So you can infact do this over the phone and not going into a store?
I just want to be sure
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If my credit is denied!!
- Thread starter nkkumi01
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I just want to be sure
Decided I would sum up this credit thing properly. Ive been running the channels so to speak for about a month now ensuring that my credit is as squeaky clean as I thought it was. So here is how it goes ...
A "line of credit" (aka "revolving debt") (ie.credit cards, home loan, car loan, boat loan, student loans, etc.) is what is reported to a credit agency and shows up when you have your credit pulled. Each loan/lien holder that you've had for several years (7-10 usually) shows up. It show how much the debt was for (or in the case of credit cards your total credit limit), how long it has been open, and then it either says "In Good Standing" "Pays as Agreed" "Closed" "Out of Payment" etc. This is also where the delinquent payment history shows up. Most places will let you get by with the occasional late payment, it happens to nearly everyone eventually. But tech. speaking once you're 30 days late, they have the right to report you. Once you hit 90 you usually fall from their good graces and they put the dreaded "Late 90+" on your credit. One of these generally doesn't hit you too bad, but you get a second and it is the kiss of death.
"Reoccurring service charges" (ie. cell phone, home phone, etc.) are NOT reported to the credit agency. However, once you become delinquent on the payments they have every right to report you.
Lastly, if you are working to buy a house, car, etc. Anything that requires a large loan, you may want to hold off for the time being. Some cell phone companies do what is called a "hard pull" (aka hard check, depending on your location in the country) on your credit. This is the same hard pull that occurs when you are applying for a home loan, car loan, etc. Hard pull/check(s) hit your FICO score (aka "credit score") for roughly 5 points. 5 points might not seem like alot, but if you're riding close to a transition area in the FICO scale, 5 points can mean an entire 1% interest difference for a car, and up to .25% for a house. Thats a big difference in the long haul.
(Yes there is a soft check ... all those loan consolidation offers, credit card offers, etc etc come from soft checks. Soft checks do not impact your credit seeing as they only check to see that HAVE credit, not that it is good/bad.)
And as a matter of opinion, I agree with the person who said if you have a 500.00 deposit, you probably shouldn't be going after a 600.00 phone. Get a regular phone, and get a small loan for something and use the 80 bucks a month to pay it off and fix your credit.
A "line of credit" (aka "revolving debt") (ie.credit cards, home loan, car loan, boat loan, student loans, etc.) is what is reported to a credit agency and shows up when you have your credit pulled. Each loan/lien holder that you've had for several years (7-10 usually) shows up. It show how much the debt was for (or in the case of credit cards your total credit limit), how long it has been open, and then it either says "In Good Standing" "Pays as Agreed" "Closed" "Out of Payment" etc. This is also where the delinquent payment history shows up. Most places will let you get by with the occasional late payment, it happens to nearly everyone eventually. But tech. speaking once you're 30 days late, they have the right to report you. Once you hit 90 you usually fall from their good graces and they put the dreaded "Late 90+" on your credit. One of these generally doesn't hit you too bad, but you get a second and it is the kiss of death.
"Reoccurring service charges" (ie. cell phone, home phone, etc.) are NOT reported to the credit agency. However, once you become delinquent on the payments they have every right to report you.
Lastly, if you are working to buy a house, car, etc. Anything that requires a large loan, you may want to hold off for the time being. Some cell phone companies do what is called a "hard pull" (aka hard check, depending on your location in the country) on your credit. This is the same hard pull that occurs when you are applying for a home loan, car loan, etc. Hard pull/check(s) hit your FICO score (aka "credit score") for roughly 5 points. 5 points might not seem like alot, but if you're riding close to a transition area in the FICO scale, 5 points can mean an entire 1% interest difference for a car, and up to .25% for a house. Thats a big difference in the long haul.
(Yes there is a soft check ... all those loan consolidation offers, credit card offers, etc etc come from soft checks. Soft checks do not impact your credit seeing as they only check to see that HAVE credit, not that it is good/bad.)
And as a matter of opinion, I agree with the person who said if you have a 500.00 deposit, you probably shouldn't be going after a 600.00 phone. Get a regular phone, and get a small loan for something and use the 80 bucks a month to pay it off and fix your credit.
4 late payments? That's 3 too many in the credit world. You can usually get one forgiven, but 4? If T Mobile didn't report you, then you're probably ok, but if those late payments were on a credit card, I'd have your credit run ahead of time.
