Separate names with a comma.
Discussion in 'Buying Tips, Advice and Discussion (archive)' started by pierreram, Jul 18, 2004.
well the title says it all...
If you mean an Apple loan? Yes, its considered a tier 1 to 3 credit. Its offered in US by MBNA USA.
They prefer a credit score of above 710.
They USED to accept lower.
They also like to see a 3+ year history of credit and employment and low overall balance.
In all honesty, the Apple Credit interest rate kinda sucks compared to a good Visa or MasterCard. You would be better served getting a low interest Visa and buying that way.
The only way that I can see the Apple Loan being a good deal, is if they brought back the one year same as cash program. Recently they had the 90 day same as cash, but that also seems to be gone.
There are so many great credit card deals out there today, that it pays to shop around. I have got some at 0% for up to one year.
Go with a credit card - and you might even want to get a new one just for this purchase. Shop around, get the best rate, buy the computer and put the card away till you pay it off. Good luck with it - what are you planning on buying?
i have an Apple Instant Loan for Education which gave me a lot of money to spend and charges no interest as long as i pay it off in two years, since i bought my g5 with it and paid it off it was an amazing deal, no interest and almost no fees(as i have a good credit history) which was much better than i could have gotten with a credit card, so if you are a student or an educator that is the way to go, if not look around
well im a college student and my credit history is pretty good for my age of course but i dont see that i would be able to get a credit card enough for a apply.
Go to the bank of Mom & Dad
MBNA is used by Apple for the Apple loans. Forget MBNA, get it financed somewhere else.
My dad got an MBNA CC that had his name, but my SSN (our names are similar and we got cross-linked before, long story). He missed a payment or something and it showed up on MY credit report. We (wife and I) found out when we were trying to buy our first home - talk about embarrassing! It looked like we had $15k in unpaid dept (my parents had massive credit, wish I had that much!).
In my experience MBNA is hard to deal with and the sweetheart deal with Apple to provide the loans translates into INSANE interest rates.
Use anything OTHER than MBNA loans provided by Apple, unless you have immaculate credit and don't mind the near-30% interest they seem to charge everyone.
if you have a bank, see if you can get a credit card through them. being just out of college i didnt have much credit (nothing bad, but nothing good either) and i was able to get a decent card from my bank since they knew me (or at least my 5+ years in good standing accounts). you'll get a better deal and not have to sweat all the booby traps mentioned above about the apple loan.