I realize my recent posts have been short and nothing more than questions, but I really don't know what to tell anyone unless asked. Anyways, I've never financed anything and am still unsure if I have enough credit to do so, if credit is required, or what the difference between leasing and financing is. I do know interest builds up and Apple's is about 20%, which is a little too steep for me. I'll be working full time at either Target or ToysRUs, so I assume it will fit nicely in my budget (in theory). Any suggestions? Maybe an off-brand computer would have a smaller interest rate?
Should I finance my computer for College?
- Thread starter Riyonuk
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I'd suggest going to Best Buy. I've financed many things there on a Best Buy CC, but only when they have the no interest for a certain amount of time. I know right now they have a no interest for 18 months on purchases $499 and up. I've done this many times for computers/TVs/audio equipment. I always just take the price and divide it by the number of months and pay that amount.
[quote name='Dingleberry']I'd suggest going to Best Buy. I've financed many things there on a Best Buy CC, but only when they have the no interest for a certain amount of time. I know right now they have a no interest for 18 months on purchases $499 and up. I've done this many times for computers/TVs/audio equipment. I always just take the price and divide it by the number of months and pay that amount.[/QUOTE]
I know it's not exactly the cheapest option, but I am looking to build a custom computer. I wonder if Newegg has financing options...
Anyways, using your example, after those 18 month are over and I haven't paid it off, what happens? Do they take it away? Are those 18 months just to have 0 interest? Does the interest jump to normal amount? I've never heard of dividing it, I just assumed to go with the lowest amount, so I have money for other things. That's a smart idea.
If I use a Credit Card, that has a lower interest rate, should I purchase the entire Computer with the CC? Is that smart? What if I keep signing up for different Credit Cards, only if their offering special promotions and use those as an alternative?
I know it's not exactly the cheapest option, but I am looking to build a custom computer. I wonder if Newegg has financing options...
Anyways, using your example, after those 18 month are over and I haven't paid it off, what happens? Do they take it away? Are those 18 months just to have 0 interest? Does the interest jump to normal amount? I've never heard of dividing it, I just assumed to go with the lowest amount, so I have money for other things. That's a smart idea.
If I use a Credit Card, that has a lower interest rate, should I purchase the entire Computer with the CC? Is that smart? What if I keep signing up for different Credit Cards, only if their offering special promotions and use those as an alternative?
DPsx7
Banned
If you're asking these kinds of questions, stay away from a credit card. You're only going to get into trouble.
I do whatever I can to avoid interest, meaning loans, financing, whatever. I know there are some purchases you can't help, but for smaller things like PC's I would save up and get it all at once if possible. Really consider which parts you need and where you can save some cash. Shop around too, while Newegg is nice I ordered from 3 or 4 sites when I built this PC years ago. Even with a few small shipping fees I saved some money.
I do whatever I can to avoid interest, meaning loans, financing, whatever. I know there are some purchases you can't help, but for smaller things like PC's I would save up and get it all at once if possible. Really consider which parts you need and where you can save some cash. Shop around too, while Newegg is nice I ordered from 3 or 4 sites when I built this PC years ago. Even with a few small shipping fees I saved some money.
[quote name='Riyonuk']I know it's not exactly the cheapest option, but I am looking to build a custom computer. I wonder if Newegg has financing options...
Anyways, using your example, after those 18 month are over and I haven't paid it off, what happens? Do they take it away? Are those 18 months just to have 0 interest? Does the interest jump to normal amount? I've never heard of dividing it, I just assumed to go with the lowest amount, so I have money for other things. That's a smart idea.
If I use a Credit Card, that has a lower interest rate, should I purchase the entire Computer with the CC? Is that smart? What if I keep signing up for different Credit Cards, only if their offering special promotions and use those as an alternative?[/QUOTE]
Here's is what I did and hopefully it will answer your questions. Best Buy runs a promotion on their credit cards to where they have no interest for 18 months if the purchase is over $599. I bought a laptop for $700. I then divided the 700 by 18 and it comes to just under $40. Every month I would pay $40 on the card which would pay it off before the 18 months is up.
Doing it that way, I did not have to pay any interest because it was before the 18 months is up. If I had not paid it off, even if there was $1 left, I would have to pay the entire amount of interest that accumulated during those 18 months.
It sounds as though you have no experience with credit and I'd suggest staying away from it and just saving up until you have enough money to pay up front.
Anyways, using your example, after those 18 month are over and I haven't paid it off, what happens? Do they take it away? Are those 18 months just to have 0 interest? Does the interest jump to normal amount? I've never heard of dividing it, I just assumed to go with the lowest amount, so I have money for other things. That's a smart idea.
If I use a Credit Card, that has a lower interest rate, should I purchase the entire Computer with the CC? Is that smart? What if I keep signing up for different Credit Cards, only if their offering special promotions and use those as an alternative?[/QUOTE]
Here's is what I did and hopefully it will answer your questions. Best Buy runs a promotion on their credit cards to where they have no interest for 18 months if the purchase is over $599. I bought a laptop for $700. I then divided the 700 by 18 and it comes to just under $40. Every month I would pay $40 on the card which would pay it off before the 18 months is up.
Doing it that way, I did not have to pay any interest because it was before the 18 months is up. If I had not paid it off, even if there was $1 left, I would have to pay the entire amount of interest that accumulated during those 18 months.
