Declined for Apple upgrade program?

[boomhower]

A single hard pull affects your credit score. The magic number of 3 that keeps popping up is irrelevant. For most people a single hard pull will be a 3-5 point drop that will recover in a few months. The whole point of keeping track of inquiries is that someone applying for a lot of credit in a short period of time is a common indicator of financial problems. A couple of inquiries isn't going to negatively effect your score to a point where it means anything. Going from 780 to 775 in meaningless.

 

[wesk702]

Or you can pay off your balance on that card.

Lol, yeah, it's not that complicated. Some people just don't get it.

 

[Applejuiced]

Oh, please get off the elitist high horse. You don't know each person's financial situation to make such boldface and patently false opinions.

I was denied. I am close to a six-figure income, which I am the single income earner in my household of four (2 children, wife is blind). I've paid off my loan for our SUV ahead of time. The only thing on my credit report are the loans for my house.

The housing crisis killed my credit horribly, which I'm trying to rebuild. I'm not meaning to brag here, but while I could easily pay for 10 6s Pluses outright, paying for them outright does absolutely nothing for improving my credit. The AUP program could do that. But by your reckoning, I have money issues.

You don't know anyone's financial situation except your own, so keep your elitism and assumptions in check.




They'll use the same report 3 times before doing another check, if you go with the AUP within 30 days time. After those 30 days, they'll do another hard pull. And it's after the 3rd hard pull that will also lower your credit score, and stay on your record for 2 - 3 years.

BL.

There's a reason you were denied and most likely like you mentioned is because of your credit for whatever personal reasons you might have that caused it to be horrible.
Not sure what you're arguing about. Like you said everyone's situation is not the same so not sure why you're angry about someone speaking the obvious.
It doesn't matter how much money you make or if you paid off something. There's many variables that come into play.
We all have our opinions and way we handle our finances. In the end excuses don't get you financed or approved. Find out the what caused you to get rejected and work on improving your credit situation.
Good luck..

 

[bradl]

There's a reason you were denied and most likely like you mentioned is because of your credit for whatever personal reasons you might have that caused it to be horrible.
Not sure what you're arguing about. Like you said everyone's situation is not the same so not sure why you're angry about someone speaking the obvious.
It doesn't matter how much money you make or if you paid off something. There's many variables that come into play.
We all have our opinions and way we handle our finances. In the end excuses don't get you financed or approved. Find out the what caused you to get rejected and work on improving your credit situation.
Good luck..

No argument there. However, to blatantly say that "if you can't finance an iPhone, then you don't need an iPhone, because you can't afford it or have money issues or living beyond your means" is a disingenuous assumption at the least, and trolling at the worst. People saying that don't know other's financial situations to begin with to be able to make judgments like that. Like I said, I have enough money to buy iPhones outright; I'd rather have used this program and the money that I have to build my credit. But to say that being declined means that you shouldn't be trying to buy or get an iPhone is a total crock.

BL.

 

[MuGeN PoWeR]

so just a quick question. Is there a possibility to completely pay off the loan before time? or you are stuck with paying the monthly payments?

 

[ZipZap]

Oh, please get off the elitist high horse. You don't know each person's financial situation to make such boldface and patently false opinions.

I was denied. I am close to a six-figure income, which I am the single income earner in my household of four (2 children, wife is blind). I've paid off my loan for our SUV ahead of time. The only thing on my credit report are the loans for my house.

The housing crisis killed my credit horribly, which I'm trying to rebuild. I'm not meaning to brag here, but while I could easily pay for 10 6s Pluses outright, paying for them outright does absolutely nothing for improving my credit. The AUP program could do that. But by your reckoning, I have money issues.

You don't know anyone's financial situation except your own, so keep your elitism and assumptions in check.

You lost me on this tirade.

You got denied because you have bad credit. That's all the previous poster implied. Only time fixes bad credit. From things falling off of your report. An iPhone loan (if that's what it actually is) won't help. Paying on your car and not paying it off early helps more. The process is 7 to 10 years long.

