What do I need to be approved for IUP?

Discussion in 'iPhone' started by LRXSE7EN, Oct 2, 2016.

  1. LRXSE7EN macrumors member

    Joined:
    Sep 20, 2016
    #1
    Would like someone to help me out, I made a thread before but to no avail. I was denied yesterday, willing to try again because the reasoning for my denial was that I have no credit history/score

    According to Citizens One, the report they pulled from the agency "Equifax" says I have 0 credit score. Which is FALSE, can someone please shed light on what exactly do you need to be approved and if this could be an issue on their end? I have went back and forth with equifax and citizens one and even spent $16 just to see my credit report/score on equifax, which was a waste of money because credit karma showed me a very similar score anyways for FREE. The Citizens rep over the phone gave me no information regarding to my being denied, All she said was that on their end I was denied because of "minimum fico" if I heard her right, what does this mean?

    I just started with all of this credit stuff so forgive me for my ignorance

    Here's my checklist:

    1.Secured Credit Card (4 months now, I started establishing my credit this year)

    2. $200 Credit Line (This should be more than enough to cover the "check" they do to see if i can make 3 monthly payments)

    3. Decent credit score (666)

    4. Wireless account for my carrier (T-Mobile)
     
  2. krishmk macrumors 6502

    Joined:
    Feb 11, 2010
    #2
    The score you see on CreditKarma carries no weight, sorta like a random number generator.

    If citizens bank is using FICO, you will need at least six months of reported credit history on the file. Based on your post, you only have 4 months, which would give the score as 0.
     
  3. maxsix Suspended

    maxsix

    Joined:
    Jun 28, 2015
    Location:
    Western Hemisphere
    #3
    Apple wants _all_ your money. Their program is convenient but locks buyers in which is all Apple cares about. It's buyer beware...

    I'd be very careful. Once you're signed up, you'll have a very big monthly payment month after month, year after year... are you truly ready for that?
     
  4. LRXSE7EN thread starter macrumors member

    Joined:
    Sep 20, 2016
    #4
    Thank you, despite it's not the answer I was hoping for haha. I thought it would be an issue with citizens one and not me. I just thought my history/score wouldn't be an issue, even capital one app is saying my credit score is 666.

    Is FICO using a completely different process or are the numbers being generated are just fairytales and not using the actual process?
    --- Post Merged, Oct 2, 2016 ---

    Very big? I thought the monthly payment would range from 37 to 47 (depending on phone) + taxes?
     
  5. krishmk macrumors 6502

    Joined:
    Feb 11, 2010
    #5
    Fico has several versions of scoring based on what the lender/banker needs (mortgage, auto, credit card and utilities). Fico is the only score most lenders use and is most accepted score.
    IF citizens bank is using FICO score, then FICO only scores if the accounts are open for 6+ months. If not, they give 0.
    Capital one uses creditwise, might be useful to them but is an useless number to another lender.
     
  6. Newtons Apple macrumors P6

    Newtons Apple

    Joined:
    Mar 12, 2014
    Location:
    Jacksonville, Florida
    #6
    FICO is the accepted standard. Like it of not it is how you are judged for credit. CreditKarma is a joke
     
  7. maxsix Suspended

    maxsix

    Joined:
    Jun 28, 2015
    Location:
    Western Hemisphere
    #7
    It's all relative.

    Personally I always pay cash up front, full price for my iPhones each year. Owning the phone outright is my preference.

    When reading about those who cannot afford to pay cash, it does seem that they may be going into debt needlessly. It's only a phone.
     
  8. esteli macrumors member

    esteli

    Joined:
    Sep 23, 2016
    Location:
    Basse-Ville
    #8
    i dont have the answer you are looking for but i guess its because you have only 4 months of credit score i guess its kinda ''virgin''' lol :);):(o_O. i wrote you in the other thread about building your credit score and use your credit card more often and pay it before the due date,i know its bad advice telling someone to spend money on credit card but that how it works,good luck for the next time:)
     
  9. Thor_1 macrumors 6502a

    Joined:
    Sep 18, 2016
    Location:
    Texas
    #9
    How is it going into debt needlessly? It's $28 a month and its interest free. Now that is through my carrier. If Apple is different I apologize in advance.
     
  10. ZipZap macrumors 601

    Joined:
    Dec 14, 2007
    #10
    Most secure cards are not reported. The hope with them is that you are eventually upgraded. Below 700 is average. If you are new credit you have no payment history. Sometimes using a card application from a college campus will get you a card.
    --- Post Merged, Oct 2, 2016 ---
    Fico does not have flavors and is exclusive to experian. Other bureaus have similar scores but not exactly fico. Mortgage applications use the 2 highest scores across all 3 bureaus.
     
  11. esteli macrumors member

    esteli

    Joined:
    Sep 23, 2016
    Location:
    Basse-Ville
    #11
    ask your bank to up the limit of your credit card at least at 1000$
     
  12. LRXSE7EN thread starter macrumors member

    Joined:
    Sep 20, 2016
    #12
    Yeah I found out since it hasn't been 6 months yet FICO doesn't give me a score so they just left me at "0" I guess. and yeah I am still a virgin LOL :( 4 months, 2 months to go!

    I've been responsible with my card so far, all payments on time and even earlier than the due date. I just wish I had opened it earlier, then I'd be golden. If push comes to shove though my dad is willing to apply for me and I'll just pay him the monthly bill, so I'm going to go with him next week and try again.

    Once again though, I think this is just the universe forcing me to wait :p. A WHOLE LOAD of Jet black iPhone 7s are in stock now the same night after I got rejected. Coincidence? I hope not! Probably telling me to give it some more time, if the 7's are in stock now in JB then maybe the plus version will be in stock sooner than we anticipated.

    I appreciate your assistance though! A for effort :).
     
  13. esteli macrumors member

    esteli

    Joined:
    Sep 23, 2016
    Location:
    Basse-Ville
    #13
    good news that your dad is willing to apply for you,when i got my first car the company told me that i need some kind of back up and my parents did it,you could bring your dad or wait in 2 months but my advice is just bring your dad LOL, because with him it will be 100% approuved !!
     
  14. Applejuiced macrumors Westmere

    Applejuiced

    Joined:
    Apr 16, 2008
    Location:
    At the iPhone hacks section.
    #14
    Citizens uses equifax for their credit reporting and referencing.
     
  15. LRXSE7EN thread starter macrumors member

    Joined:
    Sep 20, 2016
    #15
    Yeah, and according to EquiFax I have 0 credit score which isn't the case. My only theory is that Citizens one is communicating with FICO, and because FICO requires a 6+ month history for a credit score to be generated, the score THEY get from equifax is "0" as it's only been 4 months so far.
     
  16. C DM macrumors Westmere

    Joined:
    Oct 17, 2011
    #16
    So basically just high level generic information about any financing/loans.
     
  17. Applejuiced macrumors Westmere

    Applejuiced

    Joined:
    Apr 16, 2008
    Location:
    At the iPhone hacks section.
    #17
    I'm Sorry.
    I know they're very conservative in giving out credit compared to other banks.
    See if they let you use a cosigner maybe.
     
  18. LRXSE7EN thread starter macrumors member

    Joined:
    Sep 20, 2016
    #18
    It's all good, just going to have my dad apply for me and I'll just pay through him,
     

Share This Page