topic Re: Advice ..... Financing or Use Credit Card :( in Credit Card Applications

Advice ..... Financing or Use Credit Card :(

Anonymous — Tue, 20 Oct 2015 16:46:42 GMT

Hi All, I need advice or suggestion as to whether I go financing or use my credit card to purchase a computer. Which is the best route to go that will not have a negative impact on my credit report? The financing company says it's only a Soft pull when I go financing with them and Not a hard inquiry but it will show on my credit report as line of credit. Should I go financing or use my credit card to pay it off? The amount is around $1,000. When they say line of credit on my credit report, Is it like a revolving account or an installment loan? Thank you in advance .

Re: Advice ..... Financing or Use Credit Card :(

ddemari — Tue, 20 Oct 2015 16:54:27 GMT

Who are you planning on financing the $1,000.00 dollars with. If it is a web based loan company, you more than likely will get hit with a HUGE apr and end up paying maybe 3 times the cost of the loan.

What kind of computer is it? Apple? If so, maybe Barclay financing Visa? Depending on your TU fico, that card is pretty easy to get and offers flexible financing on mac computers.

I don't think i'd take out a personal loan for $1,000.00 to buy a computer. I'd look at other options.

Re: Advice ..... Financing or Use Credit Card :(

OmarGB9 — Tue, 20 Oct 2015 17:11:09 GMT

Probably reports as installment loan. But if it's one of those predatory consumer finance companies, that actually looks bad on your report; especially upon manual review by UWs. I'd say just put it on a card and try to get a 0% promo. As ddemari said, try for the Barclays Apple Visa if it's a Mac. If your TU is even 650+, you should be good to go.

Re: Advice ..... Financing or Use Credit Card :(

bk510 — Tue, 20 Oct 2015 17:47:02 GMT

@ddemari wrote:
Who are you planning on financing the $1,000.00 dollars with. If it is a web based loan company, you more than likely will get hit with a HUGE apr and end up paying maybe 3 times the cost of the loan.

What kind of computer is it? Apple? If so, maybe Barclay financing Visa? Depending on your TU fico, that card is pretty easy to get and offers flexible financing on mac computers.

I don't think i'd take out a personal loan for $1,000.00 to buy a computer. I'd look at other options.

+1, I would go with apple Visa,if you are interested in mac. Dell always sends me an offer but I'm like no thanks.

Love my Mac.... Good luck OP,

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Tue, 20 Oct 2015 20:24:13 GMT

@ddemari wrote:
Who are you planning on financing the $1,000.00 dollars with. If it is a web based loan company, you more than likely will get hit with a HUGE apr and end up paying maybe 3 times the cost of the loan.

What kind of computer is it? Apple? If so, maybe Barclay financing Visa? Depending on your TU fico, that card is pretty easy to get and offers flexible financing on mac computers.

I don't think i'd take out a personal loan for $1,000.00 to buy a computer. I'd look at other options.

Thank you . It from web based financing. I tried the soft pull just wannted to see their offers and showed: Global Financial: $70.33/mo. for 18 months ... for the amount financed of $845. Wow! that's an extra $400+ dollars on top of the original price . It's not a Mac computer. It's for my son's gaming computer for my B-Day gift for him as from his wishlist. Ironside computers is the name of the Company.

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Tue, 20 Oct 2015 20:29:03 GMT

@OmarGB9 wrote:
Probably reports as installment loan. But if it's one of those predatory consumer finance companies, that actually looks bad on your report; especially upon manual review by UWs. I'd say just put it on a card and try to get a 0% promo. As ddemari said, try for the Barclays Apple Visa if it's a Mac. If your TU is even 650+, you should be good to go.

Thank you. I already have Barclay Arrival CC that just got approved about 3 weeks ago, can I still apply for the Barclay Apple VIsa but the computer is not to buy a Mac computer though . Ironside computers is the name of the computer company. I do have 696 TU myFICO score, lowered after my app from 705

Re: Advice ..... Financing or Use Credit Card :(

OmarGB9 — Tue, 20 Oct 2015 22:39:05 GMT

You could still apply, don't know what the outcome would be though. If it's not a Mac, you could still try for another 0% card. Most cards have a 0% intro period you could use. If you don't want to/can't apply for any other cards, you could call up your existing creditors and ask for a temporary 0% promo offer.

Re: Advice ..... Financing or Use Credit Card :(

taxi818 — Tue, 20 Oct 2015 22:46:04 GMT

I thought you were going to buy a car on credit card or finanace. A computer? no way would i finance a computer. hands down no brainer. Use a 0% card as mentioned. and pay the computer. pay it off in plenty of time with no interest. I don't care what you do with finance you would be paying interest. forget that bright idea

Re: Advice ..... Financing or Use Credit Card :(

Officer737 — Tue, 20 Oct 2015 22:52:46 GMT

I have the Apple card and would say "talk him into a Mac" lol

You don't have to use the Apple card to buy a Mac but you lose the special financing offers. You know you can run Windblowz on a Mac right? Just have to add some additional software.

