iPhone Upgrade Program question with my current credit...

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So, last month I was approved and started using three new credit cards.

Merrick Bank - will report zero balance soon

CapitalOne Platinum - will report 250/1000 soon

Barclay Apple Visa - will be at 90% utilization [I bought 15" MacBook Pro recently]

I also closed two credit cards. With the hit of new credit cards, closure of two credit cards, and utilization taking a huge hit to the credit. My credit scores dipped to the low 600s from around 640s. 

What are the likelihood of my approvals for iPhone Upgrade program in store? I understand that the IUP will be viewed as a loan with Citizen One bank that pulls EQ? My EQ score is 623 as of 10/2/2018. I'm planning to take a trip to Oregon at the end of this month, tax-free baby, so my credit should at least improve with paying down significant balance [except the Barclay].

Update 10/28/2018: Citizens Bank exclusively pulls EQ for me, and was denied due to BK. I'm over a year since DC7.

[HeavenOhio]

I can't answer your question, but because you're so close, I'd suggest getting your Barclays card down to 88.9% of its limit. That way you won't be maxed, and hopefully, you see a boost.

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@HeavenOhio wrote:

I can't answer your question, but because you're so close, I'd suggest getting your Barclays card down to 88.9% of its limit. That way you won't be maxed, and hopefully, you see a boost.

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I do plan to make a payment next week, so it should come down to ~84% on Barclay alone. Is there a reason why specifically at 88.9%?

My utilization so far for what I currently have / will report:

• Barclay: 84% utilization | $2,121/$2,500
• Merrick: $0/$700
• CapOne: 28% utilization | $275/$1,000
• Genesis [from Mattress Firm]: 11% utilization | $331/$3000

Roughly, the overall utilization will be 38%.

[HeavenOhio]

The card is maxed right now. 88.9% isn't maxed; 90.00000000000001% is. A maxed out card can take a pretty big bite out of your score, and it can scare off new lenders.

[FireMedic1]

Who do you have service with? I got the $849 Google Pixel 2 XL with Verizon last year. There was no HP and no finance company. Its all through Verizon.

[Thaitea007]

I would advise that if you want the best scoring when applying for anything is to use the AZERO method with your revolving credit cards. 

which is having all your cards at a zero balance except one and have that only one report a balance under 8.9%. this method has been shown to produce the best fico scoring outside of any other negative items on your report. 

[Anonymous]

Unless it's changed, this lender is not BK friendly and it will be an automatic denial and a wasted HP. 

If you are already have service with a provider that sells phones, just buy it through them if you must have it and skip the HP.

I'd personally wait and not stretch the limits of my newly obtained credit already.

[FireMedic1]

The cards that you closed caused util to go up as you say. Seems you knew that would happen. Should have held out for a while. Score drop from what you typed was 40 ponits. Any balances on the 2 cards you closed?

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Yes, I had expected the score would drop, but not this much. But even so it dropped like this, I didn't care because I knew it would bounce back significantly in less than a year. I also do plan on AZEO method soon.

The two credit cards that I had closed was $450 CreditOne over 1 year old, $300 Milestone Gold. Maybe I should have kept them open and held out a bit. Before closing and utilization taking a jump, the scores dipped a bit after new credit cards were reported. Merrick and CapOne will have its limits raised in 5-6 months by $1200.

I have T-Mobile, so money down is not something I'm interested at this time. I still have iPhone 7 and its still in good shape, so I think I will hold out for a while. 

I do also currently have the following that I am currently paying:

• Auto loan
• Federal student loans
• [Not paying] defaulted in 2012 Navient private student loans

Absolutely no missed payments even before BK besides the Navient above.

[Anonymous]

T-Mobile also has a no credit check phone plan. If we're talking strictly about your wireless upgrade, I would call the carriers, better yet visit the retail store and be open to porting your number. The competition usually loves that and you may be able to get your iPhone upgrade with no credit check.