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Old 02-12-2008, 07:48 PM
some_guy some_guy is offline
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Default 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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Old 02-12-2008, 11:56 PM
Robert Robert is offline
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Default Re: Should I qualify?

Unsecured is the most likely reason. Credit is getting tight. Robert
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Old 02-14-2008, 05:51 AM
cabbage753 cabbage753 is offline
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Default Re: Should I qualify?

credit is geting alot tougher and look at the trouble the sub prime has started
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Old 02-14-2008, 05:52 AM
cabbage753 cabbage753 is offline
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Default Re: Should I qualify?

i think you should get your own home, not rent befor looking to buy a bike.
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Old 02-14-2008, 11:23 PM
some_guy some_guy is offline
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Default Re: Should I qualify?

I think I've decided I'll just pay cash. Thanks for your help.

Also, I'm only 23. A house is a looooong ways away for me still, especially living in Vancouver. Have you seen housing prices here lately??
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Old 02-15-2008, 08:36 PM
ericajones80 ericajones80 is offline
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Default Re: Should I qualify?

Credit is definitely tightening up, you would have definitely been approved in the past.
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Old 03-14-2008, 05:04 PM
realworldknowledge realworldknowledge is offline
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Default Re: Should I qualify?

Why dont you take the cash and pay off the car? You'll save $$ in interest.
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Old 03-14-2008, 05:05 PM
realworldknowledge realworldknowledge is offline
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Default Re: Should I qualify?

I love this quote (and this is by no means intended to insult or is in any referance to any poster here)

how are you going to have a Landrover and a Landlord at the same time?... hahahahaha
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Old 05-23-2008, 10:48 AM
sahilmiddha sahilmiddha is offline
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Default Re: Should I qualify?

i think you should get your own home , not rent before looking to buy a bike.
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Old 05-23-2008, 03:24 PM
spencer24 spencer24 is offline
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Default Re: Should I qualify?

Quote:
Originally Posted by cabbage753 View Post
i think you should get your own home, not rent befor looking to buy a bike.
Buying house in Canada or US at these price levels will be nothing short of foolish.

As for the original question, yes credit is getting harder to get, and that's a good thing - the economy should first digest the already high levels of accumulated debt.
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