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This seems like a logical and interesting service that should drive quite a few sales for Apple as people impulse-buy status symbols they shouldn't really try t
by logicalmonster 4y ago
This seems like a logical and interesting service that should drive quite a few sales for Apple as people impulse-buy status symbols they shouldn't really try to afford.
My big concern with using some of these "pay later" types of services is that it seems incredibly risky to your credit score even if you do everything right and pay it off on time.
If Apple or anybody else can clarify on this point, that would be great. Otherwise, I'd never touch this.
- jpollock 4y agoThey typically don't pull a credit score, or register a loan. They try to maintain a continuous auth for the next month's payment. That essentially lowers your credit card limit by the payment amount for the lifetime of the loan. If any single payment fails, they will then try and go for the remainder.
- logicalmonster 4y agoI don't think a credit pull is the biggest concern here. Couldn't using this reduce the average age of your accounts, which is a big factor in credit score calculation?
- jpollock 4y agoIt doesn't register a loan, so there's no new account to affect credit score?
- logicalmonster 4y agoYou used the word "typically" in the last post, which isn't a very precise or confidence inducing word when dealing with something important to your life.
- twblalock 4y agoThe only thing that reduces the average age of your accounts is opening new accounts or closing old ones.