Anyone else worried?

Discussion in 'iPhone' started by TheBusDriver, Jun 21, 2007.

  1. TheBusDriver macrumors 6502

    Joined:
    Dec 24, 2005
    #1
    Is any one else worried about the Credit check? As a college student with not many chances to get credit, I'm hoping I can get on the contract without a co-signer. Does anyone know what your credit number has to be to get approved?

    Thanks,
    Steve
     
  2. adamjohn98 macrumors member

    Joined:
    Jun 5, 2007
    #2
    Hey Steve,
    I am also a college student worrying about my lack of credit. According to a few others on another forum, they recommend that you walk into a Cingular/ATT store, and ask to have your credit checked. You can do this without any obligation whatsoever, and the info (hopefully good) will be stored online (accessible to all other Cingular/ATT stores) , so you will not have to undergo another credit check when you purchase the iPhone, thereby speeding up the process of buying an iPhone. I will be personally testing this theory out tomorrow, by travelling to the only corporate store in my region. I will post back tomorrow evening and let you know how it goes.
     
  3. DVNIEL macrumors 6502a

    DVNIEL

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    #3
    I've posted a couple of times on this, but you don't have to wait till the 29th to get your credit checked. You can go today and get the credit approval, and it will be good for 3 months.

    I'm not sure what score you need to get, but some AT&T reps say they're the toughest. YET.... I don't have the greatest credit due to my balance to credit ratio, but I do pay my bills on time, even if its just the minimum. I'm 24 years old, a college student and I got approved for 4 lines. I say thats pretty good considering the reps saying they're harder than other carriers. I've been approved for 5 lines with Sprint, and 4 lines with Verizon in the past, so I think you'll have no problem.

    Please note, you should do this only at a corporate AT&T store, not a franchise. Your credit will be stored in their databases and will be accessible at any other corporate branch.
     
  4. tkidBOSTON macrumors 6502a

    tkidBOSTON

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    #4
    Okay, I'll admit it, I have bad credit.
    However, I switched from TMobile to Cingular late last summer with no problems. I'm pretty sure if I can get in, people with no credit or little credit shouldn't have a problem.
    ...Just so long as you haven't declared bankruptcy.
     
  5. swingerofbirch macrumors 68030

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    #5
    For you college students, get your parents to take out a card in your name that they will use regularly. That helps build up your credit score so you start off on a better footing.
     
  6. /dev/toaster macrumors 68020

    /dev/toaster

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    #6
    Maybe the stores will do this, but if you call and have them do a credit check the store can *NOT* get this info. I have already asked a few times on this.

    Verizon has the highest deposits of all providers. For me, Verizon had $1000 deposit, and AT&T is only $750. Where T-Mobile and Sprint are only $500.
     
  7. synth3tik macrumors 68040

    synth3tik

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    Location:
    Minneapolis, MN
    #7
    This is a good reason to have good credit, hu?

    In any case as long as you have money for the phone and have good enough credit to get a phone plan for any other phone, you should not have issues.
     
  8. fenixx macrumors regular

    fenixx

    Joined:
    Mar 23, 2006
    #8
    I'm a college student; but I have really good credit. Being in college isn't an excuse... infact I think it is the perfect time to get your credit started. I just financed my own car a few months ago.

    If you are afraid of credit cards, do as suggested above and have your parents put your name on one of their cards [only if they have good credit history] and start to build it up that way.

    I just hate hearing the being in college equates to having poor or no credit.
     
  9. tutubibi macrumors 6502a

    tutubibi

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    #9
    This is of course not iPhone specific, that happens for everything these days.
    In the age of 0% mortgages they will do a credit check for a $600 phone that you pay for immediately and any service charges are in advance? :D

    Scary and laughable how people are willing to accept that stuff ... :D
     
  10. MagicUK macrumors regular

    MagicUK

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    Hampshire, England
    #10
    If you can't afford it, don't buy it. This US thing of parents credit cards doesn't happen in the rest of the world, and the idea of building up a good credit score so you can get a loan is just stupid. If you work towards anything work towards not needing credit.
     
  11. St. Germain macrumors 6502

    Joined:
    May 19, 2006
    #11
    Actually, you can easily build credit by taking out a credit card in your own name, making purchases on it each month (gas, pizza, beer, whatever) and then paying it off in full at the end of the month. You don't need to carry a balance to build credit. Just pay your bills on time. Very easy to do.
     
  12. sananda macrumors 68020

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    May 24, 2007
    #12
    did you buy your house with cash?
     
  13. cire macrumors 6502

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    Jun 21, 2007
    #13
    Actually, MagicUK credit isn't about being able to purchase things you can't afford...and this thread is evidence of that. Companies use it to judge whether to enter into a relationship with you...cell phone companies and even some utilities. Plus some jobs require credit checks. So, I say everyone should use credit, to demonstrate their creditworthiness, but no one should use credit to buy something that they cant afford.
     
