iPhone Upgrade Program Unusual Scenario Financing Question

[DudeNumberTwo]

Hi everyone,

I feel like this is going to be one of those questions that makes people go "ummm....not a clue"

I have an iPhone 7 Plus through the iPhone Upgrade Program via CitizensOne.

Since I got the 7 Plus, I ended up in a situation where I had to leave my job for my own sanity, for about 4 months. (And no, I wasn't fired - I left because I was about to lose my mind. )

While I have NOT missed or even been late on a single payment to Citizens One, a few (3) credit cards went on the back burner and have significantly damaged my credit score.

I'm now (as of 12 days ago) re-employed (making more money than I thought I would! Still not rich. ), and those debts will shortly be, at least, "current" again.

Bottom line - I want the iPhone 8 (2017 iPhone - whatever it's called) and I'm concerned that Citizens One will run my credit again to initiate a new loan, and turn me down. My understanding is that the hardware will be more expensive than ever this year, so an interest-free payment plan is really ideal.

Anybody know anything about the process more in depth?

Thanks in advance.

Alex

 

[Newtons Apple]

They are going to run a credit check from what I understand. They will have a minimum credit score from one of the three credit reporting agencies. How bad did the three credit cards hurt.

 

[DudeNumberTwo]

Well, I have to caveat that I have only checked CreditKarma, which primarily pulls data from TransUnion and has a backward ass score calculation algorithm. I need to temporarily subscribe to MyFICO and get reports and scores, as I've already pulled my free annualcreditreport.com reports earlier in the year.

It's really a hard comparison to make, because in almost every scenario I can recall, the appropriate FICO algorithm was used, and the bureaus used were Experian and/or Equifax only. (I leased a $28,000 2016 Honda Accord 8 months before I left that job and got top tier credit.) The FICO / Equifax combo had me at 680 at the time. Also at that time, CreditKarma had me at like 580.

Now, CreditKarma has me in the 400s, so my FICO / Experian or Equifax pull will be high 500s at best...ugh.

 

[Apple_Robert]

A lot of people here have said, that they have only experienced 1 initial hard credit pull. However, as Newton's Apple has correctly stated. Citizens One can (per the contract terms) do a hard credit pull every time one seeks to initiate a new contract with them.

If your credit score has been damaged by 100 points or more, that probably will not clear up in one month. Hence, you could be turned down for the program, if your credit score doesn't meet their current guidelines.

Edited to add: After seeing your reply to NA, you are in terrible shape credit score wise. If Citizens One does a hard pull, you will be turned down in the 500s.

Edited to add: Buy the phone outright when it goes on sale. Problem solved.

 

[DudeNumberTwo]

Yeah - that's basically what I'm figuring. I guess I'll just have to buy it outright this year. I'll just have to save up for 6-8 weeks.

 

[Newtons Apple]

Yeah - that's basically what I'm figuring. I guess I'll just have to buy it outright this year. I'll just have to save up for 6-8 weeks.

BasicGoodGuy is correct and if you have made all your Citizen payments on time, you might be good to go. Problem is that you will not know until it is time to order. If you can save the funds to buy outright . . .

 

[DudeNumberTwo]

A good example of CreditKarma's BS scoring... these are both as of this morning. (From the credit bureau nobody pays attention to.


Free 2-year direct TU access because of some security risk, and Capital One was trying to save face.

 

[Newtons Apple]

Do not understand why anyone would use Karma when you can go to a company like Experion and get it free and get it updated each time you check. Experion will also give you the other two companies credit reports for free ever 60 days.

 

[DudeNumberTwo]

Do not understand why anyone would use Karma when you can go to a company like Experion and get it free and get it updated each time you check. Experion will also give you the other two companies credit reports for free ever 60 days.

You referring to the only Truly Free Experian product which gives you no score? Or the one that pulls you in at $4.99 for those who don't notice asterisks?



Or the 30 day free trial?

 

[Newtons Apple]

You referring to the only Truly Free Experian product which gives you no score? Or the one that pulls you in at $4.99 for those who don't notice asterisks?



Or the 30 day free trial?

Maybe they like me but I have been using this site for 6 years and they have never charged me a penny.

https://experian.experiandirect.com

It say $24.95 a month but I have never paid them a penny.