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Posted in Saving Money
What score do cell phone companies look for without a deposit?
I'm looking to split off a shared cell phone plan and get one in my own name. I'm trying to avoid paying the deposit because of low credit. My credit score is currently 600 and climbing. Should I wait until its higher?
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Question By
reedmm

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Thanks! That's just what I was looking for!

Response by
reedmm

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Cell phone companies go by more than just your credit score. They specifically go by certain types of revolving bills, such as a cell phone bill. You can have a great credit score, but have a cell phone bill that went to collections, and you will get a deposit. If you can't afford a deposit or don't want to pay one, try t-mobile. They don't do deposits, they have several different types of programs that will suit you :-)

Response by
jas06ab1

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Seems that you might still have to pay 400.00 if you sere to go with verizon. IMHO they are the best carrier, but that's off topic.

They like to see a score of 640 or higher, then they vary the dep. amount from there, if you waited till you get to about 675 you should be in the clear.

I would have to assume that other carriers will be on par with this, or pertty close (ATT wanted over 600 from me though with a 650 score, another reason I chose VZW.)

Here,s another thing, most carriers (I know Sprint and VZW for sure)will refund the deposit either in the form of 'bill credit' or if you desire they will mail you a check, after 1 year of paying you bill on time.

So if you can pony up the deposit, you have nothing to lose in the longrun as long as you pay on time each month, and in the meantime cellular carriers typically report to credit agencies, further building your score.

Response by
redneckmudrunner

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"and in the meantime cellular carriers typically report to credit agencies, further building your score."

This is a good lesson in not relying on opinions found here. Cell providers most certainly do NOT typically report to agencies, unless you default. They don't help you build credit, but they can sure help you destroy it if you don't pay your bills.

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RangerGreen

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