I going to apply for a credit card since I have no credit to this point it seems like a good idea for hotels etc. I should have it paid off by 3 months so there shouldnt be too much interest.
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Ordering MBP tomorrow kinda scared.
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I going to apply for a credit card since I have no credit to this point it seems like a good idea for hotels etc. I should have it paid off by 3 months so there shouldnt be too much interest.
MICMAC247
macrumors regular
Live by the phrase: "Credit is a great thing to have... but a terrible thing to use". 😛
I would recommend building up some extra cash that would allow you to cover at least 2/3 of the price. You never want to restrict your cash flow, especially if you have other liabilities that require cash (rent payments, etc.)
With the CC you could make the payments as often as you wish. As long as you have a steady source of income, as money comes in you can keep paying the CC.
Don't empty your pockets completely. If you ran into any significant items that you'd have to pay off (auto repairs, books, etc.) you could cripple your cash flow and run into cash flow issues, and ending up struggling to make payments.
Also, with new credit you have no idea what your limit will be. When I applied for my first CC (a student Visa through BoA) the only thing I had on my credit history was two years worth of phone bills (and timely payments) through Verizon. With this, they only granted me a $900 credit limit. There is a very good chance you won't be able to put the entire purchase price on a CC anyway... If this is the case, you'd be better off saving up to $800-$1000 and charging only $200-$600 (depending on which MBP you are pursuing). However, as you make purchases and pay off your balance timely, you can expect your credit line to raise.
And also to reiterate other posters - don't get caught paying the minimum. Sure, you'll satisfy the minimum payments, enough to keep the issuing bank off your back, but you could get caught in a never ending cycle.
Or, save your money, sleep in the street and eat beans.
I would recommend building up some extra cash that would allow you to cover at least 2/3 of the price. You never want to restrict your cash flow, especially if you have other liabilities that require cash (rent payments, etc.)
With the CC you could make the payments as often as you wish. As long as you have a steady source of income, as money comes in you can keep paying the CC.
Don't empty your pockets completely. If you ran into any significant items that you'd have to pay off (auto repairs, books, etc.) you could cripple your cash flow and run into cash flow issues, and ending up struggling to make payments.
Also, with new credit you have no idea what your limit will be. When I applied for my first CC (a student Visa through BoA) the only thing I had on my credit history was two years worth of phone bills (and timely payments) through Verizon. With this, they only granted me a $900 credit limit. There is a very good chance you won't be able to put the entire purchase price on a CC anyway... If this is the case, you'd be better off saving up to $800-$1000 and charging only $200-$600 (depending on which MBP you are pursuing). However, as you make purchases and pay off your balance timely, you can expect your credit line to raise.
And also to reiterate other posters - don't get caught paying the minimum. Sure, you'll satisfy the minimum payments, enough to keep the issuing bank off your back, but you could get caught in a never ending cycle.
Or, save your money, sleep in the street and eat beans.
I recommend you check out http://www.creditcards.com and find a card that has a low or 0% interest rate (if you can get one).
From there see what limit they give you and decide where you can go from there. I do not recommend accruing interest at all on a card as that can get you over your head really fast and very easily, it just takes one mistake to do.
As for credit in general:
My advice is to just get a card anyways and use it maybe once or twice a month for dinner and pay it off every month. Did this from the time I was 17 and when I was 23 getting out of college my credit score was in the low 700s (which is considered really good and not excellent yet). When you get out of school with a credit score like that then cars and houses are a LOT easier to afford as you can qualify for the lower if not the lowest rates.
That's my $0.02.
From there see what limit they give you and decide where you can go from there. I do not recommend accruing interest at all on a card as that can get you over your head really fast and very easily, it just takes one mistake to do.
As for credit in general:
My advice is to just get a card anyways and use it maybe once or twice a month for dinner and pay it off every month. Did this from the time I was 17 and when I was 23 getting out of college my credit score was in the low 700s (which is considered really good and not excellent yet). When you get out of school with a credit score like that then cars and houses are a LOT easier to afford as you can qualify for the lower if not the lowest rates.
