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Member
starting_over30
Posts: 24
Registered: ‎06-12-2011
0

Sprint Cell Phone?

I'm just curious what you all think about getting a phone through Sprint. I have about a 500 credit score, (don't know the exact scores for all 3), mostly this is the result of an auto loan default as well as some other payments/credit cards that went into collections. I have had Sprint in the past and back then I had to put down a $300 deposit, but because the auto loan default is relatively recent my credit is in worse shape right now. Would there be a good chance I would be denied without the possibility of even getting a phone with the deposit? This isn't a must have item right now, currently I'm with Virgin Mobile which is okay - kinda pricy for the quality though. Also, could this help re-build my credit? I really need to start rebuilding with some good credit and get out of this 500 ditch, don't yet have a secured credit card but do plan to get one soon, (most likely before getting a new phone). I don't know how often, or ever, cell phones report to credit agencies though. Just looking for any of your opinions on this, as I said, I'm currently doing ok with the phone I got but it would be nice to have service I'm not embarrassed about! lol
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Sprint Cell Phone?

my experience you probably would have to go the deposit route again with sprint.

 

however.. cell phones dont report unless you **bleep** up, so why not just stick with a prepay? there are many different options, even with the bigger carriers..

 

getting a cell phone will not really help you rebuild, it will just jack you up in the end if you default.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Member
starting_over30
Posts: 24
Registered: ‎06-12-2011
0

Re: Sprint Cell Phone?

There aren't that many options if you want a nice phone. Pre-paid is expensive and for what I'm paying Virgin I might as well get a real phone with real service that isn't targeted to teenagers. Only downside is the initial buy in costs with the phone + deposit. The monthly costs wouldn't be much more and I'd get a lot more use out of an Android phone than what Virgin offers.
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Sprint Cell Phone?

As mentioned, cell phones don't report unless you default so it certainly doesn't help your credit.

 

IMO, the deposit is a way to save money, or at least that's how I read into it. After so many months of spotless payments, they'll return it to you (or at least that's how it used to be). Plus you won't know if you actually need a deposit until you apply. Also instead of applying directly with the major carriers, try a 3rd-party reseller. Your credit info could be passed to the big companies, but your odds of not paying a deposit or not getting hit with an inquiry go up.

Contributor
tamdugg1980
Posts: 100
Registered: ‎05-07-2011
0

Re: Sprint Cell Phone?

You should try Boost Mobile.  I belive they are on the "prepaid" side of Sprint's business.  They also have a few unlimited plans that all use the Sprint Network for under $50.  I have been a customer with Sprint for almost 10 years and you will have to go the deposit route due to your score.  But, as someone else posted, they don't report to the credit bureaus unless you **bleep** up the account and not pay it.  Best bet would be to try Boost mobile!  Hope this helps

Starting score: (April 2011) 530 - myFICO EQ
Current score: (04/2012) EQ - 608 (myFICO), EX FAKO - 671, TU FAKO - 619

Let's see what happens once they report minus the late payments!!!!!!
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Sprint Cell Phone?


starting_over30 wrote:
There aren't that many options if you want a nice phone. Pre-paid is expensive and for what I'm paying Virgin I might as well get a real phone with real service that isn't targeted to teenagers. Only downside is the initial buy in costs with the phone + deposit. The monthly costs wouldn't be much more and I'd get a lot more use out of an Android phone than what Virgin offers.


You can try to justify it, or word it however you want. But beggars can't be choosers. For whatever reason (illness, recklessmess, bad luck, the excuses are many) you find yourself in the boat many of us are in, or have been in, a sub-par credit score.  I had to have an AT&T cell phone that was prepaid for 3 years. Until earlier this year, I was still using freakin T9 to text! So I feel your pain, but sometimes you got to bite the bullet and do what is the right thing to do, getting (or in your case) KEEPING a prepaid phone until you score allows for a new plan. Eliminate one more variable that coul hurt your credit in the future, but only for the interim.

 

If you want a good phone, find a provider who will let you put a downpayment down and get a good expensive phone you may or may not be able to afford. But if you default on THAT phone, any repair or managment you have done to your credit score could go right out the window. Not worth it just so you can keep up with the jones, IMO

 

Good luck with whatever you decide to do. I finally was able to qualify for a phone and it was great, but I also jumped the gun early and was frustrated like yourself.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Member
starting_over30
Posts: 24
Registered: ‎06-12-2011
0

Re: Sprint Cell Phone?

I'm okay as far as finances go so paying a deposit + monthly fees wouldn't be a problem, and the possibility of defaulting is pretty remote (or I wouldn't even be considering it).  I'm just mostly hoping all that money might help boost my credit, but since it looks like it won't do a thing I might just stick with what I have at least for the next 6 months and focus on rebuilding my credit through a secured card.  Hopefully that'll prevent or at least lower any deposit I'll need.

 

Oh and I'm pretty sure I would need to pay a deposit if I got one right now.  I just recently bought a car and even with about half of the purchase price being put down as a deposit I still couldn't get approved by anyone.  I'm only financing about $4k!  I ended up going through the dealership directly which won't help my credit one bit....but at least I've got reliable wheels getting me to work!

Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: Sprint Cell Phone?

Yeah unfortunately the cell phone will do nothing to boost your credit score.. sucks but thats how it goes.

 

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Established Contributor
JonStur
Posts: 905
Registered: ‎12-25-2010
0

Re: Sprint Cell Phone?

No, cell phones don't do anything to rebuild your credit..Loans and credits cards boost your credit because they loan you money and ( hopefully) you pay them back in a timely and responsible manner. Stick with a cell phone that is functional for you and focus on rebuilding your score and soon you won't have to worry about deposits on cells or anything else.

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

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