Question about credit cards etc...

Sakujou · 06-26-2008, 01:25 AM

Alright, so first off, I was going to buy this laptop from Sonystyle.com, and there was this awesome thing I saw no payment for 12 months no interest for 12 months etc...so naturally I was like sweet,

but I got rejected! From their credit card thingy.

Do I have to use their credit card? Or are you able to use any credit card and have that ability?

Second I want to know why I get declined from almost every single Credit application, theres only 1 I didn't get declined to.

I have never had a credit card before,
I'm 19
I make about $28,000 a year, I live with my parents, so I pretty much have my money to do whatever I want with except when they need help with bills or something.

Anything I buy I buy straight out. THis is the first item where it will take me like a month or two to pay off, but I was rejected and must know is there anyway around it? or is my only option buy straight out with this also? if so I will just have to wait for two months(Like I said I would have it paid off in 2 months) to get the money, but I really wanted to get it before summer classes started....lol The 1 application I did apply for and got approved, they are sending the credit card I guess or something I dunno haha...like I said I've never had a credit cad and know nothing about them....Thanks...

Hedwig · 06-26-2008, 01:30 AM

The reason you're getting rejected is because you have no credit history. When you get your card, use it wisely. Use it every month and pay it off when the bill comes. Over time, your credit score will increase.

In the meantime, the best way to build credit is to be added as an authorized user on someone else's account.

If your parents have good credit, ask them if they'll add you to one of their accounts. You want to be on an account that has a fairly long history, and that has a low balance to available credit ratio.

You don't even have to have the card. Your parents can add you to the account, have the card sent to them, and cut it up. The goal is to get that account reported on your credit history.

As far as buying the computer, most sites will let you use another method to pay, meaning you can use another card. When you check out, say you don't want to apply for their credit and usually you get another screen where you can put in your account information. But I'm not familiar with the site you mentioned.

Sakujou · 06-26-2008, 02:17 AM

Well I did get approved for one credit place, like I said, so I am going to be using that one...
Now I'm wondering with places like dell etc, that says if u get our Dell Credit card no payments for 12 months etc...must you have their card or can you use your own and still get that deal?

And lets say you dont get that deal, and charge the lets say $1000 on your credit card. Does the interest accumulate every month for that card? Lets say its like 25% interest, thats annually correct?

so if I charge it, I can easily pay it off in like 3 months with no penalties?

jlynn · 06-26-2008, 07:39 AM

The deal, would probably be on their credit card. Dell and Sony and similar with these 0% financing deals have no control over interest rates of other banks' cards.

Interest rate figures are annual, but normally calculated on a daily rate.

centex · 06-26-2008, 10:09 AM

flying with jlynn on that one...ok, not literally - haven't buzzed that part of the State yet

but...when a company offers a promo, it is through their financing program. The offer would not exist if you, for example, used an AMEX except and unless the AMEX card had its own promo going on. However, that promo would be unrelated to the purchase and would, instead, simply be a coincidence...