iPhone Upgrade Program

Nope, it goes back to Apple and you start your contract over
It is a 2 year running contract that restarts every year

 

Only if you've paid it off.

The Apple program divides the price of the phone into 24 monthly payments.

If you want to upgrade at the one year mark, unless you finish paying off the other 12 payments, you turn in the phone if you want to upgrade.

You do not have to upgrade at the year mark, though. You can keep the phone and finish out the payments and keep it forever.

 

By the way, you will get a hard credit inquiry on your credit report every year you upgrade. Totally not worth it to trash your credit report because of some cell phone. Just buy it outright, if you can't, well then you can't afford an iPhone.

 

Where does that information come from?

 

That's actually terrible. Too bad. Credit score makes the world go round.

 

Good info posted above but you will NOT trash your credit report or mess up your credit history by getting an iphone via the above program.
If a single credit inquiry for a cellphone purchase messes up your report or causes you not to get approved by any other loan or lending application then you have many other problems with your credit history prior to that.