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djcingular

macrumors regular
Original poster
Sep 15, 2014
110
53
Princeton, NJ
Does anyone know if current participants on Apple's IUP will get another hard hit on their credit when they go to upgrade onto the ip7+?
 

kupkakez

macrumors 68020
Apr 4, 2011
2,061
1,256
Austin, TX
Does anyone know if current participants on Apple's IUP will get another hard hit on their credit when they go to upgrade onto the ip7+?

Just a guess but I would think if you are already on it and satisfied the 12 months of payments without issue I can't imagine another hard hit.

Of course who knows.
 

mjb59463

macrumors 6502
Jan 10, 2012
411
168
I made a post about this a week or so ago, and it is my understanding that since getting a new phone would be under a new loan, it would be a hard credit pull.

EDIT: most people here seem to say its a soft. I truly hope that is the case.
 

brianric

macrumors regular
Jul 30, 2011
212
114
I made a post about this a week or so ago, and it is my understanding that since getting a new phone would be under a new loan, it would be a hard credit pull.

EDIT: most people here seem to say its a soft. I truly hope that is the case.
I had that confirmed yesterday at the Apple Store in Delaware. If you got 12 payments but less than 24 payments, you trade the phone in and a new contract is written up, and it is a soft pull on your credit.
 
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djcingular

macrumors regular
Original poster
Sep 15, 2014
110
53
Princeton, NJ
Just a guess but I would think if you are already on it and satisfied the 12 months of payments without issue I can't imagine another hard hit.

Of course who knows.

That's what I would think!
[doublepost=1473276494][/doublepost]
This has already been answered. If you participated in the upgrade program last year and you have made 12 payments then all it is is a soft pull.

Thanks...I'm tryin to limit my inquiries after hitting the 5/24 (5 new accounts in 24mnth period) rule.
 

Newtons Apple

Suspended
Mar 12, 2014
22,757
15,254
Jacksonville, Florida
A credit check that affects (lowers) your credit score.


It "can" affect your credit if you have multiple hard pulls with in a time period.
[doublepost=1473276593][/doublepost]My brother called the carrier and said that there is a hard pull each time you start a new contract. Does not matter to me as I buy outright but a call to the carrier or Apple should have an answer.
[doublepost=1473276680][/doublepost]
as far as im aware the carrier payment plans dont do a new hard pull when you upgrade, why does apple need to?

Why would they not need too? People credit changes and a year can make a big difference for some.
 

Channan

macrumors 68030
Mar 7, 2012
2,881
3,095
New Orleans
It "can" affect your credit if you have multiple hard pulls with in a time period.
That time period is two years, though. If it's the only pull you have on your report, it's not a big deal, but it can hurt some people.

My brother called the carrier and said that there is a hard pull each time you start a new contract. Does not matter to me as I buy outright but a call to the carrier or Apple should have an answer.
I don't think that's true. I don't think carriers run a credit check when you renew a contract.
 
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mjb59463

macrumors 6502
Jan 10, 2012
411
168
That's what I would think!
[doublepost=1473276494][/doublepost]

Thanks...I'm tryin to limit my inquiries after hitting the 5/24 (5 new accounts in 24mnth period) rule.


Oh damn, will this affect 5/24??

EDIT: That's fine, i have no intention of applying for any more credit from Chase or any other bank for a good long while.
[doublepost=1473280183][/doublepost]Also, what bureau does Citizens One pull?
 
Last edited:

taran420

macrumors 6502a
Jun 8, 2008
801
71
Toronto, Canada
Oh damn, will this affect 5/24??

EDIT: That's fine, i have no intention of applying for any more credit from Chase or any other bank for a good long while.
[doublepost=1473280183][/doublepost]Also, what bureau does Citizens One pull?
Experian.

What sucks is that you get a hard pull which is reported but the actual installment payments aren't reported so you're not building up your credit
 

edlex

macrumors 68020
Apr 14, 2010
2,273
1,449
Miami
I would probably bet it will be another hard pull. Don't rely on Apple employees knowing anything about this. Last year we had the same conflicting information and it turned out to be a hard pull (although some people still debate it)l. We will know for sure in 8 days;)
 

ABC5S

Suspended
Sep 10, 2013
3,395
1,646
Florida
Really shouldn't make any difference if you have very good credit. Are you saying some of you have bad credit already or just average credit and are worried about your scores. I got three pulls in the last four months and my credit is still very high around 800. I don't see what the problem is if you have very good credit
 

leesweet

macrumors demi-god
Feb 1, 2009
1,082
271
Northern Virginia, USA
According to the actual terms: http://www.apple.com/legal/sales-support/iphoneupgrade_us/ it's a new loan, with a new credit check. Since it's a new loan like the original, I assume it's a hard pull. What's more interesting is that it states we have 14 days to return the current phone, so, all of this could (have) been done the old way 'over the air' and the new phones shipped to us.

