down payment for good credit???

    I just came from a T-Mobile store... I was looking to signup for new service.  This would be my first time trying out t-mobile.  I arrived at the store, and fill out the app.  The rep says my credit isn't good, and a $200 deposit is required.  I asked,  "what credit score will I need to avoid the deposit?" He wasn't sure, but claimed I should have no issues with a score above 700.

    While in the store I checked my credit and it came back with a score of 744... Long story short, the rep called credit services and they still claimed a deposit is needed.

    Again I asked, what kind of credit score do I need to avoid a down payment on a phone?  I can't seem to get a clear answer.

      All replies

      • smplyunprdctble

        Re: down payment for good credit???

        Is that single line? Multiple lines?  Is it "deposit" or "down payment"?

         

        I would imagine with a credit score of 744 (or anything higher than 700), no deposit would be required. 

         

        However, if you have five lines with each line getting a $650 phone, that's $3,250 in credit you'd be looking to finance.  T-Mobile may have a limit on total financing per customer?  I'm grasping at straws here, but it's possible you chose five phones that totaled approximately $3,200 and they rounded the down payment to $200?

         

        That's just my guess based on previous posts where people would get "deposit" and "down payment" mixed up.

          • It's for a single line.  The rep said a deposit was needed, but he could have meant down payment.  Even if it was a deposit/down payment... it's a single line (one phone) with a credit score of over 700!  A $200 deposit/down payment should not be necessary.  I guess Verizon will be getting a new customer.

            • 21stnow

              Re: down payment for good credit???

              I don't know T-Mobile's credit evaluation process, but it may consider things in addition to the actual credit score.

               

              I used to work in apartments where we did credit checks.  Someone could come in with a mediocre credit score and have no failure to pay rent suits and qualify for a low deposit while another person may have a higher score but have judgments for failure to pay rent in his rental history and would need to pay a higher deposit.  Some businesses give more weight to your history with competitors and less weight to unrelated lines of credit

            • smplyunprdctble

              Re: down payment for good credit???

              Also, another question is "is that $200" the sales tax on devices (I'm assuming multiple devices here).  $3200 worth of devices at 6% sales tax is $192 in sales tax.

              Sales tax is due upon sale, not financed.

              • Judging from what you said t-mobile doesn't go by what your credit score is. It goes by credit class. Which is more or less the behavior of your credit score. If it goes up and down constantly thats the behavior. even people with lil to no credit could qualify for no down payment. I've met a customer with a credit score of 570 and qualified for 0 down. Yours is probably credit class L which means yeah at first a down payment of 200 is required but after a year the down payment will be lowered at the time of upgrade and after 3 years you will qualify for 0 down. That was the old rule now tmobile will let any credit class qualify for 0 down payment at time of upgrade after 12 months of on Time payments. (t-mobile store manager)

                • tmo_mike_c

                  Re: down payment for good credit???

                  For anyone still needing info on down payments, please take a look at our Smartphone Equality page. If you still need further help, please reach out to our Care folks via the options on our Contact Us page.

                  • dizzle18

                    Re: down payment for good credit???

                    I experienced the same thing when I walked into T-Mobile yesterday.  Only difference is I have been a T-Mobile customer for about 4 years. There seems to be no benefit and no difference whether you are a new customer or a loyal customer of many years.  You will still have to pay the $200 and even more if you have average or bad credit.  My credit score is over 700 as well.  T-Mobile will tell you upfront before they even run your credit that you will be paying $200 if you have good credit.  So, it has nothing to do with activity on your credit report as someone else on this board alluded to.  I'm currently looking at Verizon and dare I say it, Sprint!  SMH

                      • tmo_mike_c

                        Re: down payment for good credit???

                        Sorry to hear you've had the same experience. We definitely don't want you to switch to another carrier. Is the issue with the down payment? Is there different you need help with? I'd just like to make sure we do whatever we can to get you help.