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Considering Financing a Macbook Pro

milehighmilehigh Registered User regular
edited January 2009 in Help / Advice Forum
For school. Anyways I've got an existing credit card that I could put it on with a fairly low interest rate, and just pay that off. However Juniper (Apple's sponsored bank for financing) could have a slightly lower rate depending on if I qualify.

Now my question is, if I don't qualify for the lower interest rate after applying, I'll just use my other card. Is there any downside to this? I mean, if I apply, am accepted and don't use the card, is there going to be a hit to my credit, or can I just cancel the card immediately?

I was wondering the same thing if I applied for an auto loan awhile back, if I apply and get a line of credit but decide I don't want to use it, am I penalized for it?

milehigh on

Posts

  • noir_bloodnoir_blood Registered User regular
    edited January 2009
    I would be careful about putting high cost things on credit right about now. Unless you have a fixed APR, credit card companies are starting to high up the interest rates with little notice

    noir_blood on
  • LudiousLudious I just wanted a sandwich A temporally dislocated QuiznosRegistered User regular
    edited January 2009
    If you apply for a credit card your credit score generally takes a 2-3 point hit (But only with one of the 3 credit people).

    If you close an account you also take a hit. (not sure about numbers there)

    So if you open and close a credit account you're looking at a 4-6+ point hit to your score for nothing.

    edit: applying for it and doing nothing with it only nets you a temporary point loss. HOWEVER, if you let that line atrophy and close out on its own, you still get that same account closure point hit.

    Ludious on
  • musanmanmusanman Registered User regular
    edited January 2009
    Considering we really have no idea how our credit scores are calculated I don't think it's appropriate to throw around numbers for opening/closing accounts. It's pretty unique to his past.

    Opening an account, using it for the computer, and not using it anymore will probably be a wash. I'd say the downside to this is the downside to anything with a credit card: paying interest. Find the cheapest rate and run with it.

    musanman on
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