Credit Repair

Building Credit To Finance A Laptop

Building credit to finance a laptop should not be a very difficult task for you if you know how to proceed with the right strategies. You need to have a very careful and consistent approach toward it. The easiest way to do this is by using a departmental store credit card, which is very easy to qualify for. There are many stores out there in the market that sell laptops and accept payments from a departmental store credit card. The credit approval policies related to these types of cards are very liberal ones. However, the only drawback of this option is that it charges a comparatively very high rate of interest, which is usually in the range of 21 and 33% per annum. The good thing is that it can help you not just to buy a laptop but also to build your credit. Following is a brief rundown on it.

Apply For It

When it comes to building credit to finance a laptop, the first thing you have to do is to apply for a departmental store credit card. There are certain minimum eligibility criteria that you must meet, such as you must be a US citizen, you must be at least 18 years old, you must have a job or a regular source of income, and that your monthly expenses must not be more than 50% of what you earn. You have a couple of options to apply for the card. You can apply for it through phone or through Internet. You need to provide some basic information about you in the application form, such as whether you share the rent of your apartment with someone else, whether you have your own home, how long you have been living at your current residential address, your social security number, and your name and contact details (phone number, email, and residential address). You will also notice a section in the application form where you have to specify whether you want the financial activities related to that card be reported to the three major credit reporting agencies (Equifax, Experian, and TransUnion). Make sure you opt for it. If your timely payment is not reported promptly to the credit bureaus, you will not be able to use this card to build your credit worthiness.

Review The Credit Limit

When it comes to building credit to finance a laptop, the next thing you have to do is to review the credit limit offered to you on the card thoroughly – obviously after your application is approved. Even if the initial credit limit is a very low amount, it should be high enough to cover the cost of your laptop. But, here, it is very important for you to understand that using the maximum limit on your card is not a good idea if you want to improve your credit situation. A good rule of thumb is to use only 40% of the maximum limit offered to you. Therefore, even if the maximum limit is several thousand dollars, make sure you do not spend more than 40% of it. If that much amount is not sufficient enough to make the purchased of a laptop, you should consider using some cash (from others sources) for the extra money needed.

Last, but not the least, make sure that you pay off the monthly balances on your departmental store credit card in full every month if you are serious about building credit to finance a laptop.

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