topic Re: iPhone Upgrade Credit Program in General Credit Topics

iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 17:59:07 GMT

Apple iPhone Upgrade Program runs a credit check through Citizens One sometimes referred to as Citizens Bank. Which bureau do they pull and if you join the program does it report monthly to the bureaus?

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:03:40 GMT

Asked a bunch every time Apple releases a new phone.

Some say EQ, some say EX.

http://ficoforums.myfico.com/t5/General-Credit-Topics/iPhone-Upgrade-Program-financed-by-Citizens-Bank/td-p/4227831/page/4

http://ficoforums.myfico.com/t5/SmorgasBoard/Apple-iPhone-Upgrade-Program/td-p/4871966

http://ficoforums.myfico.com/t5/General-Credit-Topics/iPhone-7-Upgrade-Program-credit-check/td-p/4741563/page/2

Also, HP every time you upgrade. Doesn't seem like a good value to me versus buying it outright on a 0% card and adding Apple Care+ if you want it.

Re: iPhone Upgrade Credit Program

UpperNwGuy — Tue, 03 Oct 2017 18:04:43 GMT

I have this question, too. I plan to purchase a new iPhone in November and December, and I'd like to understand how the upgrade program works.

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:07:06 GMT

@UpperNwGuy wrote:
I have this question, too. I plan to purchase a new iPhone in November and December, and I'd like to understand how the upgrade program works.

There are a ton of posts on these forums over the years.

http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?advanced=false&allow_punctuation=false&q=iphone+upgrade

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:21:12 GMT

@Anonymous wrote:
Asked a bunch every time Apple releases a new phone.

Some say EQ, some say EX.

http://ficoforums.myfico.com/t5/General-Credit-Topics/iPhone-Upgrade-Program-financed-by-Citizens-Bank/td-p/4227831/page/4

http://ficoforums.myfico.com/t5/SmorgasBoard/Apple-iPhone-Upgrade-Program/td-p/4871966

http://ficoforums.myfico.com/t5/General-Credit-Topics/iPhone-7-Upgrade-Program-credit-check/td-p/4741563/page/2

Also, HP every time you upgrade. Doesn't seem like a good value to me versus buying it outright on a 0% card and adding Apple Care+ if you want it.

Citizens Bank does not charge interest. I'm only doing research to see what are best options to get the phone. I might pay cash or might not.

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:24:48 GMT

Yep, 0% interest and also appears NOT to report to the CRAs as an open account which is nice, but giving up an HP every year when you upgrade seems hefty.

You'll want to do the math and compare for sure.

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:29:07 GMT

@Anonymous wrote:
Yep, 0% interest and also appears NOT to report to the CRAs as an open account which is nice, but giving up an HP every year when you upgrade seems hefty.

You'll want to do the math and compare for sure.

Yes I must agree that is a hefty price to pay. I once upgraded a device with Verizon and they approved with no credit check. Verizon did a credit check on me when I first chose them as a carrier and has never did another one.

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:30:45 GMT

If you have excellent credit already, an annual HP for an upgrade is meaningless and has almost zero effect on a very high FICO score.

If you're rebuilding, you probably want to limit HPs for now -- my opinion only here.

If it'll save you money over charging a phone to a 24% interest card, I'd rather get the HP than pay any interest.

Not sure how the monthly price compares to buying it outright, though!

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 18:38:29 GMT

@Anonymous wrote:
If you have excellent credit already, an annual HP for an upgrade is meaningless and has almost zero effect on a very high FICO score.

If you're rebuilding, you probably want to limit HPs for now -- my opinion only here.

If it'll save you money over charging a phone to a 24% interest card, I'd rather get the HP than pay any interest.

Not sure how the monthly price compares to buying it outright, though!

They divide the payments evenly over a 24 month period with no interest. So the price is the same if you pay cash or if you pay installments. If you pay installments you can trade in after 12 months but you have to select a new phone through the program. I like the fact that it's hidden away from your credit reports. The carriers are also hidden. So I guess it's 6 in one hand and 1/2 dozen in the other except the carriers only hard pull when you initially join.

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 19:42:24 GMT

I want to know what this "iPhone" thing is that everyone keeps talking about. I'm assuming it's a phone based on the name. Is it like my Palm Treo 650?

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 19:45:10 GMT

same here.. we've been with verizon for at least 4 or 5 years now.. just upgraded to iphone 8.. no credit check

Re: iPhone Upgrade Credit Program

Anonymous — Sat, 07 Oct 2017 16:49:39 GMT

@Anonymous wrote:
I want to know what this "iPhone" thing is that everyone keeps talking about. I'm assuming it's a phone based on the name. Is it like my Palm Treo 650?

It’s the iPhone X. Whether or not it’s worth is a being widely debated. So that’s another thread. Palm Treo 650, you gotta be kidding me! I had one of those when one of my kids was born. He’s in college now and he has never heard of it.

Re: iPhone Upgrade Credit Program

Anonymous — Tue, 03 Oct 2017 20:10:39 GMT

I heard the Palm Treo 650 boosts your FICO score by 100!

(/S)

Re: iPhone Upgrade Credit Program

joltdude — Fri, 06 Oct 2017 14:32:33 GMT

@Anonymous wrote:
I want to know what this "iPhone" thing is that everyone keeps talking about. I'm assuming it's a phone based on the name. Is it like my Palm Treo 650?

Presume your kidding but if not.. its a phone with the power of a small laptop in a portable form factor that makes calls and browses the internet..

Oddly enough I supported various smartphones over the years but didnt own one untill recently... I kinda liked the Treo 650....

Had a friend who had the Samsung I300.... and another who had the Handspring Visor..

My first smartphone was actually a One Plus One... untill then... I just stuck to Sony featurephones.... Still some things that they can do that an IFruit cannot... Bluetoothing contacts and files is something Apple still doesnt want to allow folks to do...

Oddly enough some of us are starting to pay the same prices as if we bought one of the original luggable/brick car phones... that required installation..

Re: iPhone Upgrade Credit Program

SomewhereIn505 — Sat, 07 Oct 2017 16:06:01 GMT

I’m a Verizon customer and just going to upgrade through them. They’ll do an installment plan and I avoid a HP.

Once I have it, I’ll wipe clean my old iPhone and sell it to Verizon as credit agains the new phone.

Re: iPhone Upgrade Credit Program

Anonymous — Sat, 07 Oct 2017 16:52:36 GMT

@Anonymous wrote:
I heard the Palm Treo 650 boosts your FICO score by 100!

(/S)

I wished that each of my tech toys boosted my score by 100. I would be 800 by now!

Re: iPhone Upgrade Credit Program

AllCredit — Sat, 07 Oct 2017 22:49:43 GMT

@SomewhereIn505 wrote:
I’m a Verizon customer and just going to upgrade through them. They’ll do an installment plan and I avoid a HP.

Once I have it, I’ll wipe clean my old iPhone and sell it to Verizon as credit agains the new phone.

This is what I plan to do through AT&T (I currently have them), and if I want to payoff early, I can do so, but all about not getting the HP for this if I can help it.