Should I build credit with Apple Barclay?

[xiant]

I currently have 0 credit, and i want to build it. I want a Macbook Pro. I can pay it full right now, but I thought I could kill 2 birds with one stone if I go with the Apple financing. What do you think?

Wait, can I even get approved with 0 credit?
And do you think apple will make colored Macbook Pro's anytime soon?

 

[xiwong]

I currently have 0 credit, and i want to build it. I want a Macbook Pro. I can pay it full right now, but I thought I could kill 2 birds with one stone if I go with the Apple financing. What do you think?

Wait, can I even get approved with 0 credit?
And do you think apple will make colored Macbook Pro's anytime soon?

I don't think this is the right place to ask about credit. I would go to myFicoForums or somewhere else dedicated to this topic. That being said, with 0 credit, you aren't likely to get approved with Barclaycard. If you are a student, you can look for a student card and if you are not, find a secured card. The credit limit will not be nearly enough to buy a MBP.

 

[Brian Y]

As a general rule of thumb, you'll probably struggle to get accepted for Barclays - from memory it isn't a hire purchase agreement, it's basically an unsecured loan - which is quite high risk.

Your best bet for building up a credit rating is to take out a basic credit card, spend what you normally spend, and have a direct debit setup to pay it off in full every month. Don't overspend, and don't miss any payments. That also won't cost you anything .

 

[campyguy]

I generally agree with the above comments, and offer to add to it a bit.

First, if your credit is generally poor, consider a secured credit card. Nerdwallet has a web page up for some time that's regularly updated (http://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-credit-cards-for-bad-credit/), and some of the tips on that web page have helped - mightily - two of my friends get back on track.

Next, if you get turned down for a desired card and you have a relative with whom each of you trust each other, seek becoming an authorized user on that card - you'd have a "sub-account" and can build up your credit via this avenue.

And, seek out a lender who is or will be using the new FICO 9 rating platform - which takes into account utility payments and the like to rate credit.

The BarclayCard deal is pretty sweet, I have one myself. A best friend of mine also has one - not great credit to start, he pulled the trigger on a new rMBP a couple of years ago - BC started with $2k credit, and after regular payments he's up to $7k and has a credit score that's about 70 points higher. You can simply call BC and they might be able to advise you - I'm happy with their CS. Happy shopping!

 

[brdeveloper]

Just as a curiosity... what's the final price of a Macbook when using some kind of financing in USA?

In Brazil, a 24-month financing with banks in which Apple has agreements adds up to 27% over the retail price.

 

[Matvei]

I used it once, when I needed a new MBP *now* and didn't have the cash on hand. It worked fine. But if you have no credit, they aren't going to approve you for the amount you need to buy the computer. So in your situation it is useless.

If you have high credit, and can get approve for an amount greater than or equal to the amount of the model you are buying, then yes, it is a free x month loan as long as you pay it all on time. If you don't pay on time, the interest becomes retroactive. As with all things, as long as you read the fine print you will be fine. If you don't, you will be paying extremely high interest.

 

[Truefan31]

Don't finance if u can help it. If u have the money to buy it so be it. But financing something like a computer is not smart. If u want to build credit, get a secured credit card

 

[WestonHarvey1]

I currently have 0 credit, and i want to build it. I want a Macbook Pro. I can pay it full right now, but I thought I could kill 2 birds with one stone if I go with the Apple financing. What do you think?

Wait, can I even get approved with 0 credit?
And do you think apple will make colored Macbook Pro's anytime soon?

You will not qualify for enough to buy the computer. You will likely qualify for $250 or so.

 

[campyguy]

Just as a curiosity... what's the final price of a Macbook when using some kind of financing in USA?

In Brazil, a 24-month financing with banks in which Apple has agreements adds up to 27% over the retail price.

Barclaycard occasionally offers a 0% purchase, structured so that the period of time to pay back the amount gets longer as the purchase price increases - like up to 6 months for up to US$500 and 18 months for purchases over US$1500. That offer is good for the first purchase only.

But, BC will also offer 0% purchases to existing customers with a good credit history with them - I received an offer for up to US$10000 @24 months with 0% interest. And, I live in one of the 5 US States with no sales tax...

 

[brdeveloper]

Barclaycard occasionally offers a 0% purchase, structured so that the period of time to pay back the amount gets longer as the purchase price increases - like up to 6 months for up to US$500 and 18 months for purchases over US$1500. That offer is good for the first purchase only.

But, BC will also offer 0% purchases to existing customers with a good credit history with them - I received an offer for up to US$10000 @24 months with 0% interest. And, I live in one of the 5 US States with no sales tax...

I wonder if a foreign person could easily put money in brazilian banks. A conservative investment gives around 0,8% a month. If you have something like BRL 200000,00 (~USD 66000,00) to invest you can reach a remuneration of nearly 1%. However, general-purpose credit rates start at ~1,8% a month.

It doesn't make any sense financing a Retina Macbook Pro in Brazil. If you saved money for 24 months, you could get the rMBP plus a MBA for free.

 

[TechZeke]

I currently have 0 credit, and i want to build it. I want a Macbook Pro. I can pay it full right now, but I thought I could kill 2 birds with one stone if I go with the Apple financing. What do you think?

Wait, can I even get approved with 0 credit?
And do you think apple will make colored Macbook Pro's anytime soon?

Get a student credit card and use it to buy accessories for your MBP. I'd pay for the MBP in full. There's no way with 0 credit you'd get a credit line enough for a MBP anyway.

Just as a curiosity... what's the final price of a Macbook when using some kind of financing in USA?

In Brazil, a 24-month financing with banks in which Apple has agreements adds up to 27% over the retail price.

Which is why I pay cash for everything. Even if you factor in time value money, credit cards have such high interest rates that I don't see the appeal. Talk about a convenience fee.

Saving throughout the year + Tax return season is enough for me to pay for all the gadgets I want.

 

[campyguy]

I wonder if a foreign person could easily put money in brazilian banks. A conservative investment gives around 0,8% a month. If you have something like BRL 200000,00 (~USD 66000,00) to invest you can reach a remuneration of nearly 1%. However, general-purpose credit rates start at ~1,8% a month.

It doesn't make any sense financing a Retina Macbook Pro in Brazil. If you saved money for 24 months, you could get the rMBP plus a MBA for free.

One of my friends quit his engineering job and started offering tours to Brazilians - he speaks Portuguese - and his little tour company generally sets aside at least one day just for shopping in either Portland or Seattle, and his trailer is generally full after that day, and then he ships it to them after they head home. I'm considering the same gig - I'm really getting tired of engineering myself!!! My family's from Lisbon, but I've forgotten most of my Portuguese since I moved away from NYC...

About your last comment, my friend always makes sure he lets his clients know where a nearby Apple Store is - likely not wanting to buy them at home! Cuidado!