The deposit for someone with no credit is $500, the deposit for someone with fair credit is $150-$250, and with BAD credit $750.
AT&T does hard pulls on credit checks. Most cell phone companies do.
However, giving even $250 to AT&T interest free for a year if you have bad credit is a bad idea. Put that money in a high yield account and make 1% interest on it for a year. A much better plan on the whole. Making that kind of an investment in of all things depreciating technology- well, no financial advisor would tell you that's a good choice.
If you can't pass a credit check, it's a good sign that you should have bigger priorities than getting an iPhone.
Amen, brother. Just because I didn't pay my Dillard's card on time doesn't mean I would let my wireless phone go late and be shut off.
But thankfully my partner has good credit and we'll probably get it under his name as I fix my credit... yay debt management...
I'm 21, my credit is below average. and I went for a credit check at an ATT store yesterday, and i DONT have to put down a deposit
have hope.
have hope.
Hmmm, I really didn't have a problem getting a Sprint line at all. They put me on the budgeted spending program (where you max out at $200/month) but no deposit or anything. I was only 21 at the time and didn't have much credit.
I'm glad i'm not the only college student getting whammed in the head by these high rollers with "Great Credit" Although you could have said it nicer though
P.S. Seriously this post has taken been taken off the dirt path, I was merely asking what are my options if i get denied, I appreciate everyone that has given me very helpful answers. I am going to the cingul......uhhh att store to get a credit check today, I'll you know how it goes.
P.S. Seriously this post has taken been taken off the dirt path, I was merely asking what are my options if i get denied, I appreciate everyone that has given me very helpful answers. I am going to the cingul......uhhh att store to get a credit check today, I'll you know how it goes.
Thank you, I'm glad i'm not the only college student getting whammed in the head by these high rollers with "Great Credit" Although you could have said it nicer though
P.S. Seriously this post has taken been taken off the dirt path, I was merely asking what are my options if i get denied, I appreciate everyone that has given me very helpful answers. I am going to the cingul......uhhh att store to get a credit check today, I'll you know how it goes.
but yeah man, best of luck, fortunately I am on a family plan already with ATT, so alls i gotta do is buy the phone.
Yes, like I said ... I think it should be law that if you are able to report bad credit, you must also report good credit rating.
While I agree with you that people shouldn't be so judgemental and impose their thoughts of responsibility on others, I can see how they're trying to be helpful and help someone else not make the same mistakes they may have when they were younger. Priorities change as people get older. But I don't think this post was a step in the right direction to be taken seriously...
In the end, it's a telephone. End of story. (ok yes it's a phone, it's a mp3 player, it's a browser...blah blah, i've seen the commercial lol) But why get so worked up over it in the first place? I do I think it's a cool phone? Definitely. And yeah i'd want one, but i'm not in the position to get one right now. If you can afford it and want it, get it. Why do you have to justify or have support on your decision to get a phone on a message board in the first place? No one here pays your bills so if someone doesn't like your decision, why does it matter? Some people want to spend $600, drop $750 for a deposit, and camp out all night for a telephone. Some people think it's a great idea but choose to spend their money elsewhere. We all have different priorities and there are people on both ends that need to realize that (yes including you.)
In the end, it's a telephone. End of story. (ok yes it's a phone, it's a mp3 player, it's a browser...blah blah, i've seen the commercial lol) But why get so worked up over it in the first place? I do I think it's a cool phone? Definitely. And yeah i'd want one, but i'm not in the position to get one right now. If you can afford it and want it, get it. Why do you have to justify or have support on your decision to get a phone on a message board in the first place? No one here pays your bills so if someone doesn't like your decision, why does it matter? Some people want to spend $600, drop $750 for a deposit, and camp out all night for a telephone. Some people think it's a great idea but choose to spend their money elsewhere. We all have different priorities and there are people on both ends that need to realize that (yes including you.)
You do understand what a deposit is right?
It does not go towards the cost of the phone or the service. They simply hold it, in this case for 12 months if you pay your bills on time every month.
You are not actually paying more for the phone and service.
This site is family oriented?
I totally agree with you.
People with "bad" credit (low scores) have it for two reasons.
1) No credit history
2) They have demonstrated that they cannot responsibly manage their credit obligations (either high debt to income, past late payments, too much available credit, etc)
You have to prove you can be trusted with a monthly obligation, not that you can afford it - it really is that simple. Having bad credit doesn't make you a bad person - it simply means you have a higher risk of not paying your bills because of reasons above.
