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| *Ostroff, Fair and Company>>>Credit |
Credit and computer buying question? |
I do not have much estableshed credit. I have two student loans that are reporting 90 days late from 5 years ago, but have been payed off and closed for 3 years. I'm trying to build my credit, but I dont really like credit cards, and I need a new computer. So, I was thinking of financing on through Apple's credit company. My question is two fold, would I likely be approved? I really dont want to take another hit to my score by being denigned. Would it increase my score? I really just need a cheap laptop, but would love to have an excuse to buy an nice MacBook Pro. Level of debt, ability to pay, and demonstration of a willing to pay all debts are the prime factors they look for when financing a loan. Stability is another factor, if you change jobs or move around , it can be an issue. Otherwise, If you have no debt and have paid all your loans off, you should have no trouble getting a loan. However, If all you need is a cheap laptop, I think it would be better in the long run to to buy the cheap laptop and bank the difference between the payments you would have made on the Mac Book Pro and the payments you make on the cheap laptop (if any). In a few years, you most likely be able to buy the Mac Book Pro or a best system for cash. As a general rule, never buy a depreciating asset on credit. My exceptions are when there is no cost for the credit(rarely the case as there is no free lunch and free financing may just mean you pay more for the item), when the asset is needed for a income related activity (job related) or when own the asset will save you more money than the interest/depreciation cost |
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