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Old 12-11-2006, 10:22 PM   #1
nihaikitty
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What's with my FICO?

I've been monitoring my credit lately because, as almost everyone knows, ive been trying to finance a 500r (VERY unsuccessfully so far). Well, I went to the Transunion site today to get my report and I ordered my FICO also. Credit report was good, all bills paid, nothing funky, and then I saw my FICO score. It's 705! If ya'll knew how many loans i've been turned down for in the past month you wouldnt believe this score! I don't get it...how can it be that NO ONE will loan me money for my bike yet my score is 705? Is there some inverse relationship between a FICO score and your creditworthiness that I'm unaware of? What EXACTLY do banks and loan companies look at when they check my credit report? Why am I always turned down when I apply for loans?
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Old 12-11-2006, 10:25 PM   #2
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how much income do you bring in?
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Old 12-11-2006, 10:31 PM   #3
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Quote:
Originally Posted by nihaikitty
I've been monitoring my credit lately because, as almost everyone knows, ive been trying to finance a 500r (VERY unsuccessfully so far). Well, I went to the Transunion site today to get my report and I ordered my FICO also. Credit report was good, all bills paid, nothing funky, and then I saw my FICO score. It's 705! If ya'll knew how many loans i've been turned down for in the past month you wouldnt believe this score! I don't get it...how can it be that NO ONE will loan me money for my bike yet my score is 705? Is there some inverse relationship between a FICO score and your creditworthiness that I'm unaware of? What EXACTLY do banks and loan companies look at when they check my credit report? Why am I always turned down when I apply for loans?

I believe you have three diferent scores Equifax, transunion, and esperion or something like that. I am not familiar with FICO, but somethings good and bad will be turned into one and not the other you may have a better score with one than the other. I know that was the case with my credit. Just an idea, believe me I am no expert my credit score can tell you that.
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Old 12-11-2006, 10:36 PM   #4
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1> Be sure it's your real 'fico' and just not Transunion's individual 'score'.

Pay attention to your denial letters and see what reasons they give for denying you and check the relevant CA that they put the inquiry with.
I basicaly had a dealer admit that if you do not have 'good' credit, you're
not going to get financed, no matter how much you put down.

What they look at, any sign of late payments on anything.
Any sort of hint of negative credit... any collection agency action, 'short' credit history, not 'enough' former credit.

all in all good luck, and get ready for a headache.
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Old 12-11-2006, 10:37 PM   #5
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Quote:
Originally Posted by nihaikitty
I've been monitoring my credit lately because, as almost everyone knows, ive been trying to finance a 500r (VERY unsuccessfully so far). Well, I went to the Transunion site today to get my report and I ordered my FICO also. Credit report was good, all bills paid, nothing funky, and then I saw my FICO score. It's 705! If ya'll knew how many loans i've been turned down for in the past month you wouldnt believe this score! I don't get it...how can it be that NO ONE will loan me money for my bike yet my score is 705? Is there some inverse relationship between a FICO score and your creditworthiness that I'm unaware of? What EXACTLY do banks and loan companies look at when they check my credit report? Why am I always turned down when I apply for loans?

because your an idiot and no one likes you!!!
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Old 12-11-2006, 10:38 PM   #6
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Quote:
Originally Posted by TLLuvr
I believe you have three diferent scores Equifax, transunion, and esperion or something like that. I am not familiar with FICO, but somethings good and bad will be turned into one and not the other you may have a better score with one than the other. I know that was the case with my credit. Just an idea, believe me I am no expert my credit score can tell you that.
FICO is a common scoring system that the three bureaus (transunion, experian, and equifax) use to determine creditworthiness-SUPPOSEDLY


hey...you work for NW cycles, right? wanna finance me a bike?:icon_bigg
do ya'll still have that old-school ninja? lol, is it kick start?
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Old 12-11-2006, 10:41 PM   #7
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Quote:
Originally Posted by Ulric
1> Be sure it's your real 'fico' and just not Transunion's individual 'score'.

Pay attention to your denial letters and see what reasons they give for denying you and check the relevant CA that they put the inquiry with.
I basicaly had a dealer admit that if you do not have 'good' credit, you're
not going to get financed, no matter how much you put down.

