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Getting financed for a motorcycle with poor credit
Background on credit: 534 credit score. 7 consecutive missed payments, last one was a year ago 18/25 payments made 72% payment percent (student loan). Three closed debts that were in collections (less than 1000 each and paid off around 6-8 months ago). No deragatpry remarks. 2yr 7m credit age. One open account in good standing (student loan). No data for credit card use as I have never had one. And one hard inquiry(capital one card).

Okay so I am trying to get financed for a motorcycle loan through my local dealership or through some form of outside financing. I currently have a 534 credit score. I have just been accepted for my first credit card from capital one with a credit limit of 300. Also I am planning on taking out a secured loan at a local credit union for 500 dollars and paying that back monthly.

I am looking for a 13,000 motorcycle loan/financing credit. I know my interest rate will be horrendous and I am willing to bite the bullet and pay for it until I can refinance. I have extra cash flow and I don't mind the extra APR. I was denied financing through my local KTM dealer. The dealer said they usually start offering low interest rate loans around 600 credit score, with me being well below that he set me up with one for around 20.5% interest and I still got denied. I also applied for financing at a few local credit unions and needless to say I was denied. But one credit union said they will work with you if you have your score around 600.

So my question is one, how long do you think given my credit history it will take to get above maybe 620 or at least above 600. I will be staying below 30% of my credit limit and I will contine paying my student loan on time as well. I will also be paying that secured loan of 500 dollars once I get that started.

My credit score has been steadily climbing the past few months.

Feb 2017 score 458
May 2017 score 508 (up 50)
June 13th 2017 score 538 (up 30 points)
June 9th 2017 score 534 (down 4 from capitalone credit card inquiry)

So given this rate in rise will it contine at this rate with me continuing to pay my student loan on time? Will my score jump up from my first credit card acceptance? Or will it rise when I start to make monthly payments on that card? Were those credit rises just from my collection accounts finally reporting that they were closed? What credit score do you think I will be able to get financed with? And finally has anyone had a similar situation, if so can you tell me how you went about it? The process, how much the loan was for, the rate, etc...

Thank you to all who have taken the time to read this essay and look forward to continuing to improve my credit.

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