If your score comes in low, pay the deposit, pay your bill on time, and enjoy the deposit being returned to you at a later time. Not only do you get your money back, but you actually helped your own "bad" credit by making on time payments - a win win for you. No real reason to get your panties in a bundle.
Everyone should learn how credit systems work, it would save a lot of heart ache and emotion. Some argue that this should be taught in high schools. I had to learn the hard way too like almost every college student out there. Don't get me started on predatory credit offers and bait-and-switch credit cards.
A great site to learn more is Motley Fool.
i don't think you get it, you and I are on the same page. It is your money, it is my money, its its person X's money. Thats all that matters, don't tell people what to do, or what they SHOULD do, its simple as that, that was the point i was trying to make.
and my deepest apologies, i swear a lot. especially in the face of ignorance.
I've got loans and credit cards coming out of my ass... BUT I've never been late on a payment, no judgements/bankrupties/public records/garnishments... and I went in and got preapproved with no deposit. Seriously, if I can get preapproved with no deposit, anyone should be able to.
I got approved with a $100 deposit, which is probably due to the high balances on two cards I have dragged my scores down a little. Its not really a big deal, Im buying the iPhone and will pay off those two cards next month as well.
just found out if you come back with a deposit required, you can use the iphone on a go phone...
Ok, so what entitles "good credit" in the eyes of att? I have a credit score...and I'm thinkinggg of a number..Do you know what it is?
Just kidding, but seriously is there a threshold on when the deposit kicks in?
Let's see if we can figure out using our own experiences what scores were approved (ballpark) and which will need deposits.
Just kidding, but seriously is there a threshold on when the deposit kicks in?
Let's see if we can figure out using our own experiences what scores were approved (ballpark) and which will need deposits.
Well went to the att store today to get a credit check and It turns up I have to pay 1500 Dollar deposit on top of the iphone, phew that is a relief. Plus your actually paying that amount, your merely using it as collateral. I should have it back by sometime next year, when I have completely forgotten about it
Well went to the att store today to get a credit check and It turns up I have to pay 1500 Dollar deposit on top of the iphone, phew that is a relief. Plus your actually paying that amount, your merely using it as collateral. I should have it back by sometime next year, when I have completely forgotten about it
Are you being serious or fanning the flames?
re: poor credit
I have to say you're not quite accurate here. Your "two reasons" should at least be amended to 3.
The third reason? A married person being penalized for the poor spending habits of their partner. The credit card companies are ALL too happy to hand out new lines of credit to one's marriage partner, without even informing them they've done so. Someone's husband or wife can then run around, maxing out new lines of credit - and they'll be none the wiser until all the overdue notices arrive in the mail (assuming the partner isn't intercepting the mail and hiding/destroying those first!). I've seen this story play out MANY times, and it takes YEARS after a divorce is finalized to repair the damage.
I have to say you're not quite accurate here. Your "two reasons" should at least be amended to 3.
The third reason? A married person being penalized for the poor spending habits of their partner. The credit card companies are ALL too happy to hand out new lines of credit to one's marriage partner, without even informing them they've done so. Someone's husband or wife can then run around, maxing out new lines of credit - and they'll be none the wiser until all the overdue notices arrive in the mail (assuming the partner isn't intercepting the mail and hiding/destroying those first!). I've seen this story play out MANY times, and it takes YEARS after a divorce is finalized to repair the damage.
This site is family oriented?
I totally agree with you.
People with "bad" credit (low scores) have it for two reasons.
1) No credit history
2) They have demonstrated that they cannot responsibly manage their credit obligations (either high debt to income, past late payments, too much available credit, etc)
You have to prove you can be trusted with a monthly obligation, not that you can afford it - it really is that simple. Having bad credit doesn't make you a bad person - it simply means you have a higher risk of not paying your bills because of reasons above.
If your score comes in low, pay the deposit, pay your bill on time, and enjoy the deposit being returned to you at a later time. Not only do you get your money back, but you actually helped your own "bad" credit by making on time payments - a win win for you. No real reason to get your panties in a bundle.
Everyone should learn how credit systems work, it would save a lot of heart ache and emotion. Some argue that this should be taught in high schools. I had to learn the hard way too like almost every college student out there. Don't get me started on predatory credit offers and bait-and-switch credit cards.
A great site to learn more is Motley Fool.
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