I wonder if that will happen next year, since NEW IUP people are enrolling online.

(OT: Is there no way to include hyperlinks cleanly with the new software?!)
 

edlex

macrumors 68020
Apr 14, 2010
2,273
1,449
Miami
According to the actual terms: http://www.apple.com/legal/sales-support/iphoneupgrade_us/ it's a new loan, with a new credit check. Since it's a new loan like the original, I assume it's a hard pull. What's more interesting is that it states we have 14 days to return the current phone, so, all of this could (have) been done the old way 'over the air' and the new phones shipped to us.

I wonder if that will happen next year, since NEW IUP people are enrolling online.

(OT: Is there no way to include hyperlinks cleanly with the new software?!)


Wow great find of that 14 day return of financed phone window! So technically we can have the phones shipped to us and return the old phone at our leisure within 14 days. That would be so much more convenient. I'm hoping it still may be an option at checkout tonight. I'll find out at midnight!
 

leesweet

macrumors demi-god
Feb 1, 2009
1,082
271
Northern Virginia, USA
Wow great find of that 14 day return of financed phone window! So technically we can have the phones shipped to us and return the old phone at our leisure within 14 days. That would be so much more convenient. I'm hoping it still may be an option at checkout tonight. I'll find out at midnight!
I do NOT think they are doing that this time, unfortunately, as everything talks about coming into the store and bringing your old phone. I'd love to have 14 days to roll everything over, too, and not trust to backups. I bet we can do it all online next year. But that's just my wishful thinking.

Note it doesn't state you HAVE that option, it states IF you have that option, you have 14 days to send it back. Not the same thing. :)
 

mattopotamus

macrumors G5
Jun 12, 2012
14,676
5,894
That's what I would think!
[doublepost=1473276494][/doublepost]

Thanks...I'm tryin to limit my inquiries after hitting the 5/24 (5 new accounts in 24mnth period) rule.

The 5/24 rule (chase) is for new credit card accounts, not new inquiries. For example, car loans or other agencies running your credit does not affect 5/24. It is for new credit card accounts.
 
What's a "hard hit"? :confused:

Credit scores are gathered by either soft inquiries or hard inquiries from a credit check. Soft inquiries are what you get at places like Credit Karma, they do not affect your credit score. Hard inquiries are much more extensive and performing a hard inquiry decreases (hits) your credit score. People who are (and everyone should) concerned about their credit score, especially those in the upper 600s trying to get to 700+, try to prevent too many hard inquiries on their score.

A hard inquiry can take about 3 points off of a credit score and take 2 years to come off, which means if Apple performs a hard inquiry every year, then someone will always have 2 hard inquiries on their credit report, which in some cases, might prevent a lender from saying yes to your loan.
 

Bigserver1

macrumors 6502
Sep 26, 2012
264
112
That's what I would think!
[doublepost=1473276494][/doublepost]

Thanks...I'm tryin to limit my inquiries after hitting the 5/24 (5 new accounts in 24mnth period) rule.

Just FYI the 5/24 is only for credit accounts, and this "loan" won't count against that.

A lot of people are saying it will be a soft pull. I'll believe that when I see it. A lot of people were getting "insider information" last year saying it would be a soft pull, and it was a hard inquiry.

Everyone should expect a hard pull, regardless of whether or not they're already in the program. It's a new loan each year, according to Apple. This is the only real downside to the AUP, an otherwise awesome program. I'll be doing it again, and if it is only a soft pull, I'll be very pleasantly surprised.
 

edlex

macrumors 68020
Apr 14, 2010
2,273
1,449
Miami
I do NOT think they are doing that this time, unfortunately, as everything talks about coming into the store and bringing your old phone. I'd love to have 14 days to roll everything over, too, and not trust to backups. I bet we can do it all online next year. But that's just my wishful thinking.

Note it doesn't state you HAVE that option, it states IF you have that option, you have 14 days to send it back. Not the same thing. :)


just wishful thinking on my part.:rolleyes:

Regardless I don't think it will matter this time around since the anticipated demand shouldn't be very high and stores won't be as crowded. Hopefully they will have the shipping option next year for the 8 (or 7s) since that one is going to be much more in demand. I love this time of year!
 
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