Apple's Juniper Visa Card should I Apply?

[econoline06]

Hey everyone I have been improving my credit score for 3 months I turned 18 in August. I got approved for a credit card in August of 2008 and I have been paying it off and on time with minimum payments etc. which is helping my credit score. They offer me a very low limit not surprise since I was just starting out. It's now almost November and I was just wondering should I apply for the Juniper Visa Card? will I most likely get denied. Do you need excellent credit? I am planning to pay it all off before 90 days and then close it. Any ideas? if I should or not. Any details please let me know before I make a move.

The Juniper card is an awful deal man. You'll end up paying upwards of 30+ percent interest, AT LEAST. They won't accept you either, I'm 22 and have never EVER missed a payment or paid late, and always payed over the minimum. My credit line was around $500 at 29.9% interest. It is a joke/rip off.

 

[aliasfox]

I work in credit.

1) Three months is not enough to get a FICO/Credit score that other companies can see. At my company, we see anybody with <3 months of history as No History, 3-6 months as limited history (without a score), and we only see your score if you've had credit history for longer than 6 months.

2) Every credit card application hurts your credit score. Anytime you submit an app, it's called a "hard hit," meaning that the credit card companies/banks are checking the credit agencies on your behalf. By checking on your behalf, they assume you need credit - the more you "need," the less the banks are willing to offer you.

3) Keeping (free) open lines of credit is good. Your debt/credit ratio (we call it utilization) impacts your credit score. The less % of your credit that you're using, the better it is for your score. Therefore, it's a bad idea to close a free account if you already have it. Also, "Age of Oldest Open Trade" is a variable that is used in calculating your FICO score - the older the trade, the better.

To be brutally honest, if you're applying for a card, knowing you'll get a $200-$500 credit line, and knowing that you'll need at least three months to pay it off, is a bad place to be. It'd be better just to take that $100 or so per month and saving up to buy what you need - it may take longer to get that Macbook, but not only will you not have interest/membership fees to pay, but you'll feel better knowing that your new baby is all paid for.

 

[Chris Rogers]

I work in credit.

1) Three months is not enough to get a FICO/Credit score that other companies can see. At my company, we see anybody with <3 months of history as No History, 3-6 months as limited history (without a score), and we only see your score if you've had credit history for longer than 6 months.

2) Every credit card application hurts your credit score. Anytime you submit an app, it's called a "hard hit," meaning that the credit card companies/banks are checking the credit agencies on your behalf. By checking on your behalf, they assume you need credit - the more you "need," the less the banks are willing to offer you.

3) Keeping (free) open lines of credit is good. Your debt/credit ratio (we call it utilization) impacts your credit score. The less % of your credit that you're using, the better it is for your score. Therefore, it's a bad idea to close a free account if you already have it. Also, "Age of Oldest Open Trade" is a variable that is used in calculating your FICO score - the older the trade, the better.

To be brutally honest, if you're applying for a card, knowing you'll get a $200-$500 credit line, and knowing that you'll need at least three months to pay it off, is a bad place to be. It'd be better just to take that $100 or so per month and saving up to buy what you need - it may take longer to get that Macbook, but not only will you not have interest/membership fees to pay, but you'll feel better knowing that your new baby is all paid for.

Just curious, could you elaborate on the bold part?

 

[aliasfox]

Chris -

Age of Oldest Open Trade essentially tells the credit bureaus how long you've had credit, and how long you can go without the bank turning off card. If you've had your card for 84 months, the bureaus read that as meaning you've consistently paid back that card for 7 yrs. If another guy has a card that's only been open for 36 months, the longest he could've been paying back consistently is 3 years, or less than half as long. Banks will be more comfortable thinking you've been paying for 7 yrs rather than 3, and that's reflected in everyone's credit score.

Note, it doesn't matter if you still use the card (i don't think the bureaus track that closely)- as long as it's open in good standing.

Does this help?

 

[Chris Rogers]

OK - DUH. I guess the terminology wasn't clear to me but the explanation clears it up. So, essentially you really begin to reap the benefits of having good credit once you've had credit for 7 years. (assuming everything is in good standing.)

Thanks, this kind of stuff is turning into my second hobby after Macs

 

[aliasfox]

That was an example - the more history you have in good standing, the better.

7 yrs is better than 6, which is still better than 5, better than 4, etc - it's their way of seeing that you can manage credit over time.

Sorry for the threadjacking!

 

[m1stake]

Minimum payments? Don't live beyond your means. If you're not paying the whole bill every month, you're living beyond your means. Not a smart way to spend money.

As far as getting MORE cards, you don't need more cards. Capitol One, Juniper VISA, anything that's advertised to you is probably something to avoid. They're all gimmicks that substitute the gimmick for a 30% interest rate as soon as you sign up.

You get a VISA through your local bank.

I set up a series of accounts - Checking, Savings (3%), and Credit. I have direct deposit going into the savings account, 3% is decent interest. I have free overdrafting, so all my debit transactions find $0 in my checking and go right to my savings money for free. The credit also is attached to my savings, so after a few days the bill is paid automatically to VISA through my savings -> checking overdraft set up.

It's the PNC virtual wallet, if you have a PNC around. Another good PNC bonus, free ATM at their ATMs, which not all banks do.

 

[luxmea.veritas]

I did

I recently opened this account with Juniper for the iTunes card. I have more than enough money to buy what I'm getting in the upcoming weeks (MacBook + iPod Touch + misc.), and I got it because if I'm gonna drop ~ $2000+ with Apple, I feel I should at least get an iTunes card.

That said, I'm 22 (barely). To my knowledge, I have very little credit, I only use debit cards. I have had an "overdraft line of credit" through my bank for about a year now, so maybe that's helped me. I wasn't sure I'd even be accepted, especially since lately I had a missed payment because one bank I was using mailed the balance to my old house, though I payed it as soon as I knew about it.

I was, with a $2500 credit line. The interest rate is god-awful, of course, at almost 23%. However, I plan on paying my balance in full immediately, so the interest rate doesn't affect me.

Well, I haven't bought anything yet (waiting on the new Macbooks to show up in the EPP store), but I'll post back here if there are any developments/complaints. However, so far, so good.

 

[cshafer22]

Juniper Visa

Absolutely NOT! Beware! I have had credit cards all of life and this one has been the absolute worst. They do not respond to emails, change payment dates without notice and up interest without ever having a late payment. This is one of the cards everyone warns about being very careful NOT to apply for. If there is a loophole you missed in the user's agreement they will use it to charge horrendous interest fees. Stay away and if you need credit apply through a well known and honest bank. Don't be fooled by the quick offer of credit when purchasing an apple product.

 

[Chris Rogers]

if you have the cash and could use the credit boost - apply and buy. Then pay off (minimum payments) before the interest kicks in while your money earns interrest in a high interest savings.

This way you don't pay interest, you get a slight boost in credit score, and earn a few bucks (between 10-20 closer to 10 because of today's economy.)