Is a credit check required for the new iPhone Upgrade Program?

Discussion in 'iPhone' started by WineBeer, Sep 9, 2015.

  1. WineBeer macrumors newbie

    Joined:
    Sep 9, 2015
    #1
    Hey all, I was wondering if a credit check is going to be required for the new upgrade program. I currently have no credit and I haven't seen any one mention this. Thanks!
     
  2. JohnApples macrumors 65816

    Joined:
    Mar 7, 2014
    #2
    It does say at the bottom in the fine print "Available to qualified customers only..." So I would assume so, as with the other financing programs.
     
  3. shenfrey, Sep 10, 2015
    Last edited: Sep 10, 2015

    shenfrey macrumors 68000

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    May 23, 2010
    #4
    The question is why wouldn't a credit check be required? It is a credit agreement.
     
  4. Hal~9000 macrumors 68000

    Hal~9000

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    Sep 13, 2014
    #5
    Yep OP... sure does.
    http://www.apple.com/shop/iphone/iphone-upgrade-program
     
  5. Jstuts5797 macrumors 6502a

    Joined:
    Dec 15, 2013
    #6
    What I'm curious about is whether there is an interest rate attached to this plan. I know we all assume there isn't because that's how all the carrier plans work, but it wasn't mentioned one way or another in either the keynote or on the website.
     
  6. Hal~9000 macrumors 68000

    Hal~9000

    Joined:
    Sep 13, 2014
    #7
    That's simple to figure out on your own.

    Simply take the monthly payment and times it by 24 (the amount of months you will be paying)... does the total equal the cost of a contract free iPhone + $129 for Apple Care?

    If so then there's no interest rate...
     
  7. engelke2010 macrumors 6502a

    Joined:
    Mar 28, 2010
    #8
    I spoke with someone from Apple yesterday and she told me something I am having a major problem believing. She said that it's not really a credit check like a normal one. You make an appointment (I don't remember if this is when you pick up the phone or not) with the credit or debit card you plan to use. They check to make sure that you have enough funds on that card to pay 3 installments. If you do, you are fine. That's it. I'm going to call today and speak with someone else because again I'm not believing this.
     
  8. willmtaylor, Sep 10, 2015
    Last edited: Sep 10, 2015

    willmtaylor macrumors G3

    willmtaylor

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    Oct 31, 2009
    Location:
    A Natural State
    #9
    Could just be a "soft" credit check more like in-house financing. And if you don't pay, Bruiser comes by your house and you do pay...with your kneecaps. :D
     
  9. fastforward23 macrumors newbie

    Joined:
    Aug 10, 2015
    #10
    I talked to Apple support today and they told me "The iPhone upgrade program is through the Citizens One financing company. A credit check will be done and approval for the program will be based upon your credit score and history."

     
  10. engelke2010 macrumors 6502a

    Joined:
    Mar 28, 2010
    #11
    I just spoke with another person, who did say what you did. However, she also said that payment can be with a credit card only, and not a debit card. She didn't know why that was, but it was the case. Guess I'm sticking with the Next plan, which is what I was going to do anyways.
     
  11. bradl macrumors 68040

    bradl

    Joined:
    Jun 16, 2008
    #12
    Could you get back on with them and ask them to elaborate on the type of card? When they say 'credit card', do they mean one that is attached to your name with a payment processor (read: Visa, Mastercard, etc.)? Because most bank-issued cards qualify for that, and are used as credit cards.

    BL.
     
  12. ZipZap macrumors 603

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    Dec 14, 2007
    #13
  13. rockyroad55 macrumors 601

    rockyroad55

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    Jul 14, 2010
    Location:
    Phila, PA
    #14
    But it's tied to Citizens One. It's the same bank that finances the student purchases and that does require a credit check. Hard pull. We will find out day one though.

    But it's really a loan so a credit check will most likely be done.
     
  14. digitalcuriosity macrumors 6502

    Joined:
    Aug 6, 2015
    #15
    I can sure tell you Sprint will check about everything under the sun,I was with them 20 years with never missing a payment,left for one year and when I returned it took an hour and a half to get approved again. Even had to speak to some lady in Kansas Sprints head quarters and answer a bunch of questions.
     
  15. striders macrumors 6502

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    Mar 11, 2009
    #16
    I have T-Mobile EPP and they have the same fine print (i.e. qualified customer only). I got approved but NEVER see a hard pull on my credit report. I don't know how T-Mobile do it, but do you think the Apple Plan will do the same?

    I just don't want to see a hard pull on my credit report...
     
  16. digitalcuriosity, Sep 11, 2015
    Last edited: Sep 11, 2015

    digitalcuriosity macrumors 6502

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    Aug 6, 2015
    #17
    The reason i think Sprint was so nit picking careful about me was,i was walking out the door with the iPhone6 and not paying at that time a cent.
     
  17. bradl macrumors 68040

    bradl

    Joined:
    Jun 16, 2008
    #18
    Makes you wonder how many people are rushing off to fill out loan applications to Discover or Capital One to get a secured card right about now..

    BL.
     
  18. rockyroad55 macrumors 601

    rockyroad55

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    Jul 14, 2010
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    Phila, PA
    #19
    Perhaps it depended on your payment history with T-Mobile? Since this is the first with Apple, I can't see them basing it off anything except credit.
     
  19. striders macrumors 6502

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    Mar 11, 2009
    #20
    I am not sure. I moved to T-Mobile from AT&T last year and got the EPP back then. I did not have a payment history with T-Mobile prior to that. Afterwards, I did another EPP for iPhone 6 and same thing: no hard pull on my credit report.

    Interestingly, during the ordering process, I was presented with a series of questions, similar to when you check your own credit report or when you apply for a credit card. I.e. where were you in 19xx, did you ever live in this address, etc.
     
  20. mac.cali macrumors 65816

    Joined:
    Mar 16, 2012
    #21
    I would think it's the same process as opening a credit card. This is a line of credit they are granting you. It's probably a traditional credit inquiry as all credit cards do.
     
  21. digitalcuriosity macrumors 6502

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    Aug 6, 2015
    #22
    In 1986 I got unhappy with how Master Card was treating me. I was at a Sears store that weekend,and noticed a table asking people to make an application for a new credit card from a brand new company called Discover.
    I filled it out and became one of the first group of around 2000 other people that became the founding members of Discover Card.
    I have been a member since 1986. Today i could not give a hoot what any of the three credit reporting services think of my credit rating.
     
  22. fanta88 macrumors 6502

    Joined:
    Apr 10, 2015
    #23
    They're going to a do a credit check -- I'd be shocked if they didn't.

    I'm a little surprised they do not have the ability to do this online. I can imagine that more than a few people will be declined when they arrive for their appointment and will be severely disappointed/irate.
     
  23. rockyroad55 macrumors 601

    rockyroad55

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    Jul 14, 2010
    Location:
    Phila, PA
    #24
    Exactly. They already have a partnership with citizens for student purchasing. It's all done online and then when you're approved, they give you an approved amount that you can spend up to. I guess this time it's different because it's a set amount? No clue.
     
  24. tigerfan41 macrumors regular

    Joined:
    Oct 7, 2011
    #25
    Since my credit history isn't perfect (stupid college spending mistakes!) I wondered about the credit check. The Apple rep I spoke with assured me that it is a basic credit check, that there's no "set" credit score for approval, and that yes, you do need a credit card and not a debit card.

    I assume that unless your credit is completely horrible, you'll be approved. It's similar to Verizon's Edge program--as long as you haven't had your service suspended in the last six months, you're approved.
     

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