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Best way to finance a MacBookPro?
- Thread starter cjrulli
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Clearly people aren't willing to learn from the mistakes of the past (or from the reasons of our current economic environment).....
Enjoy your new toy.
I will! I didn't mean to start a flame war, or any kind of economic debate. Just some simple advice on the best way to finance a MBP.
Ok you're going to hit me with grammar on forums. Last time I checked I wasn't turning this into one of my professors, requiring no proof read necessary.
Clearly people aren't willing to learn from the mistakes of the past (or from the reasons of our current economic environment).....
Enjoy your new toy.
Second that...
The OP mentions his current model is "suddenly" not cutting it. I'd be curious to know what it all of the sudden can't do that the unknown spec'd refresh will do better? All of the sudden you need a 20% CPU bump? What if the refresh doesn't come with more hard disk or it sacrifices GPU for CPU for some weird reason?
I actually have a 19 year old brother I gave similar advice to. So I'm not picking on you for your choice, but rather the fact that there is some really bad advice floating around online making it seem "OK" to go into debt for some piddly minor possessions that do nothing but lose value.
Trust me, there is no better feeling than being debt free.
I'm doing the same thing as the OP.
I am about $600 short for a 17" high-end MBP.
I have a job lined up this summer that pays very high.
I have a good credit score; although I am only 20 (almost 21).
I will pay it off within 5 months if I were to order today.
What's the harm in borrowing for free?
FYI, I never buy more than what is in my bank account; but I am 100% sure that I will pay this off in a timely manner. I even have a backup plan, in the very very very unlikely event that my summer job is canceled.
I believe that both the OP and I know what we are doing. Responsible borrowing is OK.
I am about $600 short for a 17" high-end MBP.
I have a job lined up this summer that pays very high.
I have a good credit score; although I am only 20 (almost 21).
I will pay it off within 5 months if I were to order today.
What's the harm in borrowing for free?
FYI, I never buy more than what is in my bank account; but I am 100% sure that I will pay this off in a timely manner. I even have a backup plan, in the very very very unlikely event that my summer job is canceled.
I believe that both the OP and I know what we are doing. Responsible borrowing is OK.
Another truism.
While I'm a firm believer that you need to establish credit of some sort at a young age, maxing out a retail or other type of revolving credit line actually can do more damage than good. If you get approved for $2k and max that out, once thats reported, your 712 will go down. And it will stay down until you get that line of credit down below 70% used (assuming you have no other loans or credit cards that are also maxed). And a 680 score today is yesterdays 600. You can barely qualify for FHA loans with 680 scores. I know you aren't going to be buying a house soon, but food for thought.
Why?
I've been checking out the detailed terms and conditions and it looks like a no-fraud 100% same-as-cash deal.
No early payment fees; no interest tacked on if you pay it off within the first year.
I'm sure both you and the OP are responsible.
Your situation is different though. If you are $600 short and open a card that say, has a $2k limit, you will actually be able to improve your credit score.
If the OP needs to finance the entire amount and is worried about the limit, it sounds like there won't be much of a down payment. He risks damaging his credit score for the few months he'll be making minimum payments.
So while your situations seem similar, your actions can have different results for each situation.
Sorry if this seems to have struck a nerve. Been here, done this.
I want to know too, not because I don't know why there is reason to hate it but I want to know if he knows.
Oh and cjrulli, multi-quote ... it's free and 0% interest for life.
If you know, please do tell.
1BadMac: Yes, I do plan to increase my credit score by doing this.
Second that...
The OP mentions his current model is "suddenly" not cutting it. I'd be curious to know what it all of the sudden can't do that the unknown spec'd refresh will do better? All of the sudden you need a 20% CPU bump? What if the refresh doesn't come with more hard disk or it sacrifices GPU for CPU for some weird reason?
I actually have a 19 year old brother I gave similar advice to. So I'm not picking on you for your choice, but rather the fact that there is some really bad advice floating around online making it seem "OK" to go into debt for some piddly minor possessions that do nothing but lose value.
Trust me, there is no better feeling than being debt free.
Well, TBH the 24" ACD is a new addition. Which in turn requires more resources from my MB in order to run the higher res screen as well as the UMB screen. Also comes into play is my new graphic designs class (not my major) more of a hobby, which allows me to get back to one of the many things I enjoy. All of this easily adds up to me requiring a machine with a faster CPU, GPU, and also have portability.
I think the best way to finance it... is the Randy "When you're rich you don't write checks" Moss method!
Straight cash homey!
(joking aside, i really don't like the idea of financing depreciating assets - but i don't want to be involved in that argument )
Straight cash homey!