It sounds as though you have no experience with credit and I'd suggest staying away from it and just saving up until you have enough money to pay up front.
[quote name='Dingleberry']Here's is what I did and hopefully it will answer your questions. Best Buy runs a promotion on their credit cards to where they have no interest for 18 months if the purchase is over $599. I bought a laptop for $700. I then divided the 700 by 18 and it comes to just under $40. Every month I would pay $40 on the card which would pay it off before the 18 months is up.
Doing it that way, I did not have to pay any interest because it was before the 18 months is up. If I had not paid it off, even if there was $1 left, I would have to pay the entire amount of interest that accumulated during those 18 months.
It sounds as though you have no experience with credit and I'd suggest staying away from it and just saving up until you have enough money to pay up front.[/QUOTE]
You are right, I do not have experience with credit, but eventually I will have to learn, right? $40/month isn't that much now that I think about it. Is Best Buy the only place that offers these promotions?
Doing it that way, I did not have to pay any interest because it was before the 18 months is up. If I had not paid it off, even if there was $1 left, I would have to pay the entire amount of interest that accumulated during those 18 months.
It sounds as though you have no experience with credit and I'd suggest staying away from it and just saving up until you have enough money to pay up front.[/QUOTE]
You are right, I do not have experience with credit, but eventually I will have to learn, right? $40/month isn't that much now that I think about it. Is Best Buy the only place that offers these promotions?
aznlegendzx
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I think your best option is to slowly buy the parts for your computer as you can afford them and build it as you go. You can take advantage of price drops whenever you can and gives you a chance to shop around. If your getting a desktop building it yourself is the way to go you will end up with a much better computer than paying a company to make it for you. If your getting a laptop that's a different story.
chrisnsally
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I have to tell you, financing my computer for college was a pretty big regret of mine. I'd advise against it. Find a cheap, older computer (2+ years) and use it to get through - you'll be glad you did.
[quote name='Riyonuk']You are right, I do not have experience with credit, but eventually I will have to learn, right? $40/month isn't that much now that I think about it. Is Best Buy the only place that offers these promotions?[/QUOTE]
Credit cards are very handy, but they can become too handy if not used in a smart manner . CAG really isn't the place to learn this type of info, but since we are here and responding....
Credit cards can help build up credit, but store specific credit cards can actually be frowned upon with credit bureaus. You'd be better off to get a major credit card with a bank.
Those interest promotions "no interest for 18 months" is very nice as long as you PAY THE BILL OFF BEFORE the 18 months is over.
When you think about it, the $40 a month really isn't that bad. But then you find other things you'd like to buy and think..wow, hey my bill is only $40 and I can come up with that easily. Next thing you know the bill is coming due and you may or may not have that $40 that you thought would be easy to get a week to two earlier.
How old are you? I didn't get a credit card until my junior year of college when I decided I wanted to help my parents out more with the college bills. I used mine strictly for items that were either emergency or required (i.e. text books).
If you are going to be working full time soon (I assume by full time you mean 40+ hrs a week) and have no bills, then why not just take a couple months of paychecks...save them...and buy everything that YOU want at one time.
Saving really isn't bad and it just gives you some time to filter through and shop for the parts that you really want. Hell, by the time you have the money saved up you might decide that you'd rather something else. When purchased on credit your
ed if you decide you regret your purchase 2 weeks later.
Just my .02
Credit cards are very handy, but they can become too handy if not used in a smart manner . CAG really isn't the place to learn this type of info, but since we are here and responding....
Credit cards can help build up credit, but store specific credit cards can actually be frowned upon with credit bureaus. You'd be better off to get a major credit card with a bank.
Those interest promotions "no interest for 18 months" is very nice as long as you PAY THE BILL OFF BEFORE the 18 months is over.
When you think about it, the $40 a month really isn't that bad. But then you find other things you'd like to buy and think..wow, hey my bill is only $40 and I can come up with that easily. Next thing you know the bill is coming due and you may or may not have that $40 that you thought would be easy to get a week to two earlier.
How old are you? I didn't get a credit card until my junior year of college when I decided I wanted to help my parents out more with the college bills. I used mine strictly for items that were either emergency or required (i.e. text books).
If you are going to be working full time soon (I assume by full time you mean 40+ hrs a week) and have no bills, then why not just take a couple months of paychecks...save them...and buy everything that YOU want at one time.
Saving really isn't bad and it just gives you some time to filter through and shop for the parts that you really want. Hell, by the time you have the money saved up you might decide that you'd rather something else. When purchased on credit your
ed if you decide you regret your purchase 2 weeks later.Just my .02
Go to alienware.com, buy the best computer you can get, finance it on their credit card, don't pay one bill until you have to, then just pay the minimum payment for the rest of your life.
That or learn how credit works and start small. Get a credit card that gives rewards and no annual fees(assuming you have enough credit, most credit card companies have some type of student card pretty much anyone can get) and just buy one or two small things a month and pay the bill off each and every month. Maybe use your card to buy food or gas once or twice a month. This will help you to build up a little credit thus opening your options later for a better card with better rates. As for your computer, I wouldn't start with throwing that much on a credit card if you've never had one as you are more than likely to start buying extra stuff your normally wouldn't buy.