The housing crisis did not kill people. Buying beyond ones means killed people. Shoddy qualification rules from banks, Freddie and Fannie did not help either.

 

[ZipZap]

No argument there. However, to blatantly say that "if you can't finance an iPhone, then you don't need an iPhone, because you can't afford it or have money issues or living beyond your means" is a disingenuous assumption at the least, and trolling at the worst. People saying that don't know other's financial situations to begin with to be able to make judgments like that. Like I said, I have enough money to buy iPhones outright; I'd rather have used this program and the money that I have to build my credit. But to say that being declined means that you shouldn't be trying to buy or get an iPhone is a total crock.

BL.

But likely 99% accurate. You're in the 1%.

 

[sjc83]

so just a quick question. Is there a possibility to completely pay off the loan before time? or you are stuck with paying the monthly payments?

yes

 

[MuGeN PoWeR]

yes

yes for the first part or the second?

 

[bradl]

You lost me on this tirade.

You got denied because you have bad credit. That's all the previous poster implied. Only time fixes bad credit. From things falling off of your report. An iPhone loan (if that's what it actually is) won't help. Paying on your car and not paying it off early helps more. The process is 7 to 10 years long.

The housing crisis did not kill people. Buying beyond ones means killed people. Shoddy qualification rules from banks, Freddie and Fannie did not help either.

But likely 99% accurate. You're in the 1%.

Over the past 8 years, I've had only two entries on my credit report: loan for my car, and loan for my house. My house lost 53% of its equity during the housing bubble burst. Getting a loan modification on my house killed my credit. Not that it's anyone's business, but I wasn't funded through Fannie or Freddie; mine was through the Bank of America/CountryWide debacle, that caused a lot of homes to go under.

Because of only having those things on it, I haven't applied nor attempted to seek anything to build my credit. That doesn't mean that I've lived beyond my means; it means that I don't have any credit. Bad credit =/= living beyond their means. Like I said, I could buy the phone outright, but that doesn't do a bloody thing for improving my credit, even though my DTI ratio is low.

BL.

 

[sjc83]

yes for the first part or the second?

yes you pay it off in full:

https://citizensoneloan.fdecs.com/eCustService/?cid=AAAA4905001&bookMarked=true

 

[MuGeN PoWeR]

yes you pay it off in full:

https://citizensoneloan.fdecs.com/eCustService/?cid=AAAA4905001&bookMarked=true

I already registered there but I haven't seen anything related to paying it off ful. I think the payment has to be equal to the remaining payment and then it will be paid off. Right?


Edit: I can't find a way to pay it off ful on the link. Can you tell how could a person do that?

 

[edlex]

so just a quick

I already registered there but I haven't seen anything related to paying it off ful. I think the payment has to be equal to the remaining payment and then it will be paid off. Right?


Edit: I can't find a way to pay it off ful on the link. Can you tell how could a person do that?

I think I remember reading that you can't make additional payments for 6 months or after making 6 payments.

 

[Applejuiced]

No argument there. However, to blatantly say that "if you can't finance an iPhone, then you don't need an iPhone, because you can't afford it or have money issues or living beyond your means" is a disingenuous assumption at the least, and trolling at the worst. People saying that don't know other's financial situations to begin with to be able to make judgments like that. Like I said, I have enough money to buy iPhones outright; I'd rather have used this program and the money that I have to build my credit. But to say that being declined means that you shouldn't be trying to buy or get an iPhone is a total crock.

BL.

Nobody can tell you how to spend your money or what to do with it.
It's your personal choice.
Opinions and point of views are everywhere here with thousands of user accounts. Don't take it personal or as an attack towards you.
Take some steps to improve your credit and stay consistent and you will be rewarded. It takes time and it doesn't happen overnight but you can do it.

 

[bradl]

Nobody can tell you how to spend your money or what to do with it.
It's your personal choice.
Opinions and point of views are everywhere here with thousands of user accounts. Don't take it personal or as an attack towards you.
Take some steps to improve your credit and stay consistent and you will be rewarded. It takes time and it doesn't happen overnight but you can do it.

