Apple financing (Barcley Card)

[Anonymous]

Anyone?

[gdale6]

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@Anonymous wrote:

Well, when I checked it was still cheaper to go through Apple with edu-pricing even after tax than Macmall Also, I do prefer do buy from Apple directly over some small online computer I've never heard of. Support, warranty and such

Anyways, that wasn't really my question. I do appreciate your input and suggestions. But I would appreciate any thoughts regarding my concerns of applying for the Barcley Card while planning on refinance my car...

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Personally I would take care of the car financing first, inquries and new accounts cause a Fico score ding and it could put you into a different bracket and cost you more in interest to buy the car.

[Anonymous]

Thank you! How long should I wait until refinancing the car to apply for the Barcley Card? Or vice versa, how long after applying for the CC to apply for refinancing the car?

[thummel]

The first thing that would help would be your actual fico scores. Credit karmas scores really don't mean anything. They can be only a few points off, or be like mine there there about 60 points off. If i was in your shoes the first thing would be decide what's more important. The car or the new MacBook? I would myself check my actual scores first and if they are good enough go get my new car loan then right after apply for the Barclay card. If you indeed have a very low income it might be difficult to get a higher starting limit. Income plays a decent role in determining what kind of limit you can initially get. Best of luck to you.

[Anonymous]

Thank you! How do I get my actual Fico scores?

[gdale6]

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@Anonymous wrote:

Thank you! How do I get my actual Fico scores?

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You can purchase them here you can check out whats offered   http://www.myfico.com/Products/Productsa.aspx

There are also some other places you can obtain them you can go checkout the General Credit Forum to see whats available, there are also some cards that will give you a Fico score for free each month.

[Anonymous]

Ok, I still haven't come any further, yet. At the moment, I'm concerned about the influence on my credit score IF I get the Barcley Card. As far as I understand, if I use the full limit (and that would be the case for the Barcley Card if I use it to purchase a macbook), I will get a 'poor' rating on my credit reports because I use more than 50%. And I will continue using it for quite a while unless I pay back everything as soon as possible (which kind of defies the whole purpose of getting the 'Apple financing' in the first place. Also, since I would pay just the minimum or slightly more each month (of course making sure that everything is paid by the end of the 0% period), that would further negativly impact my scores, wouldn't it?

Do I have an error or reasoning, here?

[Appleman]

In an ideal world they would give you a $30,000 credit limit and you would buy a $2,000 computer. This would keep the utilization very low and have only a minimla effect your score.

If you get approved for say $2,000 and us $1999 to buy a computer, the acount will appear maxxed out. Being below 50% would be better mean $4,000 credit line and $2,000 computer. 

The whole process is a numbers game. You may want to consider getting the car loan followed by the Apple financing loan. You will take the decrease in the credit score but hopefully have nothing else to get for awhile. As you pay on-time your scores will improve and likely be better than they are today (eventually).

Also remember, the inquiries will be on there for some time before there is an account associated with them. (Some do report fast but that is not usual IMO)

[Anonymous]

Well, given my situation, I doubt I would get anything higher than $1000 for a limit ...which is what you'll basically want (need) for a laptop. That's also what you read when doing some googleing about students in a similar situation with low CS/short CH and trying to get a barcley credit. They usually get around $1000.

Hence, the limit would be maxed out ...

As of now, I feel like I shouldn't do it, at all. Do the car loan at some point and then wait, until I either have more cash  so I wouldn't need to take too much out of the CC, or get a higher limiti...which probably won't happen anytime soon, as my history is short and only slowly building...

[Anonymous]

Just a side note. What year is your vehicle, and mileage and how much balance is left on it? I was wodnering because from your loan amount it might be aomehow difficult to find a bank to do refinance on that type of loan.