What they look at, any sign of late payments on anything.
Any sort of hint of negative credit... any collection agency action, 'short' credit history, not 'enough' former credit.

all in all good luck, and get ready for a headache.
i'm thinking its my "short" credit history...thanks for the best wishes
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Old 12-11-2006, 10:44 PM   #8
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Its not quite that old. Its an older bike but its cleaner than Chris' and definently cleaner than Wills. But I am trying to stay away from financing. I am sure we can work some type of deal.
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Old 12-11-2006, 10:46 PM   #9
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watch it Todd!!!
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Old 12-11-2006, 10:47 PM   #10
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Quote:
Originally Posted by TLLuvr
Its not quite that old. Its an older bike but its cleaner than Chris' and definently cleaner than Wills. But I am trying to stay away from financing. I am sure we can work some type of deal.
really? are we talking about the same bike? 1983 Z550?
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Old 12-11-2006, 11:00 PM   #11
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Quote:
Originally Posted by Los
how much income do you bring in?
roughly $800-$1k a month during the fall and spring semesters...$1200-$1400 on summer months and christmas break
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Old 12-11-2006, 11:05 PM   #12
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Quote:
Originally Posted by ikp460.
watch it Todd!!!
Nothing gets by you. you have to admit that bike is showroom clean.

Yeah 83 GPZ 550
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Old 12-11-2006, 11:07 PM   #13
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Quote:
Originally Posted by nihaikitty
roughly $800-$1k a month during the fall and spring semesters...$1200-$1400 on summer months and christmas break

That may be why you can't get financed.
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Old 12-11-2006, 11:11 PM   #14
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Quote:
Originally Posted by TLLuvr
That may be why you can't get financed.
a new ninja costs about $85 a month to finance (WAC of course)...that's not very much...how much do these people expect me to make before they'll finance me?

I looked up a pic of the GZ550 on the net, it's purdy ugly. looks more like a v twin than a sporty. how long have ya'll had it? Why does it have so little miles?
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Old 12-11-2006, 11:25 PM   #15
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Its a kawasaki GPZ 550 not a GZ. I have had it for a couple of years I got it from the original owner he just didnt ride much I suppose. It looks just like a little red ZRX11 or 1200.
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Old 12-11-2006, 11:26 PM   #16
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Ni..

First step, print out your report from each of the credit reporting agencies...
You're allowed 1 FREE report a year from each. In addition, if your denied credit, your can request a free copy from the Credit Reporting agency that the creditor used to review/deny your request.

Next step... grab something to drink prep for a headache and start seaching the net.

Income, existing debt and or LACK of Credit, short credit history, too many inquiries are things that can/will affect your credit 'score'... and I have a feeling that somewhere there's a darn forumula for factoring in moon-phase, and the chinese zodiac.
Motorcycles are possibly one of the hardest things to get financed... you've got devaluation. Possibility of damage/loss (theft, wreck etc) various factors that involve likely hood of the creditor 'losing' money.
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Old 12-12-2006, 12:11 AM   #17
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Quote:
Originally Posted by TLLuvr
Its a kawasaki GPZ 550 not a GZ. I have had it for a couple of years I got it from the original owner he just didnt ride much I suppose. It looks just like a little red ZRX11 or 1200.
I'll come in and take a look at it...i read that its about 420 lbs dry, that might be a lil too heavy for me...what's the seat height and ground clearance?
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Old 12-12-2006, 12:15 AM   #18
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Quote:
Originally Posted by Ulric
Ni..

First step, print out your report from each of the credit reporting agencies...
You're allowed 1 FREE report a year from each. In addition, if your denied credit, your can request a free copy from the Credit Reporting agency that the creditor used to review/deny your request.

Next step... grab something to drink prep for a headache and start seaching the net.

Income, existing debt and or LACK of Credit, short credit history, too many inquiries are things that can/will affect your credit 'score'... and I have a feeling that somewhere there's a darn forumula for factoring in moon-phase, and the chinese zodiac.
Motorcycles are possibly one of the hardest things to get financed... you've got devaluation. Possibility of damage/loss (theft, wreck etc) various factors that involve likely hood of the creditor 'losing' money.
mmmm..yay...can't wait. i've been having a field day on the net and phone today. i think i've called or emailed almost every loan company offering moto loans just to hear "sorry, we can't finance you at this time.....blah blah". This is a lot harder than i thought; getting a bike i mean. i should have just bought that 250 when i had the chance, damnit! thanks for the info, guys.
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Old 12-12-2006, 12:36 AM   #19
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debt to income ratio is a big factor
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Old 12-12-2006, 01:11 AM   #20
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Quote:
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I'll come in and take a look at it...i read that its about 420 lbs dry, that might be a lil too heavy for me...what's the seat height and ground clearance?

Come take a look if you want, seat is probably high and the ground clearance probably low. jk If your looking for something else let me know and I might be able to get it for you.
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