Black/CBR04:

Hey I have a question for you guys... My buddy went to get a bike but they said he would need a co-signer or get the 3 credit cards paid off .. which since then he had gone to the Credit Union and gotten a Consolidation loan to pay them off.. They wrote the checks to the Credit cards and 1 had already posted to the 3 (experian, transunion, exifax... think those are them) the girl at the dealership said that it should show up in a few weeks and he would have no problem getting the loan if they were paid off... So my question is.. In your opinions how long do does it take for the credit card companys to report this on your credit report.. think it would show up in 2 weeks? and also.. he says that he's only been late by 30 days on one and that he was over the limit on the 2 others... So do you think he has a chance? He's had a few loans previously that are in good standing and paid .. nothing than the one card being 30 days late.

 

different companies are different. it all depends on how frequent they report to credit agencies. some do it every month, some do it every week, and some do it every six months. im not sure what the law is but its something like atlease once every six months they have to report.

 

go to WWW.Metropowersports.com they have a first time buyer special with 1k down and I they ship to your door, I bought my bike from them 3 weeks ago but I had my mom co-sign for me so I could put 0 down. The number is 1-866-403-0907 andrea is nice to talk to, tell them Chad sent you,lol but make sure you ask ALL details on the loan before the bike leaves, they weren't going to tell me anything just send it and tell me Im approved so if I didn't agree there wasnt anythign I could do.

 

The problem with paying it off early is you're not establishing good payment history. They want to see that you can handle the responsibility of monthly payments. If you paid off your bike in one year, for example, it would look like you got a large amount of money somewhere and just applied it to the loan. They'll look more favorably on someone who can budget and make the payments on time every month. Just my two cents.

( I work for Harley-Davidson Financial by the way)

 

What if I pay my credit card off every month (which I do) does that count towards my credit? I will hopefully be getting a loan thursday for a 06 600RR and I want to know what to expect. My dad will be going with me to cosign if I need to, but I would rather not have to use him in the process... I have been using a cc for about 3 years but I have a large inheritence so Im paying cash for school and I paid cash for my car too... I figure its time to get some credit...

 

honda is pretty hard to get taht financing. i got the deal last year with their red hot summer deal. it was great because my payments are only $70monthly (thats the min) but if the bike isn't paid off by next August after the 2 years... my interest rate jumps up to something like 24%. its best to get your own financing and a downpayment before you do this, unless you know for sure you can refinance later.

and yes about the credit card question. atleast thats what its showing on my credit report that i have a near maxed out credit card.