Should I apply for Apple Financing?

Anonymous · ‎08-02-2015

Hi all,

TLDR; I just got a job as a graphics designer, I need a laptop, apple is arguably the best for media production/editing. Should I apply for Apple Financing?

Details:

I'm 25, no rent/auto/student loans.

I currently work full time as a CNA overnight, I plan to keep this job, take home is about $1700/mo

I also work a part time job on the weekends at a vape shop, take home is about $160/mo

Graphics design job is $19/hr with an estimated take home of about $2700/mo, but I haven't started yet.

Currently I have 3 credit cards and one nonreported line of credit:

Farmers and Merchants Bank $500/400 0%APR

Amex $1200/1100 23%APR

Credit One $850/600 24%APR

Newegg Credit Line $2000/1300 24%APR (at least I believe this is nonreported)

As of last month I set up a personal finance plan budgeting my expenses, with about $500/mo going into paying off the Newegg credit line, (with the intention of putting that 500/mo on the Amex after that's paid off) paying slightly above the minimum payments on the cards, and the rest going into an emergency fund/savings.

My fico score is 679, with 1 inquiry from a bank initiated credit line increase offer. 0 Derogatory items and 0 Delinquencies.

I would say that I do need this laptop for work, (as currently I just have a desktop workstation at home) but would it be wise to apply for apple financing for it, or should I wait until my utilization is lower? Ideally I'd need close to $2500-3000 from apple/barclays, and with this new job I would be able to pay it off quite easily, as I've made a lot of changes recently and I'm determined to get my debt under control. What would you guys recommend I do? Thanks!

Anonymous · ‎08-02-2015

@Anonymous wrote:
Hi all,
TLDR; I just got a job as a graphics designer, I need a laptop, apple is arguably the best for media production/editing. Should I apply for Apple Financing?

Details:
I'm 25, no rent/auto/student loans.
I currently work full time as a CNA overnight, I plan to keep this job, take home is about $1700/mo
I also work a part time job on the weekends at a vape shop, take home is about $160/mo
Graphics design job is $19/hr with an estimated take home of about $2700/mo, but I haven't started yet.

Currently I have 3 credit cards and one nonreported line of credit:
Farmers and Merchants Bank $500/400 0%APR
Amex $1200/1100 23%APR
Credit One $850/600 24%APR
Newegg Credit Line $2000/1300 24%APR (at least I believe this is nonreported)

As of last month I set up a personal finance plan budgeting my expenses, with about $500/mo going into paying off the Newegg credit line, (with the intention of putting that 500/mo on the Amex after that's paid off) paying slightly above the minimum payments on the cards, and the rest going into an emergency fund/savings.

My fico score is 679, with 1 inquiry from a bank initiated credit line increase offer. 0 Derogatory items and 0 Delinquencies.

I would say that I do need this laptop for work, (as currently I just have a desktop workstation at home) but would it be wise to apply for apple financing for it, or should I wait until my utilization is lower? Ideally I'd need close to $2500-3000 from apple/barclays, and with this new job I would be able to pay it off quite easily, as I've made a lot of changes recently and I'm determined to get my debt under control. What would you guys recommend I do? Thanks!

Welcome to MyFico.

I would recommend that you wait until your utilization goes way down down before applying for the Apple card. At your current 84% utilization (NewEgg card doesn't report) you are almost guaranteed to be declined. Pay those cards down significantly (below 30%) and then apply. Good luck

Anonymous · ‎08-02-2015

Thanks for your insight, I initially chose to pay off the newegg line first due to the interest rate and higher balance, but due to the fact it's not reported, would it be better for my credit score in the long run if I paid off the cards first instead?

Anonymous · ‎08-02-2015

@Anonymous wrote:
Thanks for your insight, I initially chose to pay off the newegg line first due to the interest rate and higher balance, but due to the fact it's not reported, would it be better for my credit score in the long run if I paid off the cards first instead?

Yes for your credit score paying off the others first would be far better. The NewEgg account doesn't affect it all unless you have late payments and then they will report.

kdm31091 · ‎08-02-2015

Your util is too high at mentioned, but more importantly, do you foresee yourself getting real use out of the Apple card long term? You can get 0% offers from many, many cards which will be more useful later.

It seems about 98% of people with the Apple card end up wanting to PC it, or they SD it or they close it because unless you are a hardcore Apple person buying their products constantly there are better cards around.

taxi818 · ‎08-02-2015

@kdm31091 wrote:
Your util is too high at mentioned, but more importantly, do you foresee yourself getting real use out of the Apple card long term? You can get 0% offers from many, many cards which will be more useful later.

It seems about 98% of people with the Apple card end up wanting to PC it, or they SD it or they close it because unless you are a hardcore Apple person buying their products constantly there are better cards around.

Although many fico members don't use it long term. Me and many others are true apple fans so a long term apple card is a must.

'listing.

Mac ibook

ipad air.

Iphone 6

apple watch.

itunes anything. So with normal purchases the apple card is a good card. i can't say how many times they have offered me 0% apr and Many Bt offers. including 0% into my own Checking account. So it is a great card. Yes there are many cards that offer 0%. but not over and over again on a single manufactuer like apple. So me for one, I am a great supporter of the Apple Card. Most use it as a footstep to get into other baclay products. But it is also a keeper in its own rights.

Anonymous · ‎08-02-2015

I do see myself getting great use out of the card in the future, I've always enjoyed apple's products, (G4 iMac, pretty much every version of the iPhone) after paying off the MacBook Pro, I'll probably pick up an apple watch, and by then they'll probably have a new product out as well that haha, apple's designs and interfaces have always been top notch, so I'll probably get great use out of the card throughout the future when there's eventually augmented reality devices and holographic phones.

Once I get my utilization lower (10-30%) how long should I wait before applying for the card?

OmarGB9 · ‎08-02-2015

Probably wait at least a month, if not two in order for your reports to reflect lower util.

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taxi818 · ‎08-03-2015

@Anonymous wrote:
I do see myself getting great use out of the card in the future, I've always enjoyed apple's products, (G4 iMac, pretty much every version of the iPhone) after paying off the MacBook Pro, I'll probably pick up an apple watch, and by then they'll probably have a new product out as well that haha, apple's designs and interfaces have always been top notch, so I'll probably get great use out of the card throughout the future when there's eventually augmented reality devices and holographic phones.

Once I get my utilization lower (10-30%) how long should I wait before applying for the card?

Not sure if holographic phones are coming anytime soon. maybe in the next 10 years. maybe is a long shot.