$500 Deposit!?

Discussion in 'iPhone' started by tucker3434, Jul 26, 2010.

  1. tucker3434 macrumors regular

    Joined:
    Dec 23, 2009
    #1
    Anybody else get caught up in this? I would have been shocked to hear that I had a $100 deposit. $500 had me running out of the store to check to see if someone had stolen my identity. Of course, they hadn't, and my credit is more than fine. I'm still not really sure what the problem is, and NO ONE else is charging me a deposit. Somebody up there doesn't want me to have an iphone.
     
  2. macfan881 macrumors 68020

    Joined:
    Feb 22, 2006
    #2
    Welcome to the last 10 years this is not new with cell phones :rolleyes:
     
  3. tucker3434 thread starter macrumors regular

    Joined:
    Dec 23, 2009
    #3
    It is to me. VZW never made me pay a deposit, but I have been a customer of theirs for about 6 years.

    And the thing that really bothered me is that I took my lunch break to go get it today. After 30 min someone came to sell me one. After about 15 min of processing in the final step, bang, $500 fee. What a waste of time. No way in hell I'm letting AT&T hold on to my $500 unless they are very competitive with their interest rates.
     
  4. hcho3 macrumors 68030

    Joined:
    May 13, 2010
    #4
    It could be your credit scores or it could be your payment history. However, you can call verizon and kindly ask them to re-evaluate based on your long history with Verizon. Most of times, they will say yes. However, if it still shows deposit, then sorry. Dump that carrier.
     
  5. Statusnone88 macrumors 65816

    Statusnone88

    Joined:
    Jun 19, 2010
    Location:
    Orlando, Florida
    #5
    When I turned 18 I started a phone line with AT&T. I had "no credit" so they decided to charge me a $500 deposit.

    Long story short, after fighting with AT&T for a good hour, I had to break down and call my mother to start it for me. Thanks Mom :apple:
     
  6. jyj macrumors member

    Joined:
    Sep 11, 2009
    #6
    i had to pay a $500 deposit with AT&T when I first got my iPhone a couple years back - but i was new to the US and my Canadian credit history had no bearing on...anything.
     
  7. tucker3434 thread starter macrumors regular

    Joined:
    Dec 23, 2009
    #7
    It isn't my scores or my payment history. My report is about as spotless can be expected. I probably just have the wrong type of debt. VZW isn't the problem. I can stay with them with no deposit. I was trying to switch to AT&T.
     
  8. murdercitydevil macrumors 68000

    murdercitydevil

    Joined:
    Feb 23, 2010
    Location:
    california
    #8
    Same thing happened to me. I put up with it and paid. Letting them hold on to the money for a year isn't all that bad, I suppose. Plus I learned my lesson about the value of credit. About 2 weeks after that, I finally got approved for my first CC.

    The dumbest thing about it though, is that AT&T doesn't report to credit bureaus, so every single on-time payment never gets reported to build your credit. But as soon as you miss a single payment, all hell breaks lose and you better believe they run to the credit reporters.
     
  9. Chupa Chupa macrumors G5

    Chupa Chupa

    Joined:
    Jul 16, 2002
    #9
    Length and variety of creditlines are two of the key factors. You could have a 700 credit score but if you only have 4 years of history (CCs, Mortgage, student loan, etc.) it make it harder to judge creditworthiness and companies are skiddish, especially now.

    It's because ATT does not grant credit. The only companies that report regular payment history are companies that loan or advance you money. No utility notes payment history on your credit report. However, if you don't pay a bill then they or the credit collection agency they sell your bill to may report non-payment
     
  10. maflynn Moderator

    maflynn

    Staff Member

    Joined:
    May 3, 2009
    Location:
    Boston
    #10
    Either way, there's something in your credit report that fired off a red flag which is causing the 500 dollar deposit. You'll get it back after one year of paying your bill on time.
     
  11. labman macrumors 604

    labman

    Joined:
    Jun 9, 2009
    Location:
    Mich near Detroit
    #11
    1st check you credit score make sure there are no issues.

    att has the right to request a deposit if they wish.

    you have a right to pay or not to pay the deposit and take your money / business else where.
     
