Apple iPhone Upgrade Program

[Anonymous]

So on the 25th (iPhone 6s release day) I have reserved an appointment to buy the new iPhone for my fiance at the store and also sign up for the new iPhone upgrade program they announced the other day during the keynote.

With it being an installment plan, it is financed through 'CitizensOne personal loans' as stated on Apples website.

So far, all I have are credit cards, would having a 'personal loan' ultimately help my scores to raise a little more as it would add a new type of credit to my file? Or do you even think it would show up on my credit report other than just a HP?

[EW800]

Very good question. I am curious about this as well. When I saw the announcement the other day, being so anal about credit, my first thought was SP? HP? New account showing?

I'm sure we will find out soon enough!

[Anonymous]

I am guessing it will be a HP, or at least I am preparing for one as I have had them with companies like AT&T etc.

Hoping it does show as a personal loan though as I pretty sure it would help my credit scores out a little in the long term.

I will keep people posted though.

[Anonymous]

I will do this around Christmas. In the garden until November...

Looks like a good plan and curious to know if it shows up as an installment loan on credit report.

[EW800]

I believe it would be a violation of the myFICO TOS for me to insert a link, however I just saw a message within the macrumors message forum in regard to this topic.  It is being reported that some Apple phone reps are advising that it is only a SP.  No way of knowing if this valid until some people go through the process, but it would be great if indeed it is only a SP.  

[Anonymous]

I will report back on the 25th

[braznyc]

Please report back because I did that dreadful monthly payment thing with AT&T and I keep asking myself why I just didn't buy the thing outright. In my mind it was better to give them back a phone than sell it or throw them out. I would, however, be interested in this. The only iphone I kept is the first one ever mad, haha. Totally off topic, but I often wonder what Steve Jobs would think of all of this.

[Anonymous]

So it turned out to be a HP through Citizens Bank, which was not a surprise as I was applying for a personal loan.

The Upgrade Program is basically the phones price (mine was $749) plus the Applecare+ ($129) plus tax. So if you do not plan on getting Applecare+, I would just by it outright or do it through your carrier.

Also, it is 0% interest, just to correct some people on the forum who said that there would be interest added for the loan.