iPhone Upgrade Credit Program

Anonymous · ‎10-03-2017

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?

Anonymous · ‎10-03-2017

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-Ba...

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/474...

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.

UpperNwGuy · ‎10-03-2017

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.

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Anonymous · ‎10-03-2017

@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...

Anonymous · ‎10-03-2017

@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.

Anonymous · ‎10-03-2017

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.

Anonymous · ‎10-03-2017

@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.

Anonymous · ‎10-03-2017

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!

Anonymous · ‎10-03-2017

@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.

Anonymous · ‎10-03-2017

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?