealer and see what happens.

 

This is what an economics professor that teaches in my fiance's mba classes at University of Iowa said about getting great credit. He said he has about 30-40 credit cards in his name. He only actually uses one or two, and keeps the rest in a file cabinet at home. He says the reason he does this is because when getting a line of credit most places actually look at the percentage of your total credit that you have used, rather than the actual amount of credit you have out. I.E. it looks better when you have used only $1000 of say $20,000 total credit on 15 or 20 credit cards than to have used $1000 of $3000 total credit on only a few. Either way you are $1000 in debt, but on one hand you have used 33% of your credit, and on the other you have only used 5% of your credit. He says he's never been turned down for anything using this system, and has done it since he was in college. He said even when he was hardly making anything he could pretty much get a good deal on a loan for whatever he wanted.

 

hrm, interesting...they call that balance to limit ratio. never really thought about doing that. MD, if you have a bank account and have for any time at all, your bank should give you a card. i tried and tried to get CCs through the major companies like capital one, citibank, etc. but no one would give me one. so i applied for a mastercard at my bank and bam. they approved it right away. they also loaned me the money for my bike and another line of credit. so try yor bank, they are most likely to give you one. and if you are putting any kind of cash into their bank they are usually more than happy to give you credit. never make late payments, pay more than your minimum payment (mine is like $20, and i pay atleast $100) and keep your balance to limit ratio low. you also need 2-3 years with a credit card before it turns into really good credit. you will have some, but after the length of the accounts has reached like 3 years then you will have *enough* credit.

 

I have a few extra cards that I've never used as well. It helps my total ratio of debt vs available credit. I don't know that I'd want to try to keep track of 30-40 cards though, especially with a wave of identity theft crossing the globe.

But to answer the original question, my credit score was somewhere in the 750s, which is pretty damn good. Honda offered me 9.75% on a new 1000RR. This is a terrible rate. You will probably get approved with your credit status, but they're going to screw you on the interest rate, which means you pay more per month to get less.

I'd suggest finding a local credit union or small bank to get you the loan. My credit union gave me 6.25% on bike loan, which is almost unheard of.