Verizon Edge

[Anonymous]

I don't know where to ask this, so I choose credit card section.
Does anybody know what are credit req for Verizon Edge program?
6 month ago I was asked to give security deposit for 2 year contract because I didn't have credit history. Now I do.
I got first card 5 months ago. And second one, 1 month ago.
700$ together. All payments on time, 12% ult. 6 inq, tu and eq, ex have 4.
so I am thinking to get new line with Verizon edge, but I am not sure that I will be approved.

[Anonymous]

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@Anonymous wrote:
I don't know where to ask this, so I choose credit card section.
Does anybody know what are credit req for Verizon Edge program?
6 month ago I was asked to give security deposit for 2 year contract because I didn't have credit history. Now I do.
I got first card 5 months ago. And second one, 1 month ago.
700$ together. All payments on time, 12% ult. 6 inq, tu and eq, ex have 4.
so I am thinking to get new line with Verizon edge, but I am not sure that I will be approved.

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I asked that this thread be moved to General Credit as it doesn't involve credit cards.  You should be fine with their payment plan but you really need to check with a Verizon wireless store.

[Anonymous]

Verizon Edge does not go by FICO. It is rather thier internal scoring system based upon your bill payment and cellular service history. As long as you are current with them, I believe you should be fine. Verizon Wireless can explain that better since they have access to your credit with them.

[Strogen]

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@Anonymous wrote:
I don't know where to ask this, so I choose credit card section.
Does anybody know what are credit req for Verizon Edge program?
6 month ago I was asked to give security deposit for 2 year contract because I didn't have credit history. Now I do.
I got first card 5 months ago. And second one, 1 month ago.
700$ together. All payments on time, 12% ult. 6 inq, tu and eq, ex have 4.
so I am thinking to get new line with Verizon edge, but I am not sure that I will be approved.

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If you've got good history with Verizon and never missed a payment then I dont see why they would deny you. 

I know that there is some "limit" as I have read of people gettting like 3 phones on edge and having to call in about it. 

I have 4 full and solid years of 100% good history with Verizon and they had no issue giving me an iPhone 6 and 64 gb iPad Air 2. 

I have since paid off the iPhone to get my bill down, but its nice to have the iPad on that payment plan. 

Just be aware that the full tax for the device will be on your next bill after you start Edge. 

[Anonymous]

@Strogen, does a phone financed through EDGE (show up on any of the 3 Credit Reports? If so, under what category? Were there any hitches?

I'm thinking if it might be better to use EDGE to buy a new phone prior to the 2 year upgrade, if it shows as an installment loan or doesnt get reported at all, rather than putting it on a 0% interest revolving account which would affect utilization.

Also, do they really give you no hassles about paying more than what is due each month? Is that an easy process in the Verizon Mobile App, or do you have to mail in a check or something? And do payments in excess of the minimum directly reduce the principal?

I suppose I could ask Verizon these questions, but I'd rather hear it from an objective 3rd party source... it's a new program, and their faq is a bit vague.

[Strogen]

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@Anonymous wrote:

@Strogen, does a phone financed through EDGE (show up on any of the 3 Credit Reports? If so, under what category? Were there any hitches?

I'm thinking if it might be better to use EDGE to buy a new phone prior to the 2 year upgrade, if it shows as an installment loan or doesnt get reported at all, rather than putting it on a 0% interest revolving account which would affect utilization.

Also, do they really give you no hassles about paying more than what is due each month? Is that an easy process in the Verizon Mobile App, or do you have to mail in a check or something? And do payments in excess of the minimum directly reduce the principal?

I suppose I could ask Verizon these questions, but I'd rather hear it from an objective 3rd party source... it's a new program, and their faq is a bit vague.

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Sorry for the late response but it does not show up on any credit report I have seen (TU, EX, EQ).

I suppose its a loan in a sense, but they keep it internal to the company it seems. 

And the payment just gets added on to your bill like you would expect so you can pay it how you've always paid it. 

So if your bills $100 a month normally then it becomes like $130 with the edge payment (depending on what you get).

First bill after edge will have the devices full tax so be aware that bill might be $200 if it were $100 normally. 

I used a credit card 99% of the time. 

[Anonymous]

Good to know, thanks. What I can't quite figure out is whether I can get the phone on EDGE if I am 9 months into a 2 year contract. They say in one place you need to be upgrade eligible, but most of their customers are on 2 year contracts already, and if you are upgrade eligible, why would you need to finance a phone with EDGE?