Will I be accepted for Apple's Consumer Loan?

dex91

I'm a 22 year old student and I want to indulge in a MacBook Pro which will set me back £1250 (for laptop, case and software). I want the loan to pay for the £1074 cost of the MacBook Pro.

Here's some info about my poor credit history - I have two credit cards, an RBS student card with a limit of £500 since I was 18, used a lot but not so much in 2013. The other is a Bank of Scotland card with a limit of £500 which currently has £340 to pay off. I also have an overdraft of £1250 and I am always around £1000 overdrawn at the end of the month. But I have never gone over the overdraft and never missed a credit card payment.

So what do you think, am I likely to be accepted? ... and will this affect my long term credit rating?

MrSilk

Income?? Any late payments/defaults?

Apple finance is provided by Barclays, so you should be OK.

Are you on electoral roll?

Dovah_diva

How long is a piece of string? No one can say for certain whether you're likely to be offered the credit. I think that living in your overdraft is quite a big negative as it demonstrate you cannot budget. You also have two credit cards, one quite close to its limit.

So do you make minimum payments on the CC? Do you work? If so, how much do you earn? What are your outgoings? Are you on the electoral register? If so, for how long? All these things will be relevant.

Personally, I would advise that you cannot afford to indulge in a MacBook and would recommend saving for a cheaper laptop.

dex91

Thanks for the prompt responses folks

MrSilk wrote: »

Income?? Any late payments/defaults?

Apple finance is provided by Barclays, so you should be OK.

Are you on electoral roll?

No late payments or defaults ever. I am currently on the electoral roll although the form for this year only came in last month - still have to send it off but every time the form comes I fire it off.

Dovah_diva wrote: »

How long is a piece of string? No one can say for certain whether you're likely to be offered the credit. I think that living in your overdraft is quite a big negative as it demonstrate you cannot budget. You also have two credit cards, one quite close to its limit.

So do you make minimum payments on the CC? Do you work? If so, how much do you earn? What are your outgoings? Are you on the electoral register? If so, for how long? All these things will be relevant.

Personally, I would advise that you cannot afford to indulge in a MacBook and would recommend saving for a cheaper laptop.

First off I do try and budget but every month more money is going out than comes in As for minimum payments on the CC, its variable, sometimes I do (the last month or two I have) and other months I pay more than the minimum. I only work during the summer and I take in about a grand a month, but thats the only time I work. I have been on the electoral register since I was 18 (I think...).

R_P_W

dex91 wrote: »

Thanks for the prompt responses folks



No late payments or defaults ever. I am currently on the electoral roll although the form for this year only came in last month - still have to send it off but every time the form comes I fire it off.



First off I do try and budget but every month more money is going out than comes in As for minimum payments on the CC, its variable, sometimes I do (the last month or two I have) and other months I pay more than the minimum. I only work during the summer and I take in about a grand a month, but thats the only time I work. I have been on the electoral register since I was 18 (I think...).

So you can't manage your outgoings to match your income? Best thing to solve that is to borrow another 1200 quid on top!

dex91

R_P_W wrote: »

So you can't manage your outgoings to match your income? Best thing to solve that is to borrow another 1200 quid on top!

Ha would if I could mate I've been living like this for 4.5 years now, its the same every year, my summer work sets me up until November/December then I start to go into debt right through until May of the next year and I have to dip into my savings at the end of each month to balance things. I'm going to the bank of Monday to see if I can extend my overdraft to 2k and the credit card limit to 1k for additional help for next year

Dovah_diva

dex91 wrote: »

First off I do try and budget but every month more money is going out than comes in

So what makes you think you can afford another debt?

tiger_eyes

It's crazy to borrow over £1000 on top of your existing debt when your income already doesn't cover your living expenses.

whitegoods_engineer

You could buy a 2nd hand Windows laptop for £150 instead of the overpriced Apple product, then start to pay off your debts with the money you'd be paying in interest!

dex91

I appreciate the concern guys, but I think I have painted a worse picture of my financial situation. My management of money is probably bad practice but my overdraft debt could be paid off with my savings and I could buy a macbook after paying that off and still have a couple grand left over. I just want to take advantage of the 0% monthly installments rather than a lump sum payment.

aimingforadebtfreelife

Credit companies change their goalposts daily - as long as you are on the voters roll then I'd say click submit on the application - it will come back as one of 2 answers, possibly 3

I would say apply on Monday - reason being that at nights and weekends there is a lot of "refer" cases. Basically the underwriters don't work and it piles it up for them the next working day.

At least if you apply 9-5 M-F you get an answer pretty much straight away and not left dangling.