Just be careful and be smart. Remember if you don't pay it off right away you will most likely pay extra for it.
That or learn how credit works and start small. Get a credit card that gives rewards and no annual fees(assuming you have enough credit, most credit card companies have some type of student card pretty much anyone can get) and just buy one or two small things a month and pay the bill off each and every month. Maybe use your card to buy food or gas once or twice a month. This will help you to build up a little credit thus opening your options later for a better card with better rates. As for your computer, I wouldn't start with throwing that much on a credit card if you've never had one as you are more than likely to start buying extra stuff your normally wouldn't buy.
Just be careful and be smart. Remember if you don't pay it off right away you will most likely pay extra for it.
Brother, I'm gonna help you out here and just like I had the opportunity to listen or do it anyway when I got my advice, you have that same option.
The advice is: Don't buy things with other peoples' money.
Using credit is a very easy way to become a slave. The only thing I would ever agree to borrow money on is your education or possibly a house when the time comes. That means only books and classes for right now. Everything else you work for and buy when you can pay for it with your own money. And don't EVER buy a new car off the lot. Or lease unless your company is paying the lease.
You don't need a custom built computer. Moreover in case you were thinking it, you don't need a gaming rig while in college. Trust me, games will be here when you graduate. It would not hurt to buy a $400 desktop or laptop with a good warranty. So, if something does go wrong with it you won't be there trying to learn how to work on computers when you should be studying for finals.
If you DO decide to put something on credit, then follow this rule. Double pay the minimum each month or pay more if you can.
I'll now step off the soap box and wish you good luck! You can thank me when you see all of your peers struggling with debt ten years from now and you are able to buy and do the things you want.
The advice is: Don't buy things with other peoples' money.
Using credit is a very easy way to become a slave. The only thing I would ever agree to borrow money on is your education or possibly a house when the time comes. That means only books and classes for right now. Everything else you work for and buy when you can pay for it with your own money. And don't EVER buy a new car off the lot. Or lease unless your company is paying the lease.
You don't need a custom built computer. Moreover in case you were thinking it, you don't need a gaming rig while in college. Trust me, games will be here when you graduate. It would not hurt to buy a $400 desktop or laptop with a good warranty. So, if something does go wrong with it you won't be there trying to learn how to work on computers when you should be studying for finals.
If you DO decide to put something on credit, then follow this rule. Double pay the minimum each month or pay more if you can.
I'll now step off the soap box and wish you good luck! You can thank me when you see all of your peers struggling with debt ten years from now and you are able to buy and do the things you want.
saturnotaku
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Credit is probably the biggest double-edged sword there is. Used wisely, it can open up lots of opportunities and even bring you rewards. Used foolishly, it can ruin your life. In the past, I've carried credit-card balances, and it's not fun especially if you live paycheck to paycheck and/or get laid off.
Today I carry only a single card, the balance of which is paid in full every month. The CC company makes no money off me, and I get frequent flier miles to boot. The only debt my wife and I have is our mortgage, and it feels wonderful.
If I were in the OP's position, I would save up enough cash to buy the computer I wanted, then try to open a credit card with a major bank that offers some kind of reward, be it flier miles, cash back, or whatever. You could even open a Best Buy Reward Zone MasterCard, as that's backed by a big financial institution. Then buy the computer and pay off the entire balance in full when your statement comes do. That starts you off on the right foot of building good credit, and you'll get something in return.
Today I carry only a single card, the balance of which is paid in full every month. The CC company makes no money off me, and I get frequent flier miles to boot. The only debt my wife and I have is our mortgage, and it feels wonderful.
If I were in the OP's position, I would save up enough cash to buy the computer I wanted, then try to open a credit card with a major bank that offers some kind of reward, be it flier miles, cash back, or whatever. You could even open a Best Buy Reward Zone MasterCard, as that's backed by a big financial institution. Then buy the computer and pay off the entire balance in full when your statement comes do. That starts you off on the right foot of building good credit, and you'll get something in return.
Mako1215
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If I was you. Since your going to be working full-time. I'd buy a cheap little netbook or get a budget computer for about 200-250$ if you can find one. Just so you can have something for school,email, and basic internet. Then I'd save up money. Then what you do is finance a computer, and then turn around and pay it off in one payment. You get credit and it looks really good.
burritoman
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I agree, never buy anything on credit that you don't have the cash for.
There are a couple exceptions to that rule, such as a house and to some extent a car.
I'm not a fan of financing a computer, you'd be better off paying for it in cash. AND PLEASE DO NOT LEASE IT! lease deals usually suck for the "user" because you never go toward buying anything, you more or less pay just for using it. Of course it always keeps you in a brand new system, but do you really need a brand new one every 2 years?
I mean Wal-Mart has an HP system for $500 now and it's not a bad deal. Probably a local computer shop can hook you up for cheaper. Or buy an old system and upgrade it to what you want over time.
There are a couple exceptions to that rule, such as a house and to some extent a car.
I'm not a fan of financing a computer, you'd be better off paying for it in cash. AND PLEASE DO NOT LEASE IT! lease deals usually suck for the "user" because you never go toward buying anything, you more or less pay just for using it. Of course it always keeps you in a brand new system, but do you really need a brand new one every 2 years?
