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

[garrett]

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.

 

[TBV]

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.

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.

 

[xjman349]

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.

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.

You mean the Credit Department. Financial Services wont do anything about new lines.

 

[Fleury14]

Those scores are nothing to write home about. Also $125 isn't that much cash.

 

[Garemlin]

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.

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.

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.

 

[Foolish]

Ya that's nuts.. I had an ex gf who took my credit dug a hole buried it planted fertilizer and grew tomatoes over it to make sure it can't coe back up. I have to file bankruptcy and that will actually make my. Credit score go up. Lol bujt no deposit on 4 lines with verizon wireless. So maybe the best buy guy is trying to make some side money. Tis the season....

 

[GadgetRick]

Those scores are ok, but nothing spectacular. They are around the new average.

Not sure what you do for a living but these scores are in the highest tier for credit scores (I've been selling mortgages for 9 years so know a thing or two about credit). It's quite difficult to get higher scores these days. They are certainly not the, "average," by any stretch of the imagination.

 

[thelion]

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.

You are obviously offended and for that I apologize but someone needs to explain this to you. Scores mean very little - it is what is in the file that counts. And your scores are average. Upper average, yes, but average. In this economy, the minimum score increased for a lot of credit type transactions. Where 620 used to be ok for average products (most Visas, cell phones etc) it is now well over 700. Why? Because credit agencies and companies are scared.

And as for how many people do I see with 720+? I know 18 year olds with one credit card that have over that. That is why scores are meaningless. They are a good guiding point for people building and rebuilding but each company uses their own scoring system so maybe to VZW you were only a 650. Maybe you were an 800 out of 1000.

Neither of you are Tier 1 and a pre-approval letter means little. They are based on age and income and very little else. I get pre approvals from Amex cards all the time but that doesn't mean they will approval my 710 score.

As for the loan officer. That is a different type of FICO. That is a loan FICO. You would do well to go to myFico yourself and pull your scores and then go to each credit agency and pull your files. Maybe there is a late payment on the files recently. Sure, it might be wrong - but that doesn't mean it isn't there.

Something triggered you as a slight risk to VZW. It probably wasn't your scores because cell phone companies have lower standards than credit cards but, it was something. So instead of complaining here, find out what it was and fix it before it becomes a real issue.

 

[codyodyody]

i know my score was bad....i went online to see how much of a deposit would be neccesarry....i ended up not having to put down anything

 

[Signum]

how many hard credit checks do you have on your credit report? each hard check stays on your report for 2 years. having too many hard checks on your report is detrimental.

 

[Elysian]

I don't have outstanding credit, yet they approved me for 2 lines with no deposit. Doesn't get much better than that.

 

[INFERNO]

I have a sucka$$ credit score but bought mine from sears for 149 and got the new contract no problem.

 

[NeutronBomb]

I have like a sub 600 credit score and verizon approved me for 5 lines no deposit. I even had a past collection with them about 6 years ago..lol

ATT on the other hand, I had service with them for 5 years, never missed a payment and then shut off my service about 6 months ago. Tried to start service back up with them about a month before I switched to verizon and they wanted a 300 dollar deposit per line... Didn't make much sense.

Anyway sounds like you got a lazy salesman who didn't feel like doing any activations so he scared you off with the deposit.

 

[Mojo]

you say that 6 years ago you had service with Verizon. When you left VZW did you have an un-paid balance? Even if you paid it off at sometime that could effect establishing new service with the company again. Other than that either A) your credit score is not nearly as high as you think or claim it to be. Or B) Something is effecting your credit in a negative way that is impacting you establishing new service. And you will need to pull a credit report and see what is going on and dispute anything that is incorrect on the report so it gets removed.

Verizon does not require A1 credit to obtain service with them. As a matter of fact they will approve you for lines of service even with sub par credit ratings.

 

[Martin030908]

you say that 6 years ago you had service with Verizon. When you left VZW did you have an un-paid balance? Even if you paid it off at sometime that could effect establishing new service with the company again. Other than that either A) your credit score is not nearly as high as you think or claim it to be. Or B) Something is effecting your credit in a negative way that is impacting you establishing new service. And you will need to pull a credit report and see what is going on and dispute anything that is incorrect on the report so it gets removed.

Verizon does not require A1 credit to obtain service with them. As a matter of fact they will approve you for lines of service even with sub par credit ratings.

joe might be on to something.... if you had prior VZW service there may be an outstanding balance, or a payment issue in the past with them that caused them to throw up the red flag.