Hey Guys Im getting an iphone, but I have no credit

Discussion in 'iPhone' started by Crank Lucas, Nov 10, 2008.

  1. Crank Lucas macrumors member

    Joined:
    Oct 31, 2008
    #1
    I have zero credit, never had a card or any bills, I want to open a att line for my phone, how much you think they want me to deposit? if so, I cant be paying extra of hundreds dollars
    Gonna have to co-sign it then, but Im still curious

    thanx
     
  2. Rayfire macrumors 68020

    Rayfire

    Joined:
    Aug 25, 2008
    Location:
    PNW
    #2
    My friend who also has absolutely no credit history (he never used any credit cards before, all debit, but now I managed to advise him to start building one) was asked for a $500 deposit. So that's a new contract with iPhone 3G.

    To be honest with you I don't know if that $500 is fixed. My friend is working though for like 3+ years now, he has employment history but just no credit.
     
  3. Crank Lucas thread starter macrumors member

    Joined:
    Oct 31, 2008
    #3
    I its really 500$ they can kiss my balls! wow such a rip

    anyway on getting around that? If I co-sign with lets say my sister, do I still build credit
     
  4. Rayfire macrumors 68020

    Rayfire

    Joined:
    Aug 25, 2008
    Location:
    PNW
    #4
    Yeah I couldn't believe it either when he signed up, before he was thinking of just adding a phone line to my plan and make it a family plan (but really called "anyone can be in my plan") but we decided it will benefit his own history.

    Haven't tried the co-signing part. Hopefully they won't ask you for that large amount for a deposit. You could try calling AT&T Customer Service first about that co-signing.
     
  5. nickspohn macrumors 68040

    nickspohn

    Joined:
    Jun 9, 2007
    #5
    it's in place for an obvious reason. you'll pay that with any carrier unless you get a pay as you go phone.
     
  6. TheConfuzed1 macrumors 6502a

    Joined:
    Jun 4, 2003
    #6
    If you can find a used first gen iPhone, you activate at home, through iTunes.

    Part of the process is a credit check. If you fail the credit check, you will be offered a pay-as-you-go plan (Go Phone).

    That is one way around a deposit.

    The easiest way is to get a co-signer (parents, grandparents, anyone that is willing to help).

    Other than that, you will need to pay a deposit, but you will get that back in a year (I believe it's a year).

    It's not like they keep your money.
     
  7. btbrossard macrumors 6502a

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    Oct 25, 2008
    Location:
    Chicagoland
    #7
  8. CerealKiller024 macrumors newbie

    Joined:
    Jan 3, 2009
    #8
    So I was told I would need to leave a $500 deposit for an iphone.:eek: Which sucks but oh well my own fault for not haveing credit. My question for all of you is. Is it worth it? I know most people love there iphone's. But from the people who own them would you say it is well worth it or stick with VW. I have great coverage but I hate having to deal with them. Thanks for the advise.
     
  9. S Brake macrumors regular

    Joined:
    Jun 3, 2008
    Location:
    Utah
    #9
    I would say that for now you should buy a used first gen iPhone and activate it at home. Something simple you can do to build credit is go to a bank or credit union and do a share secured loan. Basically if you have the cash, that is your collateral and you do automatic payments to pay off the loan over the course of a few years. If you don't have the cash, there are some credit unions around here that offer a loan where the money stays in the account and it automatically pays off the balance of the loan. After 6 months or so you should have at least some credit established.
    I did this and went from not being able to get a credit card to having a credit score of almost 800 in two and a half years.
     
  10. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #10

    Utility companies, including cell phone companies, only report to the credit bureaus if you don't pay your bill. If you pay on time every month, you won't build any positive credit with a cell phone. If you want to build credit, get a credit card and use it responsibly
     
  11. rdowns macrumors Penryn

    rdowns

    Joined:
    Jul 11, 2003
    #11
    You do that and you'll have $500 in no time.
     
  12. polochikgirl macrumors newbie

    polochikgirl

    Joined:
    Jan 10, 2009
    Location:
    Orlando
    #12
    I'm assuming this will show up on your credit report, like any other credit check. Which means you should be ready to really purchase the phone, and maybe make the decision ahead of time from where the financing will come. Just one check won't hurt your credit, but multiple inquiries will. Something to keep in mind if you're considering a bank or credit union loan.
     
  13. CerealKiller024 macrumors newbie

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    Jan 3, 2009
    #13
    Not to go off topic but why do multiple inquiries hurt your credit? Thanks.
     