That's my $0.02.
Pay cash for everything, anything you WANT, save and pay cash.
Seriously, it won´t take you long to save up and it will feel much better when you have your own MBP in your hands.
Cut the card, you don´t need it. Only good thing about a credit card is the extra protection you get when buying online.
Seriously, it won´t take you long to save up and it will feel much better when you have your own MBP in your hands.
Cut the card, you don´t need it. Only good thing about a credit card is the extra protection you get when buying online.
chances are that they only have $500 saved up for a purchase of $2,000 that credit isn't a good option for them bc they won't pay the entire balance off within those months.
and you won't get very far by having a ton of credit card debt. The purpose of a credit card isn't so you can take delivery today and pay it over many years. Why do you think the economy sucks right now? And now you're encouraging some newbie to get a credit card. He only has $500 saved towards his purchase, what makes you think he will be able to pay this off anytime soon?
credit cards serve a purpose and it's not to just charge away bc you don't have the money.
a good way to build credit would be to put the entire purchase on the credit card then pay it off with the cash you have in the bank. the history will show you have a balance on your card for X amount of months and it being the 1st card isn't going to give you that great of a score. Bad advice.
Just a Question, do you have a reliable source of income that won't disappear (aka: seasonal job or layoff due to the bad economy) because if you don't a credit card or billmelater both would be bad due to compiling interest and it would kill your credit score. Of coarse you have probably thought of this but it is definitely something important to think about before you make the plunge of making a big purchase.
QCassidy352
macrumors G5
If you only have $500 to put down, I'd recommend looking at a laptop that costs less than $2000. Since you said you can pay it off in 3 months I assume you have a plan, and that's good, but I think you should ask yourself whether you couldn't do what you needed to with a less expensive laptop.
To answer your question, I'd look for a cc over billmelater, and try to find a card with a low rate. But be warned - it's not so easy to get a credit card these days. I know people with really good jobs who have been unable to get cards with more than a $500 limit.
To answer your question, I'd look for a cc over billmelater, and try to find a card with a low rate. But be warned - it's not so easy to get a credit card these days. I know people with really good jobs who have been unable to get cards with more than a $500 limit.
if you have good credit then there is no problem. Being a newbie with no credit history he won't get much and it's probably a good idea too.
Save up the money and then apply for a credit card. Pay off your bill each month and you won't have a problem trying to get credit.
gnasher729
Suspended
You might safe your life, safe your parents a long jail sentence, and safe some money by going for a refurbished MacBook. There are always some got deals out there; your $500 should pay for half, and maybe your parents can help out.
Good news is my parents agreed a credit card would be good and I have no debt besides my car with a stable job well paying job almost all of my money is put into retirement etc and I cant really tap into that in time but I can set aside $500 a month no problem.
Hemingray
macrumors 68030
I'm with everyone who says to use a credit card as long as you pay it off. To make the card work for you, get one that offers rewards (and doesn't have an annual fee, otherwise it will lessen or even nullify any rewards you earn).
Then, not only are you NOT paying them any money in interest, they're paying YOU in rewards. I've been doing that for 4 years on my Disney Chase card, and I've gotten hundreds of dollars back from Disney. I love going to Disneyland, so I'm getting annual passes for like 75% off... while building excellent credit. It's a win-win.
If you don't have the money, like a previous poster said, try to find a card with 0% introductory APR, and then try to pay it off within that period as much as possible. Not only will you be building credit, but it will cost you less than Apple's own financing, for example.
Then, not only are you NOT paying them any money in interest, they're paying YOU in rewards. I've been doing that for 4 years on my Disney Chase card, and I've gotten hundreds of dollars back from Disney. I love going to Disneyland, so I'm getting annual passes for like 75% off... while building excellent credit. It's a win-win.
If you don't have the money, like a previous poster said, try to find a card with 0% introductory APR, and then try to pay it off within that period as much as possible. Not only will you be building credit, but it will cost you less than Apple's own financing, for example.