I mean Wal-Mart has an HP system for $500 now and it's not a bad deal. Probably a local computer shop can hook you up for cheaper. Or buy an old system and upgrade it to what you want over time.
Treythalomew
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In this climate I would absolutely avoid financing a computer for college. Basically you are trying to justify a gaming pc for "college" which is exactly what I did last year when I started college. It isn't worth it.
I had a great job going for me working at Radioshack but as soon as Christmas was over they purged all the part timers and opted to just overwork 3 full time employees. So I was out my job because I couldn't work the full time because of my college class times. Lots of things are unpredictable and getting into financial trouble in college can lead to problems for many, many years. I can give you numerous examples of college financial issues but I think you get the point. If you do have a good job going at Target or whereever, you should be able to get a gaming pc later on.
I had a great job going for me working at Radioshack but as soon as Christmas was over they purged all the part timers and opted to just overwork 3 full time employees. So I was out my job because I couldn't work the full time because of my college class times. Lots of things are unpredictable and getting into financial trouble in college can lead to problems for many, many years. I can give you numerous examples of college financial issues but I think you get the point. If you do have a good job going at Target or whereever, you should be able to get a gaming pc later on.
If you're broke then don't buy any more computer than what you need...not what you want. Computers lose their value and usefulness way too fast to justify overbuying. Think of it like going out to dinner when you are really hungry...you can order three or four entrees but you likely won't finish them and will just waste money on food that is going to get thrown away. Whatever computer you buy or build will be practically obsolete in two years. Buying a cheap laptop ($400-$500 max.) from BB is the way to go as they have the best combination of cheap prices and great financing.
I couldn't afford my own computer in college so I used my friends' computers or the ones in the school...it wasn't convenient, but it didn't cost me a dime. After college I decided to buy a computer and I wanted a top of the line so I could use it for years and years!! Paid $2300 for a system that sold for $600 new less than two years later. Now I just buy a new cheap laptop every two years.
Don't be afraid to use credit, you'll need to start sometime. Because credit means your ability to borrow money and repay in a timely fashion, no credit = bad credit in the eyes of a lender. You may want to find out if you qualify for a credit account where you buy at first...no sense in picking out an $800 computer if you only qualify for a $500 limit. Just be responsible with your credit. Doesn't take much to screw up your credit, but it will takes lots of effort to fix it afterwords.
I couldn't afford my own computer in college so I used my friends' computers or the ones in the school...it wasn't convenient, but it didn't cost me a dime. After college I decided to buy a computer and I wanted a top of the line so I could use it for years and years!! Paid $2300 for a system that sold for $600 new less than two years later. Now I just buy a new cheap laptop every two years.
Don't be afraid to use credit, you'll need to start sometime. Because credit means your ability to borrow money and repay in a timely fashion, no credit = bad credit in the eyes of a lender. You may want to find out if you qualify for a credit account where you buy at first...no sense in picking out an $800 computer if you only qualify for a $500 limit. Just be responsible with your credit. Doesn't take much to screw up your credit, but it will takes lots of effort to fix it afterwords.
My friend bought a nice ~$1200 computer, and hes' only made the minimum payments on it, and he's still paying it off 5 years later.
Don't finance it. Watch SD or Techbargains or some other similar tech-deal site.
Techbargains usually offers very cheap Dells (Quad core+, 500+Gig hdd etc for under $500). Then, after you get the computer, Go to NewEgg and Buy a nice cheap Videocard for it. If you spend over $650 with tax and everything, you're paying too much for a computer.
I bought a computer the prescribed way above, and it still plays everything. It can't to max resolution on some of the brand newest games, 2 years after I bought it for $500, but still, it goes up to about 80%, graphics-wise.
Yes, Save up, use the College Library computers for 2 months, and then buy it with cash.
Don't finance it. Watch SD or Techbargains or some other similar tech-deal site.
Techbargains usually offers very cheap Dells (Quad core+, 500+Gig hdd etc for under $500). Then, after you get the computer, Go to NewEgg and Buy a nice cheap Videocard for it. If you spend over $650 with tax and everything, you're paying too much for a computer.
I bought a computer the prescribed way above, and it still plays everything. It can't to max resolution on some of the brand newest games, 2 years after I bought it for $500, but still, it goes up to about 80%, graphics-wise.
Yes, Save up, use the College Library computers for 2 months, and then buy it with cash.
breakingcustoms
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i would never buy a computer by financing...you're shooting yourself in the foor by doing that
burritoman
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Financing isn't bad, it just makes you a slave to the lender until it is paid for.
Too many people make the minimum payment and that is a big art of the problem with the bank and financial situation the country has going on now. Too many people had too much debt and are not paying it off so the banks aren't lending. Interest rates suck a lot of times on store credit cards, up to and exceeding 20%! It's better to save up and buy something than to be a slave to the lender. That $1200 PC with a $20 payment with a 15% rate will still have money owed on it after 5 years, when it's time to be looking for a new one. Same applies to everything, I could afford a $400 car payment, but my $200 payment will be paid off 2 years faster and I won't be a slave anymore.
Check http://www.daveramsey.com for more credit advice.