Already have, and already do. I'm expecting my score to jump a good 100 - 120 points within the next 6 months. But it definitely is narrow-minded to assume that people who finance the phone can't afford the phone, especially when those people making the assumptions have no idea what type of monetary situation a financee has.

BL.

 

[rudyo]

There is not a prepayment penalty and the interest rate is 0%. Attached is the loan disclosure that was emailed with my loan. The first payment is more because it has the sales tax included on the whole amount. This is a loan, not a lease and the state agencies always get their sales tax up front on the whole purchase price.

 

[BlueGoldAce]

You lost me on this tirade.

You got denied because you have bad credit. That's all the previous poster implied. Only time fixes bad credit. From things falling off of your report. An iPhone loan (if that's what it actually is) won't help. Paying on your car and not paying it off early helps more. The process is 7 to 10 years long.

The housing crisis did not kill people. Buying beyond ones means killed people. Shoddy qualification rules from banks, Freddie and Fannie did not help either.

You are incorrect. I mean, I am not an expert, but my wife does work high up in a financial institute, and overseas loans and approvals, etc.

The housing market crash killed some people. Yes, some people were living beyond their means, because banks approved shady loans.

But people lost their retirement, some people's houses drop by over 50% in value...yet they were still paying on the original loan. Negative equity can be a crushing burden, financially.

Personally, I was young and wasn't affected by this, and my parents pulled through fine. But i watched people i knew crash and burn, with little fault of their own.

TLDR? Your statement is only partially correct.

 

[Applejuiced]

Already have, and already do. I'm expecting my score to jump a good 100 - 120 points within the next 6 months. But it definitely is narrow-minded to assume that people who finance the phone can't afford the phone, especially when those people making the assumptions have no idea what type of monetary situation a financee has.

BL.

There's many good reasons why a finance company will not provide a loan to certain people. And it's better to look at it from a view point that I need to do something to improve my credit situation.
Nowadays everything is based on credit history and credit worthiness.
Some handle their finances different than others and have different views.
You could probably do better than charging another $700-1000 on a phone and instead use that to pay down outstanding debt or using it to get a secured loan or secured credit card to build your score back up.
All those are options and opinions but in the end you are the only one that makes daily choices that effect your future.

 

[CNeufeld]

Also keep in mind that it seems that lots of people failed for reasons other than their credit worthiness. Like mismatched addresses, incorrectly entered birth dates, etc. I've got no stake in this game (as a Canadian), but I find the fallout of this program fascinating for some reason. Well, that and the American burn to have the highest possible credit rating but unwillingness to use it lest it go down... And the judgements rained down on those who "failed" to obtain credit...

C

 

[bradl]

There's many good reasons why a finance company will not provide a loan to certain people. And it's better to look at it from a view point that I need to do something to improve my credit situation.
Nowadays everything is based on credit history and credit worthiness.
Some handle their finances different than others and have different views.
You could probably do better than charging another $700-1000 on a phone and instead use that to pay down outstanding debt or using it to get a secured loan or secured credit card to build your score back up.
All those are options and opinions but in the end you are the only one that makes daily choices that effect your future.

The bold is what I have done. It was also that card I was going to use the AUP on.

So I again ask: how is that, a near six-figure income, and a 16% DTI ratio 'buying or living beyond your means', 'have money issues', or "can't afford one to begin with"?

My point: people's perceptions of financing a phone and being denied for such financing need to be re-examined.

BL.

 

[mobutt]

Mine went through on 3 occasions. Launch day at 8 am, Saturday at 12 pm and today at 10:30 am. Each time it was an exchange except the first obviously.

 

[stulaw11]

Over the past 8 years, I've had only two entries on my credit report: loan for my car, and loan for my house. My house lost 53% of its equity during the housing bubble burst. Getting a loan modification on my house killed my credit. Not that it's anyone's business, but I wasn't funded through Fannie or Freddie; mine was through the Bank of America/CountryWide debacle, that caused a lot of homes to go under.