  14. M0bile macrumors regular

    Joined:
    Jun 9, 2008
    #14
    I had zero credit and didn't have to pay any deposit when I signed up. My credit's gotta be excellent now, I've been making sure to pay my bill within a few days of it showing up online. :)
     
  15. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #15
    Because banks see multiple inquiries as signs that you're struggling financially and are shopping for a loan. It's a flawed system.

    No, your credit is still non-existent. As I stated a few posts earlier, AT&T and other utilities won't report anything to the credit bureaus unless you stop paying your bill and owe them money. On time payments don't get reported. I know, it's not really fair, is it?
     
  16. uglydimple12 macrumors newbie

    Joined:
    Dec 28, 2008
    #16
    that definitely sucks, I always have thought that paying my phone bills would help me build my credit.. Guess not then.. lol

    but I guess I got some credit already tho since I was approved for 4 different credit cards.. dont worry I dont owe any of them anything since I just got them for points or discounts at specific store- one is from my bank a real credit card, one from bestbuy, one from circuit city, and last one is from kohls..

    I use all of them strictly for points and discounts, pay them off right on time..

    I was approved for a credit card from my bank because I applied for "student credit card" and I am a student so it was like an automatic approval so from there I bought some stuff on it and paid it off right on time so then in the end I was approved for most of things.. I guess little things really counts.. my opening limit on the card was 500 but now the limit is 1k..

    I am 19 years old and I just went out to buy a used vehicle with a financing plan at Ford dealership and I got approved without any co-signer.. And I am picking up the explorer this Monday! sure am excited lol
     
  17. bobsentell macrumors 6502a

    bobsentell

    Joined:
    Nov 14, 2008
    Location:
    Alabama
    #17
    As far as I know, a credit check is only required when you open an account. If they did it everytime you changed a phone, I know I wouldn't have qualified for an iPhone. Your best bet is get a 2-year plan with a lesser phone and just be patient.
     
  18. brop52 macrumors 68000

    brop52

    Joined:
    Feb 26, 2007
    Location:
    Michigan
    #18
    If you have no credit you need to start building credit with a credit card. Find cards with no annual fee and decent rewards. That way when you pay off the bill in full you don't get any interest or fees but you get reward points or cash back.
     
  19. GetAudiHere macrumors regular

    Joined:
    Aug 21, 2008
    #19
    yeah get a plan on a lesser phone if you want and wait until hopefully the new iphone comes out in june! OR just start building some credit
     
  20. CocoaPuffs macrumors 68010

    Joined:
    Aug 23, 2008
    #20
    Spare few bucks from the crank and you'll have enough for the deposit.
     
  21. Dmac77 macrumors 68020

    Dmac77

    Joined:
    Jan 2, 2008
    Location:
    Michigan
    #21
    It can be above $500 dollars. I think the max is $900 or $1000.

    In reality it's just good business, because they have no way to find out if you can pay your bill on time. If they let you get a contract with no deposit, they would be taking a risk. At least this way, if you default on one of your bills, they can collect monetary compensation.

    Don
     
  22. MacNoobie macrumors 6502a

    MacNoobie

    Joined:
    Mar 15, 2005
    Location:
    Colorado
    #22
    Isnt it funny how if you pay your bills on time never miss a beat your credit score is basically the same?

    Isnt it funny that if you're busy working, space out a payment & it comes in to them as late, but still manage to pay your mortgage/rent that's way more then the bill and your credit score drops?

    Isnt it funny that if you finally decide to pay off that bill in full, the credit card company lowers your score?

    Why all this punishment for seemingly good behavor? (except for #2 possibly since u miss 1 payment the companies already crapping their pants)
     
  23. CocoaPuffs macrumors 68010

    Joined:
    Aug 23, 2008
    #23
    Isn't it funny that you chose a technology forum to rant about the imperfection of credit system.
     
  24. Natesac macrumors 6502a

    Natesac

    Joined:
    May 29, 2008
    Location:
    Dallas,Tx
    #24
    I paid the $500. it sucks. but it was tax return money so when i get it back it should look nice next to this years return $$$ :)
     
  25. yg17 macrumors G5

    yg17

    Joined:
    Aug 1, 2004
    Location:
    St. Louis, MO
    #25
    If your payment is a few days late, they won't ding your credit report. Typically 30 days past due is when they report. I had a late payment on my credit card once because I was out of town, paid it about a day or 2 late, and there wasn't a mark on my report.
     

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