Too many people make the minimum payment and that is a big art of the problem with the bank and financial situation the country has going on now. Too many people had too much debt and are not paying it off so the banks aren't lending. Interest rates suck a lot of times on store credit cards, up to and exceeding 20%! It's better to save up and buy something than to be a slave to the lender. That $1200 PC with a $20 payment with a 15% rate will still have money owed on it after 5 years, when it's time to be looking for a new one. Same applies to everything, I could afford a $400 car payment, but my $200 payment will be paid off 2 years faster and I won't be a slave anymore.
Check http://www.daveramsey.com for more credit advice.
Treythalomew
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[quote name='Dingleberry']I really don't understand why everyone is saying financing is bad. Are people really that irresponsible not to pay their bills. I'm 23 years old and have financed around $6000 worth of stuff in the past 3 years.
Just make your payments.[/QUOTE]
I would say there is nothing fundamentally bad about financing, just that the number of people who use it blindly is startling. At least OP asked before he did it. When I worked at Radioshack people who were 18,19,20 would want something and want to open a credit card to get it all the time. Not even with 0% interest for X months. I also had to run credit checks for cell phone contracts and it was amazing how when I ran mine everything was fine and didn't need a deposit but my manager who was only a year older than me, needed to put $500 down to get a cell phone.
I got a good perks credit card when I moved out and started college and it has helped me a ton so far. It is nice to have the security and not have to carry cash around with me but meanwhile I pay off the balance on time every month.
Just make your payments.[/QUOTE]
I would say there is nothing fundamentally bad about financing, just that the number of people who use it blindly is startling. At least OP asked before he did it. When I worked at Radioshack people who were 18,19,20 would want something and want to open a credit card to get it all the time. Not even with 0% interest for X months. I also had to run credit checks for cell phone contracts and it was amazing how when I ran mine everything was fine and didn't need a deposit but my manager who was only a year older than me, needed to put $500 down to get a cell phone.
I got a good perks credit card when I moved out and started college and it has helped me a ton so far. It is nice to have the security and not have to carry cash around with me but meanwhile I pay off the balance on time every month.
How much can you afford now, and what computer are you currently using? It's not necessarily more expensive to build your own computer these days, unless you are building it to play the latest 3d games and seriously outperform prebuilt ones.
Anandtech has buyers' guides for different budgets, and you can cut down on costs by reusing parts from your old system..
I hate financing as well
Anandtech has buyers' guides for different budgets, and you can cut down on costs by reusing parts from your old system..
I hate financing as well
[quote name='Treythalomew'] I got a good perks credit card when I moved out and started college and it has helped me a ton so far. It is nice to have the security and not have to carry cash around with me but meanwhile I pay off the balance on time every month.[/QUOTE]
Yes, but I wouldn't really call that "financing"
It's the cheapassgamer way to get perks for 0 cost
I try to use my credit card for everything over $5
Yes, but I wouldn't really call that "financing"
It's the cheapassgamer way to get perks for 0 cost
I try to use my credit card for everything over $5
Well it's not as if these things are taught in school. I still don't even know how to write a check, but I'm just going to ask one of the bank tellers. I also hate how the new craze is Debit cards for College students, yet it's going to cost me $4.95 to pay my Apartment rent online, which is a lot better than walking to their drop off box 10 miles away with no car.
I'm also confused on how Credit Cards work. Tell me if I'm right or wrong when I say this. It's stupid to buy a soda with a Credit Card because it will cost more than if you payed by cash? That's what I've been taught. You'll end up paying a percentage more because it's not your money, even if you do have it.
I'm not looking for a gaming computer, I don't play computer games. I'm just looking for a computer that doesn't lag everytime I switch tabs or takes 30 seconds just to open "My Documents". I'm using a Compaq DK216A with a mouse and keyboard I found on the curb, with no speakers. I have a monitor my friends mother gave me, a Samsung SyncMaster 151v, it's real small. 1024x768 resolution. I'm not looking to buy something to brag about, just something so others wont make fun
Also, I think it's the mouse that leaves my wrist sore every night. I'm starting to get a callous. I'm not to keen on even shopping for a custom computer, because I feel like I'll purchase something that wont exactly fit together. If anyone wants to help me on AIM or something, PM me ^_^
I'm also confused on how Credit Cards work. Tell me if I'm right or wrong when I say this. It's stupid to buy a soda with a Credit Card because it will cost more than if you payed by cash? That's what I've been taught. You'll end up paying a percentage more because it's not your money, even if you do have it.
I'm not looking for a gaming computer, I don't play computer games. I'm just looking for a computer that doesn't lag everytime I switch tabs or takes 30 seconds just to open "My Documents". I'm using a Compaq DK216A with a mouse and keyboard I found on the curb, with no speakers. I have a monitor my friends mother gave me, a Samsung SyncMaster 151v, it's real small. 1024x768 resolution. I'm not looking to buy something to brag about, just something so others wont make fun
Also, I think it's the mouse that leaves my wrist sore every night. I'm starting to get a callous. I'm not to keen on even shopping for a custom computer, because I feel like I'll purchase something that wont exactly fit together. If anyone wants to help me on AIM or something, PM me ^_^
They're not supposed to charge more for credit cards than cash, and I haven't seen it in awhile, but it happens. There are also some people who will offer not to charge sales tax if you pay in cash, but there's generally something shady going on there.
Aside from that, almost all credit cards have a grace period of around 20 days (i.e. the time from when you receive the bill till the time it's due). If you pay everything you owe by the due date each month, you pay just what you've spent, no interest.
