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Laptop Financing

post #1 of 3
4/26/07 at 12:53am
Thread Starter 
So I am only a freshmen in college, and need a new laptop. I currently have a job alongside school that pays about $800-1000 per month. I want to purchase a new notebook, but would rather do it on a financing plan with somebody like Dell, Gateway, or HP. I would rather do this than just pay the full amount of money outright. I applied at OfficeMax for their card through HSBC, and did not get approved. I am guessing this is because of the fact I do not have any credit cards (only debit with a checking account) and am young. I do not own any property either as I am only a college student. I can fully afford to pay whatever monthly charges they want, but am sure I will not get approved. Does anybody know any advice I could use as to receive financing for a new computer or to get started so I can start being eligible in the near future?
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post #2 of 3
4/26/07 at 2:54pm
In the US it is difficult to get approved for credit if you're less than 21 years old and do not have any credit history yet.

The only methods I can think of are:

1- Get a loan through your school to purchase the system that you need.

2- Have someone with an established credit (perhaps your parents can help) to co-sign the application with you. This is a great way to start your own credit line as well.

3- STAY away from secured credit cards if at all possible. They give you easy access to money by credit if you don't have an established credit history yet but their interest rates are outrageously high.

Edit:

Oh, and another thing. Check if they allow you to make extra, higher payments or pay any remaining balance in full if you come up with the money at a later time. This will allow you to pay for everything with the least amount of interest possible.

It is easy to fall for the "as long as you pay the minimum everything will be fine" sales pitch, after which you realize that the most you are paying by making minimum payments is interest alone. Depending on the credit entity or type of credit you could be paying anywhere between 25%-64%+ in just interest for three years or more.
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post #3 of 3
4/26/07 at 6:40pm
Ever consider just getting a used laptop for now?
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