  12. Buddhaluver macrumors regular

    Buddhaluver

    Joined:
    Jul 5, 2010
    Location:
    Hollywood, CA
    #12
    Were your payments on time with VZW? I was pretty young(20) and had to pay a $200 deposit with VZW because AT&T wanted $500. So I changed to get the iPhone 3GS to AT&T 2 years later and AT&T did not require me to have a deposit at all.
     
  13. thelatinist macrumors 603

    thelatinist

    Joined:
    Aug 15, 2009
    Location:
    Connecticut, USA
    #13
    I can promise you it's something on your credit report. They don't charge you a deposit for the hell of it. I would guess it's the length of your credit history. How old is your oldest credit account (loan, credit card, etc.)?

    Of course Verizon's not going to ask for a deposit from a current customer, but don't be sure they wouldn't if you were trying to open a new account today. The financial world is a very different place now than it was six years ago.
     
  14. Wrathwitch macrumors 65816

    Joined:
    Dec 4, 2009
    #14
    Can you imagine how much wasted data that would transmit, people who were faulty in payments would get lost in the "good boy/good girl" payment transmissions. Generally they don't go running at a missed payment, they have policies with warnings etc that go out first. Then after a period of time you would take a credit hit. It's like the banks. People would never do business with companies if they got hit for EVERY late payment.

    Also, might be good for you to know that every time a credit check is done on you without some sort of loan or payment being arranged it shows as a mark on your credit history, so if you are going to check your credit, find out how you can do it without being faulted.
     
  15. Geckotek macrumors G3

    Geckotek

    Joined:
    Jul 22, 2008
    Location:
    NYC
    #15
    It amazes me how many ppl have no clue how credit works. So many ppl actually believe that they earn credit by paying their utility bills on time. Clueless.
     
  16. smithrh macrumors 68020

    smithrh

    Joined:
    Feb 28, 2009
    #16
    This is how it SHOULD be, but it isn't always so. The gas company here reports payment history; I filed a complaint with the watchdog agency but they wanted me to jump through a bunch of hoops to get a complaint rolling through the machinery. I've also seen the electric company report payment history too.

    No, I'm not on a payment plan, before someone asks. I get billed for the month and pay.

    I have VzW service for work, so that's not billed to me so I don't know if they report. I should check to see what AT&T does...
     
  17. tucker3434 thread starter macrumors regular

    Joined:
    Dec 23, 2009
    #17
    Oldest account is 20 years. I am a recent college grad, so most of the meat of my history has been made up over the last few years. I never pay late and I pay my cc off every month. It's been at least two years of that. I thought it would be enough.
     
  18. thelatinist macrumors 603

    thelatinist

    Joined:
    Aug 15, 2009
    Location:
    Connecticut, USA
    #18
    If your oldest credit account is two years old, that would definitely be considered a short credit history.
     
  19. smithrh macrumors 68020

    smithrh

    Joined:
    Feb 28, 2009
    #19
    Not sure how you'd have an account that old, but anyways...

    I agree that, based on what you've said, it should have been enough. Two things, one, you might consider getting your credit score from FICO (myfico.com) and just make sure it's still decent. Secondly, you may ask AT&T why they're denying you credit. Normally I'd say that they have to tell you, but I'm not sure if a subsidized phone strictly counts as credit or not.

    Or get your free credit report at annualcreditreport.com (NOT free credit report, those scum). There won't be a score in there (you have to pay for that from FICO) but it's a quick way of checking all 3 sources of credit info.

    You do have to check all 3, AT&T pulls from one of those 3, and the information between the 3 isn't totally sync'd up. You could have 2 great reports and think you're OK when the 3rd has red flags on it.
     
  20. tucker3434 thread starter macrumors regular

    Joined:
    Dec 23, 2009
    #20
    I don't honestly know either. It's just what my report showed. But, like I said, over the last few years I didn't miss payments on anything. I checked on equifax, which is who at&t told me they use. I guess my history just isn't good enough yet. Maybe I should buy a car and a house?
     

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