What Credit Score is Needed for an iPhone?

March 10th, 2012 | Author:

Technology has brought us tons of gadgets that are not only fun and entertaining, but revolutionize the way we connect and even work. Popular gadgets like iPhones, however, are not the cheapest things out there on the market. To buy one outright costs a ton of money and you still have to get a service plan through an authorized dealer. For this reason, it is often most cost effective to buy your iPhone via an authorized dealer where you can glean significant savings if you are willing to enter into a contract.

AT&T is one of the most popular providers of iPhones and iPhone data/content plans. They provide a number of options that allow for those with a wide range of different credit scores to qualify for a iPhone and plan. There are a number of requirements that you must meet aside from credit score though. You must have a solid financial standing – meaning that you do not have any debts in collections or unpaid lines of credit. It also helps to already have other lines of credit. Those with excellent credit scores will have no problem qualifying for the iPhone and plan that they want.

However, what about people with less than perfect credit, or who may have had a negative judgment on their credit report in the past? It does not mean that you are out of luck. While super low credit scores are likely to be rejected, those with even fair credit scores in the high 500s can qualify for an iPhone and plan. The catch is that you will be required to pay a security deposit. This allows them to extend the financing for the phone and the plan to more people, but the deposit helps to protect the company in the event of the loss.

The amount of the deposit is dependent on a number of factors such as your credit score and the amount of your purchase. It can range from anywhere from $100 to $1500. This discourages those who wish to have service and then skip out on their bill, but it also provides a means for those with less than perfect credit the ability to have the latest and greatest technologies. Those who have good or excellent credit scores are unlikely to be required to pay a security deposit, though the need for the deposit is dependent on more than just credit score. The financing extended through companies like AT&T allow people to take advantage of the greatest in technology, while also protecting themselves from losses. If you have a fair credit score, do not fear that you will be rejected outright, you just may have to pay a security deposit in order to qualify.

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