Can you really build credit when you get a computer? You may have seen some of the ads claiming this is in fact the case and to some extent, it is. There is, however, much more to it than this. Those with a very bad score can get a new laptop or desktop loan without any type of score requirements. Companies like Blue Hippo will offer you a loan regardless of your score, so you can get a chance to build credit with a PC loan. Whether or not a Blue Hippo PC is for you is a matter of personal choice. For those looking to build credit and get a computer.
Build credit â€“ get a computer! What does this mean?
Companies offering to help you build credit and get you a computer are simply using a slogan to advertise their laptop financing programs. You can improve your score with a laptop loan if you make payments as set out in the contract. At the end of the day, it's simply an advertising slogan. Is there a catch to guaranteed laptop financing?
Blue Hippo PC:
Blue Hippo financing is perhaps the most famous or perhaps infamous of those offering to build credit and get a computer. You make payments to the Blue Hippo financing company in exchange for a new laptop or desktop PC. The units are new and come with a complete warranty, just as they would with any other purchase. While the allure of the ads, "build credit get a computer", can be quite alluring, it is not without risk. Blue Hippo has filed bankruptcy. It seems they were not sending out the PC's to their customers, but still charging them. Perhaps a better offer to some to to consider refurbished and scratch and dent laptops and desktops.
Those that have bought a new Blue Hippo PC have varying degrees of satisfaction, but most claim they were not even sent their PC. Some are quite happy they were able to get PC financing without a score check and are able to stay current on their payments, at least in the earlier years. Others, which you can read about extensively on the internet, are very angry with the company claiming to build credit when you get a computer. This is similar to most other no check pc financing programs.
Blue Hippo financing isn't the only company offering to give you a PC loan. In fact, you cannot get one with them anymore, since they filed bankruptcy. Still, there are hundreds of companies out there that seem to specialize in this. If you cannot get a laptop loan through a traditional lender, you may be able to find a company willing to help. Of course, when you use one of these companies, there are some risks involved. When you look to build credit and get a computer, you will want to check out all you can about these companies.
Is this a scam?
Not really, at least in the most strict sense, with the exception of Blue Hippo and a few others. You will read that companies offering to help you build credit and get a computer have many detractors. You will pay a very high rate of interest. In fact, you can pay more interest alone over a few years than you will actually borrow. This means you will build credit and get a computer, but you'll pay double the sale price, or more when interest is taken into account. In addition, many PC financing companies require you to buy the PC from them, so they can mark the price way up. The laptop financing company may charge you 50% more for the initial purchase, smack you with high rates of interest and incredibly strict payment needs, and make out like kings. When you try to build credit and get a computer, you can improve your score, just as you would through any other loan, but you can also decrease it, should you have issues making payments on time.
Since the terms of the contract for the PC financing are spelled out and available for you to read, and the risk for the companies, like Blue Hippo financing is high, they are not scam artists. They may, however, push the envelope a bit when it comes to late fees and penalties. If you are looking to build credit when you get a computer, you will need to read the fine print very carefully.
If you intend to build credit when you get a computer, there are some legitimate ways to make it all happen. Let's take a quick look at how you can actually boost your score from the comfort of your own home. You can also attempt a debt settlement.
Build Credit â€“ Get a Computer! The real way to do it!
While companies like Blue Hippo PC financing can offer you the allure of improving your score, it's really just another PC loan and financing program. Those looking to build credit and get a computer may find it very possible, after the purchase has been made. Here's how to improve your score, so you don't need to rely on companies like Blue Hippo PC to get laptop financing. You may even qualify for free laptops for the poor or students.
Check score online: Assuming you have a PC already, you can build your credit when you get a computer. There are many online sources for tracking your score that can assist you in making the improvements you need, so you can get PC financing in the future, without paying high rates of interest. The plans for tracking your score are not free, but they may be worth the investment. When you track your score, you are alerted to issues and new reports. You can fight inaccuracies in your score this way. You really can build credit when you get a computer this way.
Challenge errors: Build credit â€“ get a computer! It's true, but not so much from taking out a PC loan. This is really all about checking out your report, so you can challenge the inaccurate reports. This can boost your score quickly. In fact, it may take less than 30 days, from start to finish, to build credit enough to get a computer with a more interest friendly lender. This will allow you to save a lot of money.
Make money â€“ pay off debts: You can build credit when you get a computer if you put it to use. There are several ways to make money online with your laptop. I make some money blogging. You can do this as well, and use the money to pay off bills and improve your score.