So. I'm a 35 year old schmo with a good job and, regretfully, mediocre credit as a result of an irresponsible ex wife and a divorce. All of that having been said I've been working to rebuild my credit, paying my bills on time and so on and so forth (amazing how that gets done now that I'm the one responsible for paying them). In the last year and a half my fico has gone up around 50 points, and is now teetering on the 700 mark (was 696 when checked last week).

Now, on the verge of what some would consider at least moderately acceptable credit, I'm looking around at all the "stuff" I'd like to get. I've got a good job, as mentioned above. I pay for virtually everything in cash/debit card. I have one credit card with a teeny tiny limit that I've been using to rebuild my credit and so on. Something that I'd really like to pick up, is a motorcycle. I miss my bike horribly (the ex made me get rid of it) and am ready to take the plunge into getting a new one. Now, I COULD pay for it in cash outright, but I'm still thinking about this with my "Fix my credit" hat, the questions:

  1. Does carrying a motorcycle loan impact your credit rating?
  2. With a fico of 696, and 3 reporting agencies ranging from 689 - 715, will I get APPROVED for a bike loan, with the understanding that I'm looking at around an 8000 dollar bike, and looking to put 2000 down?
  3. Would I be better off just paying cash and finding a better way to build credit?

I realize of course that this article is completely not about here's a picture of a computer.

Also, here's a cat.


And for those so inclined, here's the bike I'm gunnin for: