Buying on credit

Discussion in 'Buying Tips and Advice' started by hansam1993, Sep 18, 2012.

  1. hansam1993, Sep 18, 2012
    Last edited: Sep 18, 2012

    hansam1993 macrumors newbie

    Joined:
    Sep 18, 2012
    #1
    I'm getting a new macbook pro and currently I do not have enough to pay it all off so I am going to apply for the RBS Citizens payment plan. I do not have any credit history so when filling this out should I should obviously choose the joint. But when I fill it out should I put my info or my parents to get approved? Any help would be much thanks.

    Kind Regards,
    Hansam
     
  2. r0k macrumors 68040

    r0k

    Joined:
    Mar 3, 2008
    Location:
    Detroit
    #2
    Have your parents given their permission? I'd be rather upset if my son or daughter walked up to me with a credit app for something they wanted without discussing it with me first.

    How do you intend to pay? Do you have a job or allowance? Your parents might decide to lend you the money directly rather than pay interest to RBS.

    A better choice might be to focus on something you can afford. For instance, the Apple refurb store offers discounts on recent models.
     
  3. Primus84 macrumors 6502

    Joined:
    Jul 21, 2005
    Location:
    UK
    #3
    1 reply and already someone's telling him how to manage his finances and buy things he can afford.

    He's asked a question, I have no idea what the answer is but the patronising and condescending posts on here whenever finance is mentioned make me sick.
     
  4. JCL macrumors member

    Joined:
    Jun 14, 2011
    #4
    Since the loan/credit will be in your name, use your information.

    Your parents will be listed as a cosigner.
     
  5. PS9 macrumors newbie

    Joined:
    Sep 3, 2012
    #5
    The absolute first thing I would do is make sure the payment plan reports to the credit bureaus monthly because you're starting off and, most likely, want the good credit marks. Some places don't report monthly, ex: BillMeLater from eBay won't report anything good, they only report if you're late. So a few months or years down the road, you'll have the exact same credit score after you pay off the MacBook.

    When you fill out the application you have to at least put yourself, and adding your parents as joint would improve your chances if their credit is good. If they have bad credit it could decrease your chances of approval. You do not just want to put your parents as well, that would be illegal, and it's not going to help you any.

    I'd sit down with your parents and have a talk. What I would propose to my parents is: 1) You're going to apply with RBS for the loan by yourself 2) If you get the loan your parents make you a personal loan for the same amount, you take that money and put it in a savings account and interest gained is paid back to them. 3) You pay RBS. 4) When RBS is paid you return the loan to your parents with interest and take them out to a nice dinner. --- Now what's the point of the parents loan to you? If, for whatever reason, you can not pay RBS then you take the personal loan from them, you pay off the RBS balance immediately, and you start paying your parents. This is simply because your parents don't report late payments to the credit bureaus. --- I know some parents will not do this, they might not be able to or for whatever reason don't want to. If that's the case then I'd either go it alone or perhaps co-sign.
     

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