Dell financing

[Nuclear Krusader]

Has anyone here had any experience with it? What's the criteria they use? Whenever I apply for it online they say they're sorry, they can't give me any but they don't say why.

TIA for your good input.

[sdkfz]

If you were denied then you are entitled to a copy of your credit reports even if you already have gotten a free one from the site https://www.annualcreditreport.com. I'd check your debt to income ratio and your credit to check for mistakes- identity theft etc.

Credit is based on two things no matter who is the lender:

1) Can the borrower pay it back? - debt to income ratios - see link below
2) Will they? - evidenced by prior payback history - credit reports.

http://credit.about.com/cs/economics101/a/031203.htm

[HAL9000]

Laws are different here in Canada where Nuke is residing. He can contact equifax to see about obtaining a free report, but one done online will cost some money. If you do decide to purchase your credit report online at www.equifax.ca , don't get the basic one for $14.50, it really doesn't tell you a whole lot, spend the extra for the one that is $21.95... it gives you all the details about your credit history.

Nuke, be aware than EVERY time somebody does a credit check on you for financing, you take a 5 point hit to your score.

Are you applying for financing on the dell.com or the dell.ca site. If you are on the dell.com site, that may be why. I know with the credit cards, we get a lot of denials for name and address verifications as they use an automated system that doesn't comply with our formatting all the time. We have to get the customers to contact the merchant and request they call us directly for name and address verifications.

[SonicVanguard]

I've never financed anything through Dell but one of our former interns did. He though it was great that he could get a laptop - and he got a great deal as well. But that deal went south when he asked me why his balance wasn't going down - I looked at his statment and they were hitting him with a 30%+ annual rate. He was paying something like $5 or $10 over the minimum but he had been late a few times as well. So he balance was actually higher than what it had started at.

[Hi Ho]

I don't know a lot about credit ratings and how they work but seemingly small mishaps seem to have a huge impact on credit ratings. My parents were late on one payment for a washer/dryer eight years ago. My dad recently bought a credit report and that one payment was the only blemish but it brought the rating down substantially.

[Nuclear Krusader]

Hal, I'm applying at the dell.ca site. Now, which account am I s'posed to provide them with the info of? The chequing or the credit card? According to the info they provide on their site on how to fill out the credit application they shew a sample cheque and which info on it you should type in, so that's what I'm doing: using a cheque from my chequing account. Should I use one from the credit one?

[HAL9000]

Originally Posted by Hi Ho I don't know a lot about credit ratings and how they work but seemingly small mishaps seem to have a huge impact on credit ratings. My parents were late on one payment for a washer/dryer eight years ago. My dad recently bought a credit report and that one payment was the only blemish but it brought the rating down substantially.

Not sure about the US, but here they can't legally keep that on your record past 7 years.. usually drops off after 6.

Originally Posted by Nuclear Krusader Hal, I'm applying at the dell.ca site. Now, which account am I s'posed to provide them with the info of? The chequing or the credit card? According to the info they provide on their site on how to fill out the credit application they shew a sample cheque and which info on it you should type in, so that's what I'm doing: using a cheque from my chequing account. Should I use one from the credit one?

You're filling out completely, including SIN #? Not leaving anything blank? If possible, I would see if you could e-mail or call them to find out what's going on.

[Nuclear Krusader]

Yep, no blanks.

I was thinking of calling them, but I kinda wanted to know whether I am a credit subject. It feels awful being told you're not to be trusted.

[HAL9000]

Have you been good with your credit card, and your cell phone payments? Not missed any?

[Nuclear Krusader]

I've only been late in a cell phone payment back in 2004. And lately I haven't been able to pay completely my credit card amount by the end date, but I've always complied with more than the minimum they ask for. I rather go without food than being late in any of my payments.