I've been considering purchasing a MacBook Pro for college this fall as my old laptop (one from 2009) is beginning to get a bit outdated. I'm seeing so much about everyone applying for Barclays Apple financing card. I'm interested in doing so, but am not sure if I'll be approved. Right now, my EQ is at 600, 3 inquiries from a year ago, and one collections account that is about 5 years and a more recent (2 years old) account that was paid and closed as agreed. Currently no active credit cards, although I was considering two secured credit cards.
Based on my circumstances, should I apply for it and try reconning if I get denied?
Another thing is that I'm trying to rebuild my credit, however, I'm a bit concerned about the Barclays card being issued and my utilization being more than the suggested 25% ratio. For instance, if I got approved for $2,000 and got a $1,200 MacBook Pro would be a 60% utilization. Any suggestions for getting around this? Possibly negotiating a higher credit limit?
Any feedback is greatly appreciated.
Honestly, I don't have access to my TU number yet. My intentions are to order it come Friday, however, I last heard some months back that it was around 630-640. I will keep you posted but wasn't sure if anyone here has actually been through the financing process with Barclays to offer any advice.
Ignore the utilization numbers for the moment, that's just instant-in-time scoring and 60% utilization (or whatever) if you have the ability to pay it down post-macbook acquisition, is really not a huge deal.
In your case, and mine, payment history and length of tradelines are the long-term score increases, not whatever our revolving utilization happens to be month to month: FICO has no memory of that.
It doesn't sound like your report is all that bad from what you described in your post, and your score being depressed is more due to being a near thin-file than anything truly awkward. I don't know how Apple vis a vis Barclays looks at thinnish files, but since you're better off taking your inquiries in a lump, I'd just apply for the card along with whatever secured cards you're planning to open anyway. Worst case you get denied which isn't a huge deal in our strata as you probably should be sitting for a year on your new cards once obtained which coincidently is the length of the inquiry penalty anyway.
Edit and PS: I'm in a somewhat similar situation building/rebuilding from a thin file and some stupid old derogatories who likewise is going to be purchasing a new Mac of some sort in the back half of this year, and I'll be applying for the card... there's really no reason not to long-term as it's not a shabby tradeline even if it sort of limited in it's use.
@Creditaddict wrote:1. I would not wait until you are in store or trying to order the laptop to apply for the credit card.
2. Barclay I feel based on reading denies about 90% of appliations.
1) What path do you recommend instead? Online in the Apple Store or some other mechanism?
2) 90%? I haven't gotten that impression from the threads here, that seems pretty ludicrous frankly. I was mostly looking at the card as I'm expecting to buy a new computer sometime probably near the end of the year, and since it pulls TU and I sort of need a third for my planned end-of-year application spree, it does line up fairly nicely.
