Credit Utilization

olliehillman

!!! wrote: »

Just check the terms when you get it

I've received the terms already and I went all the way through them and I can't find anything wrong with them. It doesn't seem to be a promo. I couldn't believe it when I got accepted I'll be honest, it seemed too good to be true. My credit rating isn't that good I don't think. I have paid off 3 payday loans punctually though but I have had CCJs from when I was a lot younger. I don't know.

Terry_Towelling

olliehillman wrote: »

I've received the terms already and I went all the way through them and I can't find anything wrong with them. It doesn't seem to be a promo. I couldn't believe it when I got accepted I'll be honest, it seemed too good to be true. My credit rating isn't that good I don't think. I have paid off 3 payday loans punctually though but I have had CCJs from when I was a lot younger. I don't know.

0% interest for 20 months is a 'promo' - and it is for purchases only. If you are able to finance your lap-top with a lender and that lender will also let you pay your instalments by credit card, there is a reasonable chance (as Gary Dexter says) that those payments will be processed as cash advances - meaning handling fees and interest charged from day 1.

Paying for driving lessons on a credit card will be possible if your instructor takes credit card payments. Buying and running a car will cost you thousands.

Given your admissions about the way you have managed credit historically, are you sure you are ready for all this extra cost?

olliehillman

Terry_Towelling wrote: »

0% interest for 20 months is a 'promo' - and it is for purchases only. If you are able to finance your lap-top with a lender and that lender will also let you pay your instalments by credit card, there is a reasonable chance (as Gary Dexter says) that those payments will be processed as cash advances - meaning handling fees and interest charged from day 1.

Paying for driving lessons on a credit card will be possible if your instructor takes credit card payments. Buying and running a car will cost you thousands.

Given your admissions about the way you have managed credit historically, are you sure you are ready for all this extra cost?

I guess I'll have to talk to virgin when I get the card about their policy on it.
The company I work for are extremely eager to get me in a van all at their expense so I'm not too worried about the second part
Am I sure? No. I'm not sure of anything but I need the card for work expenses or I am simply going to run out of money and then I'm screwed. I am just thinking about what I can do to get out of my rock and hard place. The company I work for isn't even sending me timesheets and have been spoonfeeding bits here and there. I'm really not sure where I stand. I'm doing all my timesheets and I am certain my pay isn't right but if I leave this job I'm going to get kicked out of my home by my mum. I wanted to go to college and eventually uni to study but I got offered this job and I couldn't not take it. I want the laptop so I can at least try to do what it is I wanted to do. I'm really smart, I tutored kids for maths when I was at school. I don't think it will be that difficult for me providing I use the user friendly programmes that are out there and the guides and help that is widely available on the internet.

Terry_Towelling

It isn't just Virgin's policy that is at stake here. It is the company accepting your credit card for payments where the issues start (if they accept your card at all). If they process your payments as cash, you'll get the cash charges and unavoidable interest. If they process your payments as purchases, it will then be down to Virgin's policy on what it perceives to be cash or cash-like.

In your second paragraph you talk about maths, say you are smart and that you will follow programs and guides on the internet. I take it you are talking about software design here (rather than driving, which has nothing to do with academic qualifications). Does this mean you intend to spend a fortune on a piece of kit to do something that you know little about?

How long is it since you left school and stopped tutoring the kids in maths?

olliehillman

Terry_Towelling wrote: »

It isn't just Virgin's policy that is at stake here. It is the company accepting your credit card for payments where the issues start (if they accept your card at all). If they process your payments as cash, you'll get the cash charges and unavoidable interest. If they process your payments as purchases, it will then be down to Virgin's policy on what it perceives to be cash or cash-like.

In your second paragraph you talk about maths, say you are smart and that you will follow programs and guides on the internet. I take it you are talking about software design here (rather than driving, which has nothing to do with academic qualifications). Does this mean you intend to spend a fortune on a piece of kit to do something that you know little about?

How long is it since you left school and stopped tutoring the kids in maths?

Regarding virgins policy that last bit is exactly what I meant I am curious/hopeful as to whether it will see them as purchases or not but I think you guys are right it will probably be treated as cash.

I mean I know some coding and I have previously learned quite a lot but I have never had a device capable of doing the things I want so I've laid it to rest a few times and I'm quite forgetful without stimulus. I can jump straight back into things though it'll take me a week or so to remember what I am doing. As for professional or physical experience creating I have little. That does not frighten me though. My understanding of advanced mathematics is outstanding. I haven't tutored kids for about 7 years but I can still do calculus and stuff. I'm a bit rusty but it will come back to me. I want to get into object orientated programming but I will keep it more basic at first just creating easier things for a quick buck. I want to experiment. I have some things in my head that I could smash in a couple weeks, launch them and try promote on twitter to test the water and hopefully get some funding for bigger projects. I think a lot of it is about promoting which is all about persistence once you have a viable product. So yeah it's a bit of a grey answer I know but no I don't have working experience but I have a brain in my head.

Terry_Towelling

So, when you say you have CCJs from when you were a lot younger, you actually mean 'quite recently' and certainly within the last 7 years. Some of these CCJs will still be on your credit file I imagine, so you have done quite well to get a Virgin credit card. Now, how far have you looked into getting finance on this lap-top?

I should hope you can still do calculus - we did that at O-level decades ago (ask your granddad about O-levels). I'm not sure I can still do 'stuff' though.:) Being forgetful doesn't augur well but if you think you can do it, best of luck.

olliehillman

Terry_Towelling wrote: »

So, when you say you have CCJs from when you were a lot younger, you actually mean 'quite recently' and certainly within the last 7 years. Some of these CCJs will still be on your credit file I imagine, so you have done quite well to get a Virgin credit card. Now, how far have you looked into getting finance on this lap-top?

I should hope you can still do calculus - we did that at O-level decades ago (ask your granddad about O-levels). I'm not sure I can still do 'stuff' though.:) Being forgetful doesn't augur well but if you think you can do it, best of luck.

Thank you, yeah I suppose it was recent. I left home young and moved back quickly though. I have mildly looked into financing it. I know I can get it on paypal credit from amazon but buying from dell directly means I get some customization at a cheaper price so i need to look into that

cymruchris

Do you NEED a £2.5k laptop though? Yes it might be nice to have the latest model with all the bells and whistles, but would a more affordable option be better in the short-term until you actually start making money? If you're going to start on some low-grade stuff to see how well it works, and promote yourself on twitter - why not get something less expensive - get that income rolling, and then upgrade in the future if things begin to take off, and the money is truly rolling in.

[Deleted User]

What due diligence have you done regarding lengths of time before a you stop making losses - before you start and stop breaking even - and before a profit is seen ?
That final goal can be many years.


What financial, and practical, contingencies have you in place for the times/years when those losses are greatest ?
That can be a long and difficult period.


You don't start enjoying the financial benefits for several years when starting on the road of self employed business person.
I speak from experience.
The product may be different but the principles aren't.

msallen

I was also good at maths, and hence spent twenty years as a software engineer (and still keep my hand in a little even though I no longer work at the code-face). I can guarantee that there is no "coding" that requires a £2.5K laptop. It is feasible that some proprietary tools used for development for certain platforms could demand an outlay of that much (and more) on both the h/w and s/w combined, but that is not what you seem to be talking about.

What sort of thing is it that you need to be able to do on it? I'm sure we can find you something that will do the job for well under £1K.