I just paid off my iphone X and trying to figure out which route to go. I would be new to Apple upgrade program so I would have a hard inquiry on my credit report for two years or just do the Verizon upgrade. Apple is offering $400 for the phone vs Verizon's Lame $320. I can't decide if the credit ding is worth it for Apple. For reference I have a Fico score of 800. I could sell it third party but don't want to deal with the hassle. I would be happy getting $400 for the phone.
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iPhone X Sign up for Apple upgrade program (hard inquiry credit check) vs Verizon upgrade.
- Thread starter msriotdoll
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I never understand why people worry about 1 credit inquiry it never effects my score
I understand not wanting the ding. I had one for the Apple card this year, so I'm trying to avoid getting more.
Still, unless you have borderline credit, it seems worth it if it saves some money.
Still, unless you have borderline credit, it seems worth it if it saves some money.
You can trade the phone in to Apple for $400 and still use Verizon’s Device Payment. You don’t have to use Apple’s upgrade program to get the $400 trade in value.
Well let’s be fair. Everyone’s circumstances are different. I do agree. I’ve never had an issue with inquiries. I only avoid them when it’s house buying time. I’d assume some have several of hard inquiries and getting hit by one can impact them.
OP: With an 800 it sounds like you are doing well at managing your credit. One hard inquiry is nothing.
have you ever used Swappa? I have sold all of me devices there and got great prices. My devices always sell quickly and I get my PayPal right away. Free bank transfer it or use their debit card. You may be shorting yourself some good cash over VZW.
I am not a fan of carrier financing - I like being sim free. The IUP includes AppleCare+ too. Downside is next year you’ll be doing another loan app to do it again.
If you have an Apple store in your area, you can carry the phone in to Apple and get the instant $400 off and then just choose Verizon Device Payment during checkout to pay for the remaining balance owed.
It can be done online as well but you’d have to ship the phone to Apple and wait for them to give you the credit for the phone.
It's not a "hard inquiry on your credit report for two years". It's one hard pull, a miniscule effect on your credit, especially if you have a FICO of 800. Maybe a point or two, and will bounce back within weeks. Other than the initial pull, the loan never reports to credit or shows up with any of the three bureaus ever again.
I don't have a store in my area. When I go through the process of doing the trade in and I don't see where it allows me to use Verizon Device Payment
You do recognize that the impact is minuscule and only has a1 or 2 point hit? It won’t continue reporting either. Nothing wrong here and score will adjusts quickly after.
Another work around is to purchase it through the Apple store website or App without a trade in as well.
just managed to set up a store pick up in NYC this way
Ordered through the Verizon app this Friday, had a 9/27 ship date
Checked the Apple Store for my mode (MG 256 Pro), local iPhone store had it. Cancelled order on Verizon App, was having the same issue regarding not wanting to do credit check for iUP.
So, I setup the store pick up without trading in. Picked up the phone, told the agent I wanted to trade in my X, although I couldn’t get the promo credits, the local Apple store refunded $400 (the value of my X) directly to my credit card.
With a VERY minimal impact on your overall credit profile. You have to have credit to have credit, if that makes sense. And in order to have credit, you have to take inquiries at times.