However, credit cards do not require you to pay the whole amount; they only require a small minimum payment. Once you pay less than the full balance, you start getting charged interest and fees.
If you pay less than the minimum payment, then you get even more late charges, etc.
Do you have any idea on a budget for a computer?
Aside from that, almost all credit cards have a grace period of around 20 days (i.e. the time from when you receive the bill till the time it's due). If you pay everything you owe by the due date each month, you pay just what you've spent, no interest.
However, credit cards do not require you to pay the whole amount; they only require a small minimum payment. Once you pay less than the full balance, you start getting charged interest and fees.
If you pay less than the minimum payment, then you get even more late charges, etc.
Do you have any idea on a budget for a computer?
Last edited by a moderator:
TheBlueWizard
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[quote name='Riyonuk']Well it's not as if these things are taught in school. I still don't even know how to write a check, but I'm just going to ask one of the bank tellers. I also hate how the new craze is Debit cards for College students, yet it's going to cost me $4.95 to pay my Apartment rent online, which is a lot better than walking to their drop off box 10 miles away with no car.
I'm also confused on how Credit Cards work. Tell me if I'm right or wrong when I say this. It's stupid to buy a soda with a Credit Card because it will cost more than if you payed by cash? That's what I've been taught. You'll end up paying a percentage more because it's not your money, even if you do have it.
I'm not looking for a gaming computer, I don't play computer games. I'm just looking for a computer that doesn't lag everytime I switch tabs or takes 30 seconds just to open "My Documents". I'm using a Compaq DK216A with a mouse and keyboard I found on the curb, with no speakers. I have a monitor my friends mother gave me, a Samsung SyncMaster 151v, it's real small. 1024x768 resolution. I'm not looking to buy something to brag about, just something so others wont make fun
Also, I think it's the mouse that leaves my wrist sore every night. I'm starting to get a callous. I'm not to keen on even shopping for a custom computer, because I feel like I'll purchase something that wont exactly fit together. If anyone wants to help me on AIM or something, PM me ^_^[/QUOTE]
If you can't write a check, then you have no business financing anything. Sorry, but its the truth. Have your parents (or the bank) teach you about writing a check. Deal with checks and debit cards until you get the hang of spending less than what you earn. You obviously can't write a check for more than what you have in the account without getting in trouble. I only mention this because I have known people to just write checks without any thoughts about whether the money was there or not.
Save financing for down the road for a house, car or school loans.
Now, about buying a Coke with a credit card. If you put it on the card and pay the balance every month, then you don't pay any extra. If you don't pay the bill on time EVERY MONTH, you pay a finance charge (which is usually quite large), causing you to pay a 20% (or whatever the rate is) fee for that Coke. Why pay $1.20 for something that should cost $1?
Another thing that will get easier as you get older. Don't pay any attention to what you friends think. If you can get by with the computer you have, don't just buy a new one because your friends laugh at the one you have. That's stupid. If you are not going to game on a computer, then save your pennies and buy a netbook. It will cost you $300, surf the internet and let you write those papers in college.
Sorry for the lecture, but I figure at least half the people reading this thread probably have the same questions.
TBW
I'm also confused on how Credit Cards work. Tell me if I'm right or wrong when I say this. It's stupid to buy a soda with a Credit Card because it will cost more than if you payed by cash? That's what I've been taught. You'll end up paying a percentage more because it's not your money, even if you do have it.
I'm not looking for a gaming computer, I don't play computer games. I'm just looking for a computer that doesn't lag everytime I switch tabs or takes 30 seconds just to open "My Documents". I'm using a Compaq DK216A with a mouse and keyboard I found on the curb, with no speakers. I have a monitor my friends mother gave me, a Samsung SyncMaster 151v, it's real small. 1024x768 resolution. I'm not looking to buy something to brag about, just something so others wont make fun
Also, I think it's the mouse that leaves my wrist sore every night. I'm starting to get a callous. I'm not to keen on even shopping for a custom computer, because I feel like I'll purchase something that wont exactly fit together. If anyone wants to help me on AIM or something, PM me ^_^[/QUOTE]
If you can't write a check, then you have no business financing anything. Sorry, but its the truth. Have your parents (or the bank) teach you about writing a check. Deal with checks and debit cards until you get the hang of spending less than what you earn. You obviously can't write a check for more than what you have in the account without getting in trouble. I only mention this because I have known people to just write checks without any thoughts about whether the money was there or not.
Save financing for down the road for a house, car or school loans.
Now, about buying a Coke with a credit card. If you put it on the card and pay the balance every month, then you don't pay any extra. If you don't pay the bill on time EVERY MONTH, you pay a finance charge (which is usually quite large), causing you to pay a 20% (or whatever the rate is) fee for that Coke. Why pay $1.20 for something that should cost $1?
Another thing that will get easier as you get older. Don't pay any attention to what you friends think. If you can get by with the computer you have, don't just buy a new one because your friends laugh at the one you have. That's stupid. If you are not going to game on a computer, then save your pennies and buy a netbook. It will cost you $300, surf the internet and let you write those papers in college.
Sorry for the lecture, but I figure at least half the people reading this thread probably have the same questions.
