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I am 18 and a freshman in college. I ended up having to take around $ 9000 in student loans (expensive school, could only pay around half of tuition on my own) and repayment does not begin until after I graduate.

Other than that, I don’t have anything on my credit. I have no credit card (and I don’t particularly want one) although I do have a debit card. As far as I know that does nothing for my credit.

I have a job at my university at make around $ 400 a month. Next week, I will be starting a second job making around $ 250 more per month. That’s a total of $ 650. I live off around $ 550 per month as I have really cheap rent, get meals for free because I work at a dining center and I don’t have or need a car.

My student loans are subsidized (the government pays the interest while I’m in school) and interest won’t start to accrue until I’m done with school.

I want to buy a new laptop, around $ 750. I can put down around $ 200. I would like to do it through Dell financing. I know that it will cost significantly more (if I get a 29.99% APR and made $ 40 payments it would cost a total of around $ 650 by the time I’m done paying it off) and if it means getting a computer now rather than waiting until I’ve saved up for one, it is fine with me.

What I want to know is:

1. Would I even be approved for Dell financing?

2. Would this build my credit score at all? If so, would it build it making higher-than-minimum monthly payments or do I need to make minimum payments to see growth?

3. Am I missing any important information?

I can’t have a parent co-sign…
Lady_cat…I’m not asking if YOU think I should. I’ve looked up the total cost, including interest. I know what to expect.

Before I apply, I want to know whether I’d be approved. THEN I’ll look at the change in that interest rate, etc.

I’m not asking for your opinion on their financing, I’m asking whether I’d be approved.

3 Thoughts on Will I be approved for Dell financing?
  1. Reply
    October 18, 2011 at 5:37 am

    Dear God NO! Please don’t go with Dell. They have great computers but TERRIBLE financing. The interest rate are 30% or above, and that’s for people with great credit. You end up paying about 5 dollars a month off your balance and the rest ends up filling Dell’s pockets.

    Better solution? Go to Best Buy and apply for their credit on a computer. I recommend HP (I love love love mine!) Their interest rates aren’t fantastic but they’re at least in the 20’s. You’ll pay much less over time.

    As for your credit score, any “loan” you take out and pay off regularly and on time will help your credit score.

  2. Reply
    Common Sense
    October 18, 2011 at 6:07 am

    We are not psychic, but your income is too low.

  3. Reply
    Use Your Noodle
    October 18, 2011 at 6:26 am

    Without any prior credit history, being only 18, and making only $ 650 a month is definately going to get you declined for this card. You do not make enough money to have a credit card.

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