Re: Advice ..... Financing or Use Credit Card :(

taxi818 — Tue, 20 Oct 2015 22:56:35 GMT

@Officer737 wrote:
I have the Apple card and would say "talk him into a Mac" lol

You don't have to use the Apple card to buy a Mac but you lose the special financing offers. You know you can run Windblowz on a Mac right? Just have to add some additional software.

I have apple as well. would only suggest if op likes apple. I also have a Best buy Visa Signature. For sure a regular Pc or laptop would qualify for long term 0% rate. Up to 36 months at 0% Depending on how much they spend. over $999 and minimum would be 18 months same as cash. So like I said this is a no brainer. I looked at mac laptops even with my 5k apple card. no thanks. Too expensive for me. Then i went to best buy. $500 was just what the doctor ordered with no interest.

Re: Advice ..... Financing or Use Credit Card :(

Themanwhocan — Tue, 20 Oct 2015 22:58:54 GMT

Finance companies are considered lenders of last resort, and thus are considered negatives when calculating your FICO score.

It would be much better to arrange financing through a bank or credit union. Certainly the rates should be much better. And that way you won't have a negative sittinng in your credit reports for the next 10 years.

Re: Advice ..... Financing or Use Credit Card :(

Officer737 — Tue, 20 Oct 2015 23:45:53 GMT

@taxi818 wrote:
@Officer737 wrote:
I have the Apple card and would say "talk him into a Mac" lol

You don't have to use the Apple card to buy a Mac but you lose the special financing offers. You know you can run Windblowz on a Mac right? Just have to add some additional software.
I have apple as well. would only suggest if op likes apple. I also have a Best buy Visa Signature. For sure a regular Pc or laptop would qualify for long term 0% rate. Up to 36 months at 0% Depending on how much they spend. over $999 and minimum would be 18 months same as cash. So like I said this is a no brainer. I looked at mac laptops even with my 5k apple card. no thanks. Too expensive for me. Then i went to best buy. $500 was just what the doctor ordered with no interest.

I agree, I just prefer my Mac over PC systems, less hassle for me. Some don't realize that you can run the same programs on both computers and you can even run a full version of Windows on a Mac thru Paralells and have the best of both. Everyone has their own preferences though

Re: Advice ..... Financing or Use Credit Card :(

Officer737 — Tue, 20 Oct 2015 23:46:28 GMT

@Themanwhocan wrote:
Finance companies are considered lenders of last resort, and thus are considered negatives when calculating your FICO score.

It would be much better to arrange financing through a bank or credit union. Certainly the rates should be much better. And that way you won't have a negative sittinng in your credit reports for the next 10 years.

I agree!

Re: Advice ..... Financing or Use Credit Card :(

taxi818 — Wed, 21 Oct 2015 00:01:37 GMT

I prefer Mac too. I have. iPhone 6. iPad Air 2. Apple Watch. I had to tell Apple. No more. That's it. No more money for you.

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Wed, 21 Oct 2015 00:30:02 GMT

Thank you ALL for you replies and great input! I will for sure take out the Financing option and use my CC with good APR. I do have Best Buy Sgnature Visa that maybe I can use to get the computer in Best Buy and get some good offers or rewards. I hope they have the computer that my son is looking for

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Wed, 21 Oct 2015 00:38:35 GMT

You have many options, any of the following my work, even better than BB. - Amazon Store Card with Prime. Get 5% of or 0% financing. Free 2 day shipping. - Newegg credit card. Offers promotional financing based on the amount. - WM Store Card. Promotional financing on in store purchases. All of these are Sync cards. Good luck.

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Wed, 21 Oct 2015 00:40:32 GMT

Another option is to see if the Overstock popup comes up for you. They give pretty generous limits that can grow alot and have pretty good prices on computers with promotional financing on stuff too.

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Wed, 21 Oct 2015 00:43:05 GMT

Just saw your TU score from earlier in this post. If your EQ score is in the same ballpark you would probably get 5k or more at Overstock and it would be a SP.

Re: Advice ..... Financing or Use Credit Card :(

Anonymous — Wed, 21 Oct 2015 01:25:31 GMT

Thank you for the suggestions ... I will look into them. My EQ myFICO score is 710.

Re: Advice ..... Financing or Use Credit Card :(

Officer737 — Wed, 21 Oct 2015 01:38:16 GMT

@taxi818 wrote:
I prefer Mac too. I have. iPhone 6. iPad Air 2. Apple Watch. I had to tell Apple. No more. That's it. No more money for you.

Mac Mini, Macbook Air, Ipad Air 2, iPhone 6+...........I think I need Mac Anonymous or something lol