(joking aside, i really don't like the idea of financing depreciating assets - but i don't want to be involved in that argument
)
I will spare you the "don't do it!" admonitions since you've already seen that from several people. I just want to warn you to read the fine print on whatever offer you decide to take.
When I bought my PowerBook back in 2003, Apple was partnering with MBNA to offer a 180-day, interest-free plan. Since I didn't want to wait to save up, I jumped on this offer, and placed my order for the PowerBook plus a copy of Final Cut Express.
Unfortunately what I did not realize was that the 0% financing offer was only on the first payment charged to the account, whatever that happens to be. And, given that I had purchased a BTO Mac, the first payment charged was the $150 for Final Cut Express.
As a result I had 6 months to enjoy interest-free payments on $150, but I was forced to pay 28.8% interest on the remaining $2800 that was my PowerBook.
Long story short, this screwed with my finances and I ended up carrying a balance on my credit card -- something I had never done in 10 years and had sworn I was way too smart to ever do -- which I only finally managed to pay off by mid 2006 -- three years later.
So enjoy the MacBook Pro and if you want to finance it, just make sure you know the fine print. Free money is great, but only if it stays free!
When I bought my PowerBook back in 2003, Apple was partnering with MBNA to offer a 180-day, interest-free plan. Since I didn't want to wait to save up, I jumped on this offer, and placed my order for the PowerBook plus a copy of Final Cut Express.
Unfortunately what I did not realize was that the 0% financing offer was only on the first payment charged to the account, whatever that happens to be. And, given that I had purchased a BTO Mac, the first payment charged was the $150 for Final Cut Express.
As a result I had 6 months to enjoy interest-free payments on $150, but I was forced to pay 28.8% interest on the remaining $2800 that was my PowerBook.
Long story short, this screwed with my finances and I ended up carrying a balance on my credit card -- something I had never done in 10 years and had sworn I was way too smart to ever do -- which I only finally managed to pay off by mid 2006 -- three years later.
So enjoy the MacBook Pro and if you want to finance it, just make sure you know the fine print. Free money is great, but only if it stays free!
I'm sure both you and the OP are responsible.
Your situation is different though. If you are $600 short and open a card that say, has a $2k limit, you will actually be able to improve your credit score.
If the OP needs to finance the entire amount and is worried about the limit, it sounds like there won't be much of a down payment. He risks damaging his credit score for the few months he'll be making minimum payments.
So while your situations seem similar, your actions can have different results for each situation.
Sorry if this seems to have struck a nerve. Been here, done this.
No one took into fact that I said I would be selling my UMB in the mean time, hopefully giving me about 750-800 that would easily go towards the new MBP. No one also took into fact how much I have saved to put towards my MBP.
The only thing that was in question was what were some of the better ways to finance a MBP.
Looks like I'm ordering a MBP ONLY on one order.. and a separate order for a Magic Mouse & iWork.
I figured if I ordered all 3 together, it would only post as one charge. Better safe than sorry.
I thank you for saving the criticism and offering advice other then "Don't do it" "OH NO ANOTHER COLLEGE KID WITH A CREDIT CARD." As much as I appreciate all that and know many of you are looking out for me from your own past experiences possibly, thats just not what I asked.
Why don't you just google "best credit card" or something? It doesn't matter if it's a MBP, a thanksgiving turkey, or a new refridgerator, you just need someone to advance you cash in exchange for payments.... AKA a credit card. Mint.com offers good comparisons, i believe. I think there are also multiple sites out there that specialize in comparing credit card fees, interest rates, bonuses, etc. Take a look!
I hate to continue picking on the young'ns, but please consider this:
Most people borrow money expecting that they can pay it back. Most people borrowing are already thinking to themselves, "I have a good job, I will pay this off in short order, etc. etc."
The economic environment is getting worse right now, not better. The US is over-leveraged with debt. Many families are struggling to make ends meet because they made commitments that they could not meet when something unexpected happened: family members gets sick, dad loses job, etc.
I'm 27. I've been where you've been. Not even that long ago.
Financing $600 is not that big of a deal, and given that I don't know the rest of your financial picture, I'm not going to say that its a good idea or a bad idea. Just keep in mind that credit needs to be used wisely, and let your good judgement guide your decision.
Hey, I'm 19 too and I applied for the barclays card just last night. Got approved for over $2000 (Don't need anywhere near that much) but thats impressive considerin my highest credit line before that is a 1250. The last time i checked my equifax was a 730. I hope that helps. And as far as I can tell about that card its awesome if ur 100% sure ur gonna pay it off in 12 months (if u dont i think its worded as if all the interest u woulda owed suddenly gets charged to u)
Gluck with whatever you try to do.