TBW
TheBlueWizard
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[quote name='Conroy']Aside from that, almost all credit cards have a grace period of around 20 days. [/QUOTE]
I think that this statement is bullshit.
I have three credit cards (MC, Visa and Sears) and not one of them has a grace period. If you don't pay on time, its a $39 or more late fee. The days of grace periods are long over. Banks are hurting these days, and they are trying (like airlines) to charge for everything they can.
Hell, my Visa card won't let me pay online from my bank account after 4 PM on the day the statement is due without it being late.
My home loan has about a 15 day grace period before penalty, but the interest keeps racking up, so they don't care too much. It just takes longer to pay the loan off.
TBW
I think that this statement is bullshit.
I have three credit cards (MC, Visa and Sears) and not one of them has a grace period. If you don't pay on time, its a $39 or more late fee. The days of grace periods are long over. Banks are hurting these days, and they are trying (like airlines) to charge for everything they can.
Hell, my Visa card won't let me pay online from my bank account after 4 PM on the day the statement is due without it being late.
My home loan has about a 15 day grace period before penalty, but the interest keeps racking up, so they don't care too much. It just takes longer to pay the loan off.
TBW
[quote name='TheBlueWizard']I think that this statement is bullshit.
I have three credit cards (MC, Visa and Sears) and not one of them has a grace period. If you don't pay on time, its a $39 or more late fee. The days of grace periods are long over. Banks are hurting these days, and they are trying (like airlines) to charge for everything they can.
Hell, my Visa card won't let me pay online from my bank account after 4 PM on the day the statement is due without it being late.
My home loan has about a 15 day grace period before penalty, but the interest keeps racking up, so they don't care too much. It just takes longer to pay the loan off.
TBW[/QUOTE]
What I mean by grace period is the time from when they send the statement till when it's due. I'm sorry for the misleading wording, but that's what the industry uses. Also, if you don't pay everything fully, your grace period is gone. New purchases will start accumulating interest immediately.
You're right, never be even a day late on your payment. I even pay a couple days early just in case there are any delays
I have three credit cards (MC, Visa and Sears) and not one of them has a grace period. If you don't pay on time, its a $39 or more late fee. The days of grace periods are long over. Banks are hurting these days, and they are trying (like airlines) to charge for everything they can.
Hell, my Visa card won't let me pay online from my bank account after 4 PM on the day the statement is due without it being late.
My home loan has about a 15 day grace period before penalty, but the interest keeps racking up, so they don't care too much. It just takes longer to pay the loan off.
TBW[/QUOTE]
What I mean by grace period is the time from when they send the statement till when it's due. I'm sorry for the misleading wording, but that's what the industry uses. Also, if you don't pay everything fully, your grace period is gone. New purchases will start accumulating interest immediately.
You're right, never be even a day late on your payment. I even pay a couple days early just in case there are any delays
Financing a computer is a silly move for another reason. More than likely, as computers go, the tech will be antiquated by the time you leave college. If you're financing because you can't pay large chunks off over the matter of a year, then financing isn't a very good decision. You should never still be paying something off that you aren't even using anymore. I agree with the poster that said to get a netbook (if you _need_) a new computer. I just got an acer to use as a travel computer and its great. I doubt I could play games or anything on it, but for 280, can't beat it.
The reason I dislike checks, is solely based on the fact that you have no record you wrote it. I mean, with a debit card, I can check my online statements and see the date I was charged along with the amount. With a check, I write it, hand it over...and that's it. Are checks the most popular form of payment?
Where can I check my credit score? Do I even have one? Will it cost money? I realize in order to raise my score, I should obtain the money for the product before purchase, charge it, and pay it back before I'm charged interest. With this, I build credit, reduce all risk of paying extra fees and I have the change for redeeming points or cash back.
What is the point of having more than one Credit Card? WTF?
I don't want a net-book, I've played with those at Radio Shack, they are really sluggish, not to mention the screen is tiny and I hate laptops. I'm willing to save for a widescreen monitor if I have to.
Where can I check my credit score? Do I even have one? Will it cost money? I realize in order to raise my score, I should obtain the money for the product before purchase, charge it, and pay it back before I'm charged interest. With this, I build credit, reduce all risk of paying extra fees and I have the change for redeeming points or cash back.
What is the point of having more than one Credit Card? WTF?
I don't want a net-book, I've played with those at Radio Shack, they are really sluggish, not to mention the screen is tiny and I hate laptops. I'm willing to save for a widescreen monitor if I have to.
EDIT: To check your credit report, you can go to AnnualCreditReport.com. You can request one from each of the big three. I usually request it once every 4 months, so I can see how my credit's doing 3 times per year. The Federal Trade Commission's website has more info: http://www.ftc.gov/freereports
Dell offers credit as well, though as mentioned before, any sort of store-branded line of credit (such as Macy's, Best Buy, Dell Financial Services) can harm your overall credit score.
It is good to get a major (Visa or Mastercard) credit card to build up credit for the day when you'll want to buy a house or car, but you wouldn't want to use one of those on a computer.
All credit cards have a closing date for the month. After that date, you'll receive a bill for the charges, usually due 15-25 days later. Some companies send the bill later than others, shortening this window.
Any portion of the balance not paid off in full by the due date is subject to finance charges. There is always a minimum required payment - missing that will usually cost you a late fee. However, there is also the nasty concept of "universal default", where a late payment on one card can cause the rates on all other cards to go up.
