Such a generalization is just that... Each person's scenario is unique. Maybe I misread something but I thought he had a past bankruptcy (past being key here), had a down payment and a job. Whe I think the advice give. Here in how to. build good credit was good, he may be in a position to do the same thing by getting a motorcycle loan, on an affordable bike and paying it responsibly. It is better than using credit cards to build credit. The interest rate will not adjust and you're building equity in the bike.

I think there are many reasons we are in as deep as we are and what you mention is in my humble opinion is only a small part of the problem.

No offense taken and this is just my 2 cents!

 

It's really not all that bad to do occasionally. Two to 5 bucks a visit depending on the beverage. But, if you go out to eat and have coffee often it really adds up. I was going over my bank statement one month and realized that I was nickel and diming myself to the poor house. We changed it up to eating out one day a week instead of everyday and stopped going to coffee shops altogether. The difference was in the hundreds per month. The, I opened just a savings acct and scheduled 1/4 of that amount to be put into it every week. That account has grown substantially. Plenty to buy a nice used Harley that's for sure.

 

I know this post is a few weeks old but there is so much bad advice in here, it makes my stomach churn.
First, it seems that many here are very good with credit, however the understanding of how the new credit ratings are being used and the advice being given is OLD HAT.

1. There are two distinct Credit scores, the ones we all have access too, and the auto loan score we don't.

2. Credit rating is a ratio of available credit, against total debt on said credit vs payment history in simplest terms.

To explain better. For years and I mean years, I chose to be responsible and never have a credit card. I've owned several vehicles upto 50K dollars and paid them off, never missing payments. Guess what, my score never ever went above a 700, EVER. I was pretty upset.
This is because I had no revolving credit. I got a credit card and my score instantly jumped after 2 months.

Now fast forward to the above question by the OP.
1. BK depending on type may adversly effect your credit rating, but if you have 3 or more credit cards with less than a 1/3 of debt owing total on said group of cards, your score will not be hit as bad. Yes a bank may look at the BK, but when you tell them you were out of work for over a year and had no choice. Then they will ignor it.
Also, because no one else here caught it, I am assuming you filed a CH-13 because you still have credit cards and only performed a debt re-org. If you filed a CH-7 this would wipe out all debt including cards, and the cards would go away along with 7 years of trying to recover credit scores.
A Ch-13 is looked at by banks in a better light, because in general, you are "re-affirming debt".
NEVER EVER CANCEL ANY credit cards. If you do, you will lower your ratio of credit to debt. Lowering your credit available amount will drop your score if you go above the 1/3 ratio. It is better to just store the card in a safe place, or if at all possible, talk to a bank like chase and see about a 0% 24month card to swap any intrest baring cards too. This will allow you to pay down the Credit card debt faster and you can close one of the higher intrest rate cards if it is replaced by another card.

Now, I do agree with many things the other posters were saying. Try staying on the Honda for just a little longer to get your credit rating up a little more. It will help in the long run for a lower intrest on the back end of the loan.
Now as the car loan guy posted, but didn't mention, you have to understand on major thing with any bank including HD finance. They will take the age of the bike and mileage and adjust the intrest rate based on that. Some credit unions won't finance older than an 03'.

In final and closing. You must also remember that some dealers get a kickback on the intrest. They may sound like they are working for you, but they may also be padding thier own pocket. May not be the case with HD finance, but is the case with almost all banks. Also keep in mind, states like Oregon, have maxes that you can be charged for simple intrest vehicle loans. Unlike California, where 21% is not unheard of.

 

I am going to have to agree a little bit here. I know folks fall on hard times, but buying a harley is not going to rebuild your credit. I'm actually a bit surprised with some of the responses (and encouragement) to pursue the motorcycle. I'm 30 years old and neither my wife nor I have EVER had a credit card. I had a 800+ credit score in my mid 20's. You don't need a credit card to build good credit, you need some financial common-sense. NEVER EVER borrow money for toys. If you don't have the money, don't do it. You already know that you are going to be paying crazy interest rates which makes no sense if you are trying to save your credit. I can't imagine all of the money you pay (read waste) in interest which is throwing money away. I hope you turn things around and end up on a harley some day.

 

That's all warm fuzzy advice. But it's like this. You could die tomorrow. Waiting until tomorrow is like waiting until doomsday, and never ever doing what you wanted to in the first place. Yeah, financial advice is all good, but the simple fact of the matter is that you can make excuses for waiting until you have lost the chance to do what you wanted to.

I'm not saying hat buying anything on credit is a good thing. I'm not saying out of the 9 or so bikes I've had in the past 14+ years that I was even smart about any of it, but I am saying that I have been there, and done that for a lot longer than I thought it would ever last. Heck, I've lasted longer than I ever thought I would last. Wait until tomorrow? Good advice for those who think they have a future. Me, I'm not so sure.

 

Buying a Harley is just the beginning. Especially a used one. They can and will nickle and dime you eternally. If money is an issue up front it will only get worse. Save some bucks and get your house in order. Listen to what others here have said. Pay off your debts. How are you 3 grand in dept when you just went into bankruptcy 2 yrs ago? It sounds like you may have judgement issues. Think about it man, this **** only gets worse.

 

You know Stretch I want to disagree with you as I'm pretty conservative in my spending. Yet I only have to look at my sister to support your argument. Simply, she leads twice the life style I do on half the money, and she gets by. I look at her and think maybe I'm wrong. So really who knows WTF, everyone has to make their own decision I guess

 

+1. It's almost like saying "I can't afford to have kids right now." Will there ever be a point of critical mass where there's a GOOD time?

Those of us that are parents understand that you'll rarely have enough money to have kids. It's one of those things that happens and you find a way to make it work.