Should I qualify?
Yesterday I was denied a personal line of credit with a $10,000.00 limit. I was hoping to use this to buy a motorcycle this summer. I was kind of surprised that I was denied, as I have a good credit rating (785) and have never missed a payment for anything in my life. I do have one other loan, for my car. The outstanding balance is about $21,000 and the car is worth about $19,000. Monthly payments are about $300. My other main monthly liability is rent, which I pay half of $1170. My monthly gross income is about $3800.
In your opinion, do you think I should have been rejected?
Also, would it be easier to get an installment loan for the motorcycle rather than a line of credit? I would prefer it to be unsecured, as I don't want a lien on the bike.
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