What credit score do you need to get a phone?
Since a good credit score is vital when it comes to accessing new cell phone plans or buying a new cell phone, it is crucial. Some companies such as the cell phone carriers look at your credit when approving any account. Well, what credit score is usually required for a phone?
In general, the majority of cell phone carriers require potential clients to have a credit score of 650 to 700 before they can get a new line of service or phone financing. This is regarded as good or fair credit under the normal credit rating scales. If you get a score within the very good range of 740-799 or the exceptional 800-850 you should not struggle to get a cell phone account or financing offer.
Customers with credit scores below 650 can expect to struggle to find a carrier that will agree to pay for a new device or approve an installment plan. However, this is possible even if you have bad credit. Some cell phone providers will not hire you without making a down payment or security deposit on your device or service if you have bad credit. They also might ok your credit just enough to let you sign up for a prepaid rather than a postpaid contract.
Here’s a quick rundown of approximate minimum credit scores and other requirements from major carriers.
- Verizon – You’ll need to pass a credit check and have a minimum score of 650. May require a security deposit below 700.
- AT&T – Typically, it demands 650 points or more to qualify for device installment plans. This means customers who have low scores can opt for a prepaid option.
- T-Mobile – Performs credit check but does not have specified minimum credit score. A security deposit may be required.
- Sprint – Usually prefers a credit score of 650 or higher. Lenders within the credit facility can allow bad credit customers to pay security deposit.
Some of the carriers that are likely to approve customers with a poor credit score include the following: MetroPCS or Cricket Wireless since they only provide the prepaid plan and not the postpaid contracts. But you might have fewer options for selecting your phone.
The good news is there are things you can do to raise your credit score over time.
- Ensure that all the loans and credit card balances are paid in full and on time every month
- Try to reduce your credit card balances as much as you can (this is because having a high credit utilization ratio is not good for credit scores).
- Do not apply for new credit cards or allow any hard inquiries on your reports
- Pay off credit card balances or any other due amount that may be outstanding
- You should also check all three credit reports at least once a year for errors or fraudulent accounts.
This means that it can take up to 6 months or even more, of effortful credit management, to bring the scores from the bad to the good region. But it will also unlock many more cell phone carrier choices and benefits in the future, which is incredibly valuable.
You should always look for the best phones and service plans according to your current credit score, but you should also strive to increase your score as much as possible through proper use of credit. Any improvement can expand phone financing options or lower any amount that may be required as deposits when selecting cellular internet service providers.
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