Apple iPhone 3G Credit Check July 9
The wait is finally over and the iPhone 3G is out in a few days. So you’ve saved up on the cash (thankfully it’s not as steep as the original iPhone) but what about the credit check? The only thing that has made the iPhone price come down is the 2 year contract. But for the 2 year contract AT&T needs to make sure that you’ll keep your word on it and pay on time for the 2 years.
For consumers that are already AT&T subscribers, AT&T will probably just look at the payment history and if the last 12 payments were on time, they’ll let you have the iPhone at the subsidized rate. But for consumers who are not AT&T subscribers or had a couple of late payments with AT&T, guess what AT&T is going to to make sure you’ll be good: They will pull your Credit Report & Credit Score. Keep in mind this is going to be a hard hit on your credit report. Now if your credit report and score are good they will let you have the iPhone at the subsidized rate ($199/$299) with a 2 year contract. On the other hand if you have a lot of late/missed payments on your credit report and/or a low credit score, they will have you buy the iPhone at the full price ($599/$699) and load it with a pre-paid SIM card.
So do yourselves a favor and check your Credit Report before you head out to the AT&T or Apple store. If you see any discrepancies take care of them first as they may save you at least $400 dollars.