Minimum payments for financing - Kawasaki Ninja 300 Forum
 
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post #1 of 6 (permalink) Old 05-03-2013, 07:26 PM Thread Starter
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Minimum payments for financing

I have a question about minimum payments for financing. Been trying to pay atleast double the minimum payment a month. But thinking of just paying the minimum and use the other double as a savings to buy a 600 straight out cash. Would paying minimum still build credit or would it make it worse? I financed through kawa credit card. Love riding a 600 but still love my 300 so I want both lol



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post #2 of 6 (permalink) Old 05-03-2013, 07:28 PM
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if youre starting your credit from scratch or its just really low, even minimum payments will raise it. but if your credit score is almost perfect, sticking with the minimum will either keep it the same or lower it a small amount. just dont be late and youre all good.
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post #3 of 6 (permalink) Old 05-03-2013, 07:31 PM Thread Starter
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Originally Posted by robhan91 View Post
if youre starting your credit from scratch or its just really low, even minimum payments will raise it. but if your credit score is almost perfect, sticking with the minimum will either keep it the same or lower it a small amount. just dont be late and youre all good.
Awesome! Thanks much Robhan91!
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post #4 of 6 (permalink) Old 05-03-2013, 07:38 PM
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Credit lenders like to see open lines of credit and loans open for a minimum of one year. This is where you'll need to start if you're new to credit. Lenders don't see double payments, all they see is payment history. But, it's really up to you in what way to spend your money. Get at least a min. of one year credit history, being a credit card or loan, and lenders will start giving better rates. Also, like what was mentioned earlier, do not be late on your payment history. This will have a severe effect on your credit score. By late I mean, 30 days after the due date, this is when it will show up on your credit report.
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post #5 of 6 (permalink) Old 05-03-2013, 07:44 PM Thread Starter
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Originally Posted by Skinnyminnie View Post
Credit lenders like to see open lines of credit and loans open for a minimum of one year. This is where you'll need to start if you're new to credit. Lenders don't see double payments, all they see is payment history. But, it's really up to you in what way to spend your money. Get at least a min. of one year credit history, being a credit card or loan, and lenders will start giving better rates. Also, like what was mentioned earlier, do not be late on your payment history. This will have a severe effect on your credit score. By late I mean, 30 days after the due date, this is when it will show up on your credit report.
Got it, thanks for the info guys! Time to start saving for my 600 lol or actually been kinda looking into the Harley Iron 883.... we will see when I save the money haha
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post #6 of 6 (permalink) Old 05-03-2013, 07:51 PM
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As long as you pay your accounts on time you'll.be fine more or less hehe

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