Because of only having those things on it, I haven't applied nor attempted to seek anything to build my credit. That doesn't mean that I've lived beyond my means; it means that I don't have any credit. Bad credit =/= living beyond their means. Like I said, I could buy the phone outright, but that doesn't do a bloody thing for improving my credit, even though my DTI ratio is low.

BL.

To be fair the market value of a home has absolutely nothing to do with the monthly payment amount or affordability of said payment. The loan amount is a fixed amount borrowed, and the interest rate is disclosed up front. The payments don't change based on the greater or lower value of the house. I don't know where people gained this myth their house instantly became unaffordable because it was then worth x% less.

One's conscious decision to stop paying to try to get a "better deal based on what one thinks something should be worth" doesn't warrant much sympathy. If one lost a job or had a pay cut that's a different story but knew they couldn't keep making the payments and credit score is the least of their issues.

I'm so tired of hearing people making crap up about the housing issue; especially those who intentionally stopped paying based on some arbitrary value of the home and feeling they deserve something from the bank.

If (without knowing details of the story) it was a situation that you made a decision to stop paying to get some arbitrary "better deal' because everyone was doing it, you played Russian Roulette, and your credit woes are your own doing. And you clearly need a credit counselor more than an $1,000 iphone if it's been years and you still haven't begun to rebuild/repair your credit.

 

[Applejuiced]

The bold is what I have done. It was also that card I was going to use the AUP on.

So I again ask: how is that, a near six-figure income, and a 16% DTI ratio 'buying or living beyond your means', 'have money issues', or "can't afford one to begin with"?

My point: people's perceptions of financing a phone and being denied for such financing need to be re-examined.

BL.

Again a 6 figure salary means nothing.
Someone with a $10,000 yearly income and no credit issues will get approved for this and not you.
Someone can make six figures, have a big family to support on your own, high mortgage, loans, car payments, credit card debt and bad history of late payments, no payments, foreclosure, bankruptcy and for example will not get approved.
People's perception should mean nothing to you. Financial institutions perception should concern you instead. What anyone thinks doesnt make a difference. What's good for you and your family is all that matters in the end.

 

[Applejuiced]

To be fair the market value of a home has absolutely nothing to do with the monthly payment amount or affordability of said payment. The loan amount is a fixed amount borrowed, and the interest rate is disclosed up front. The payments don't change based on the greater or lower value of the house. I don't know where people gained this myth their house instantly became unaffordable because it was then worth x% less.

One's conscious decision to stop paying to try to get a "better deal based on what one thinks something should be worth" doesn't warrant much sympathy. If one lost a job or had a pay cut that's a different story but knew they couldn't keep making the payments and credit score is the least of their issues.

I'm so tired of hearing people making crap up about the housing issue; especially those who intentionally stopped paying based on some arbitrary value of the home and feeling they deserve something from the bank.

If you made a decision to stop paying to get some arbitrary "better deal' because everyone was doing it, then your credit woes are your own doing.

Well said.
My house lost over 30% of its value since I bought it back in 2006.
I didn't stop paying and ask or force the mortgage company for a modification.
This housing crisis thing and not my fault cause I'm upside down now it's a poor excuse.
Pay your debt and hold up your end of your financial responsibilities.

 

[stulaw11]

Well said.
My house lost over 30% of its value since I bought it back in 2006.
I didn't stop paying and ask or force the mortgage company for a modification.
This housing crisis thing and not my fault cause I'm upside down now it's a poor excuse.
Pay your debt and hold up your end of your financial responsibilities.

I just don't get the argument. I hear it daily because I'm in the business (very unfortunately at times as it's truly grueling to deal with). Your house value has ABSOLUTELY no bearing on the payment amount at any point in the loan. It's a completely misleading argument that oh my house value dropped so I couldn't afford my house.

I have no sympathy for that red herring argument. I have some sympathy for people with real hardships who got laid off or hours severely reduced.