The safest way to use CCs is to only charge what you can afford. That is, don't buy it if you don't have the cash to pay for it. As long as you pay off the card in full by the due date, you will not incur any finance charges.
I have a Visa that gives me 2% cash back on groceries, gas, and drugstores, and 1% on everything else, and then I also use a Discover card, which has 5% cash back on various categories throughout the year. Discover isn't widely accepted.
Some (usually local or smaller) merchants do charge more for credit cards than cash (or disallow the use of certain types - like Sam's). This is because retailers must pay a service fee for every credit card transaction they process. While larger businesses eat this cost, others prefer to pass the cost onto the consumer.
I'd agree with the folks who are suggesting you pay for the computer in cash, though you probably ought to shop around for a decent credit card, as well. It's easier to get a card while you're in college, and if you use it wisely you can build up your credit pretty well by the time you finish.
My sister didn't apply for a credit card until she was out of school, and by the time she did (at age 23) she couldn't get more than a $2000 credit limit. She also couldn't get approved for a loan to buy a car. It's a very complicated industry, designed to make as much money off of you as it can, but you can (and should) use it to your advantage if you're careful.
Dell offers credit as well, though as mentioned before, any sort of store-branded line of credit (such as Macy's, Best Buy, Dell Financial Services) can harm your overall credit score.
It is good to get a major (Visa or Mastercard) credit card to build up credit for the day when you'll want to buy a house or car, but you wouldn't want to use one of those on a computer.
All credit cards have a closing date for the month. After that date, you'll receive a bill for the charges, usually due 15-25 days later. Some companies send the bill later than others, shortening this window.
Any portion of the balance not paid off in full by the due date is subject to finance charges. There is always a minimum required payment - missing that will usually cost you a late fee. However, there is also the nasty concept of "universal default", where a late payment on one card can cause the rates on all other cards to go up.
The safest way to use CCs is to only charge what you can afford. That is, don't buy it if you don't have the cash to pay for it. As long as you pay off the card in full by the due date, you will not incur any finance charges.
I have a Visa that gives me 2% cash back on groceries, gas, and drugstores, and 1% on everything else, and then I also use a Discover card, which has 5% cash back on various categories throughout the year. Discover isn't widely accepted.
Some (usually local or smaller) merchants do charge more for credit cards than cash (or disallow the use of certain types - like Sam's). This is because retailers must pay a service fee for every credit card transaction they process. While larger businesses eat this cost, others prefer to pass the cost onto the consumer.
I'd agree with the folks who are suggesting you pay for the computer in cash, though you probably ought to shop around for a decent credit card, as well. It's easier to get a card while you're in college, and if you use it wisely you can build up your credit pretty well by the time you finish.
My sister didn't apply for a credit card until she was out of school, and by the time she did (at age 23) she couldn't get more than a $2000 credit limit. She also couldn't get approved for a loan to buy a car. It's a very complicated industry, designed to make as much money off of you as it can, but you can (and should) use it to your advantage if you're careful.
[quote name='Conroy']They're not supposed to charge more for credit cards than cash, and I haven't seen it in awhile, but it happens. There are also some people who will offer not to charge sales tax if you pay in cash, but there's generally something shady going on there.
Aside from that, almost all credit cards have a grace period of around 20 days (i.e. the time from when you receive the bill till the time it's due). If you pay everything you owe by the due date each month, you pay just what you've spent, no interest.
However, credit cards do not require you to pay the whole amount; they only require a small minimum payment. Once you pay less than the full balance, you start getting charged interest and fees.
If you pay less than the minimum payment, then you get even more late charges, etc.
Do you have any idea on a budget for a computer?[/QUOTE]
Now when you say budget, what exactly do you mean? How much I have or how much I'm willing to save up?
Aside from that, almost all credit cards have a grace period of around 20 days (i.e. the time from when you receive the bill till the time it's due). If you pay everything you owe by the due date each month, you pay just what you've spent, no interest.
However, credit cards do not require you to pay the whole amount; they only require a small minimum payment. Once you pay less than the full balance, you start getting charged interest and fees.
If you pay less than the minimum payment, then you get even more late charges, etc.
Do you have any idea on a budget for a computer?[/QUOTE]
Now when you say budget, what exactly do you mean? How much I have or how much I'm willing to save up?
mkelehan
CAGiversary!
[quote name='cashHD']
Those interest promotions "no interest for 18 months" is very nice as long as you PAY THE BILL OFF BEFORE the 18 months is over.[/QUOTE]
Exactly. They're good deals, really; you build credit, and get to pay off your purchases with 18 months' worth of interest from your savings account on your side. The thing is, if you're a day late with a penny on your balance, you're effed. So don't be. If it's an 18 month deal, pay it off in the 17th month. Don't wait until the last week.
Those interest promotions "no interest for 18 months" is very nice as long as you PAY THE BILL OFF BEFORE the 18 months is over.[/QUOTE]
Exactly. They're good deals, really; you build credit, and get to pay off your purchases with 18 months' worth of interest from your savings account on your side. The thing is, if you're a day late with a penny on your balance, you're effed. So don't be. If it's an 18 month deal, pay it off in the 17th month. Don't wait until the last week.
bread's done