  14. adamjohn98 macrumors member

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    Jun 5, 2007
    #14
    I believe that it was one of your posts that I read villanova, thank you it was very informative! For the people in this thread who are offering helpful tips instead of bragging about how perfect their credit is like a certain individual, I say thanks to you as well! I believe many people who are looking into purchasing iPhones that are transitioning into the world of credit will appreciate this advice.
     
  15. applehero macrumors 6502

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    #15
    You need to make sure that you can afford the $60 - potentially $100+/month for the 2 year commitment, otherwise you're already on the wrong path. Just because you can buy something now doesn't mean you should. You need to think about the commitment and whether or not you will be able to fulfill it. When I was in college, I fell into this trap. It took a while to recover from, but I did. Don't make the same mistakes that so many people get into with their first credit experiences.
     
  16. killerrobot macrumors 68020

    killerrobot

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    #16
    That's easier said than done for lots of people. Hence, the BAD credit.

    The day I have to drop 1000 deposit for a cell phone is the day I can live inside my cell phone for a year. That's a freaking rent deposit, not a phone deposit. :eek:
     
  17. DVNIEL macrumors 6502a

    DVNIEL

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    #17
    Ummm... I don't see why people think using a credit card then paying it off in full at the end of the month makes your credit better.

    Truth be told, if you want to build your credit, you need to maintain a balance, preferably 30% maximum. What is the point of you having a credit card if you're just going to pay it off in full at the end of the month. Banks are not going to want to deal with you because they are making $0 on your account, so if you pay your off your balance every month, you might as well have a zero activity account.
     
  18. killerrobot macrumors 68020

    killerrobot

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    #18
    NO. Banks look to make sure you pay on time and then they look at total available credit. If you have 1000 on a cc with 2000 max, that means half your credit is used up. Banks don't like to see that. The more available credit you have and the longer the account has been open, the higher rating you get.

    And the point of using credit cards and paying it all off on time are the REWARDS (miles, cash back etc.) that CC offer, and you wouldn't get if you just paid in cash in the first place.
     
  19. cire macrumors 6502

    Joined:
    Jun 21, 2007
    #19
    Villanova, that is not really true. That might build your relationship with a single creditor, but it can harm you with others. Current balances are a negative to your credit score. Payments are a positive, so, small balances paid off monthly give the best results. As far as I know, the credit score never gives a positive for a balance, at best a wash or a small negative.

    I was recently turned down for a new account because I had balance on a card just above 25%. When I told them I had the cash in the bank to pay it and it was a zero interest card, they said pay it off and reapply in 90 days.
     
  20. DVNIEL macrumors 6502a

    DVNIEL

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    #20
    Uhhh yeah of course you have to pay on time, that shows your responsibility. But if they're not making any interest off you, you're unprofitable to them. Banks want to give out credit and loans so they can make money off of it.

    EDIT: actually, thats just what i've heard. Don't shoot me in the head as of yet, I have loads of friends that are real estate brokers that tell me this info. I'm honestly the last person to listen to regarding credit cause I've had my share of dumb deals in the past. I'm just happy I can afford an iPhone right now. So I'll welcome the enlightenment
     
  21. killerrobot macrumors 68020

    killerrobot

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    #21
    I'm pretty sure you confusing loans with credit ratings. Yes banks want to make money off of you, hence the loans and interest. But they check your credit ratings (available credit, being paid on time etc. -) to give you the right amount of loan money so that they don't completely get screwed by you if you stop paying them. :) Which by the way would lower your credit rating, and then the amount someone is willing to loan you next time round.
     
  22. applehero macrumors 6502

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    #22
    I have family in the banking business and I can tell you that carrying balances on credit cards does NOT help your credit score. The best way to build your credit score is to pay off the balance every month, just as St. Germain suggests.
     
  23. eddietr macrumors 6502a

    Joined:
    Oct 29, 2006
    Location:
    Virginia
    #23
    Back to the original question, I wouldn't worry too much. I know I got a cell phone when I was back in school with no problem and I know my (now) wife and our siblings did as well. If I remember correctly, all I had at the time was am Amex charge card (not even a credit card).

    You're not leasing a luxury car or trying to get an excellent rate mortgage or something. It's just a phone, I don't think they have very high standards for credit worthiness.

    They key when you're starting out is to avoid negative issues on your credit report. And as others have said, having balances is definitely a negative issue, especially if those balances are a good percentage of your available credit.
     
  24. eddietr macrumors 6502a

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    Oct 29, 2006
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    Virginia
    #24
    Yes, as others have said, banks and anybody else making a credit decision are much more concerned about default risk than anything else at that point in the decision process. People will zero balances and plenty of available credit are statistically lower risk.

    It's all based on the statistics, the probability of default.
     
  25. TheBusDriver thread starter macrumors 6502

    Joined:
    Dec 24, 2005
    #25
    Ok let me clarify, I'm not using me being a college student as an excuse. I have a credit card and pay it on time I also have a 80 dollar a month bill from BOSE for there aviation headset that I have always paid on time since december. So I have some credit I just wish I knew if I would be accepted. I will go tomorrow and see if I can get a credit check.
     

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