What is Verizon's credit criteria for new service???

Discussion in 'Android General Discussions' started by Garemlin, Dec 27, 2009.

  1. Garemlin
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    Garemlin Developer Relations

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    So we just got back from Best Buy. With no new phones. :mad: Says we need $125 deposit per line. We were floored. I have a credit score of 760 and my wife's is a 720. Plenty of established credit and everything is always on time. Those credit scores don't require a deposit IMO. Six years ago I got Verizon service and my score was around a 620 and I didn't have to put a deposit down. What gives???
  2. Backnblack
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    Backnblack Premium Member Premium Member

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    Go to a corp store and see whats up...Those scores do not warrant a deposit.
  3. dezymond
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    dezymond Tech Support Mod Staff Member Premium Member

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    why didn't you just go to a verizon store? Dealing with "authorized dealers" is more of a headache than it should be. I went through that experience once, the salesman lied, we went back 2 days and he got fired. I went straight to an AT&T store instead (yes this while awhile back) and they treated us very well and gave us some gift cards for our stress.

    My experience with Verizon was painless and very easy. They set everything up for us and even waived off the activation fee.
  4. kdkinc
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    kdkinc New Member

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    My first Verizon phone I got from one of those Verizon farm stand stores ( authorized reseller).
    The resell had me sign an additional contract stating that if I broke my contract early not only would I have to pay the early termination fee to VZW but I also had to pay her a $200.00 penalty fee.
    I was glad to get the Verizon phone because of my credit without a deposit.
  5. joshua117
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    joshua117 New Member

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    Yeah with those scores I don't see you having to pay a deposit, especially per line. You also went to BestBuy and they are never to be trusted. :p
  6. brendanstl
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    brendanstl New Member

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    I had some terrible credit about a year and a half ago, I had no problem whatsoever getting service with them, they didnt even make me pay a deposit. I did mine over the phone.
  7. General_Lee86
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    General_Lee86 New Member

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    Thats why I always get mine online at VerizonWireless.com or from the verizon wireless store down the road from me, I never liked buying phones from other places thats for sure.
  8. mth04
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    mth04 Premium Member Premium Member

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    Sounds wierd to me. IF and please understand there is no way for us to know, but if they found an "unpaid" account from a different cell carrier they would want a deposit. with those score it's doubtful but IF.

    With those scores in this economy no deposit should be required. I would contact VZW directly
  9. wildrage
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    wildrage New Member

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    I've been rebuilding my credit, and at the time I got service about 6 months ago I was only at a 575 or so....i got a line of service with no problem from verizonwireless.com
  10. thelion
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    thelion New Member

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    Those scores are ok, but nothing spectacular. They are around the new average. $125 is a small deposit for VZW. I have seen them charge up to $400 per line. Particularly with the high end phones.

    Call them and see what's up. Maybe you don't have enough credit. You can have high scores with few accounts and too few accounts = deposit.

    Also, are your scores FICo (as in from myFico) or somewhere else? If they are from somewhere else, they are useless and can be up to 100 points off. Just an FYI.
  11. Garemlin
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    Guess I am a little confused. What difference would it make going through a corporate store?? Best Buy still has to run the credit through Verizon. After this came back we went home and and pulled a free credit report. Nothing. So I called Verizon and to find out what the deal was. They escalated it to a second review and it came back the same. We are using my wife's because we get a discount through her employer. They said with those deposit levels it is considered a moderate risk or not enough established credit. That doesn't make any sense. We have a mortage, car loan, a car loan paid off, a bike loan and a few credit cards that are not even charged up. We both have plenty of established credit.

    Miami: We currently have AT&T. My wife had them before we met and we still have them. Everything has been and still is current.

    thelion: Nothing spectacular??? Hers is A (because of a late payment about 6 months ago) and mine is A+ Tier 1.In this economy that is considered pretty damn good. Ask any loan officer how many people they see coming through these days with 720+ scores. Hell I just got a pre-approval letter a month ago for one of those AMEX Centurion Cards. Didn't take it because I have no need for it. Point is with credit scores like that there should be no need for a deposit of any kind. And we do have plenty of long established credit and those are our FICO scores.
  12. Vulcan1600
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    Vulcan1600 DF Super Moderator Staff Member Premium Member

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    Well, the deposit is something we can only guess about. Something flagged a somewhat higher risk for you. You do know that the $125 deposit per line is refunded with interest after 1 year. There's certain things like paying your bill on time each month and no interruptions of service for non-pay.
  13. Garemlin
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    We just traded in our bike on a new one back in October. The loan officer at our Credit Union always shows us our reports and FICO scores. My wife has one late payment on a store credit card six months ago because they changed her to paperless w/o her knowledge and I didn't get the statement. It was paid and paid off as soon as I found out about it. Other than that our credit is clean going back as far as they go. Not one late payment or anything else.
  14. vzwmandroid
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    vzwmandroid New Member

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    I gave a $400 deposit a year and a half ago and its bin smooth sailing ever since. Look at me now I got both Droid phones, 5 lines to the account and just about six months ago they sent me back my deposit with 15% interest on top of that I got a $700 credit line with Verizon.
  15. Speeding Wheels
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    Speeding Wheels New Member

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    I have absolutely terrible credit (not bragging, just stating a fact) and when I did the A.O.L to get off the family share plan with my sister VZW initially told me I'd need a $125 deposit but the phone rep escalated it to the review team and within 10 minutes they had knocked me down to $0 deposit...

    That was about 2.5 years ago.

    .... I still have terrible credit and last week I billed my Droid to my acct so I could pay it off with the next bill cycle :icon_ banana:
  16. garrett
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    garrett Active Member Theme Developer Developer

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    they dont only look at the credit score if you have an unpaid or other wireless account that is still open they may require a deposit.
  17. TBV
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    TBV New Member

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    I happen to work at a VZ corporate retail store and if your scores are as you say they are, there should be no reason for you to have a deposit of any kind (even though the $125 per line is the lowest deposit possible, it still should not be necessary based on the info you provided).

    Have VZ Customer Care call the finance department that issues the credit decisions and find out exactly why they are demanding a deposit...it may be something simple like addresses not matching, incorrect info on one of the bureaus (TransUnion is the one VZ uses), or you, your wife or the clerk @ Best Buy could have entered your social security numbers wrong...do not accept someone telling you they cannot give you definitive info, I have talked to the credit department on numerous occasions and been told exactly why a deposit was being required per their decision on customers of mine.
  18. xjman349
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    xjman349 New Member

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    You mean the Credit Department. Financial Services wont do anything about new lines. :)
  19. Fleury14
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    Fleury14 New Member

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    Those scores are nothing to write home about. Also $125 isn't that much cash.
  20. Garemlin
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    I actually called three different times. The first time all they would tell me is we would be getting a letter from the credit bureau. Second time I gave them the application number it showed that the dumbasses at BB had run the app with my name and her ssn. Third time was after we went back down to BB and had them run the app correctly. With the fact that I called three times and they escalated it to a review which came back with the same answer should we even bother perusing this???

    Fleury: Thanks I appreciate that. You must be sitting with a 850 yourself huh?? And it is $125 per line. We have three lines.
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