iPhone 6 with Bad Credit or No Credit – What Are My Options?
If you have your eyes set on the new iPhone 6 but your credit is less-than-stellar, you still have options. Unfortunately, you may have more trouble actually finding a carrier or store that has an iPhone 6 in stock than actually qualifying! Here is what you should know about getting an iPhone with bad credit.
iPhone 6 with AT&T
If you want to go with AT&T, you can expect a credit check regardless of which type of plan you choose. You have a few ways to get an iPhone with AT&T:
- 2-year contract with $216 due today
- AT&T Next plan with $0 down (qualifying credit) and monthly payments of $27.09 for 24 months
- Full retail price of $649.99 (save up to $25/month on a Mobile Share Value plan)
Let’s start with the AT&T Next plan, which requires the smallest amount down. The AT&T Next program is a financing arrangement that requires 20 or 24 monthly payments with 0% APR. There are two installment plans available:
- AT&T Next 12 requires 20 monthly payments of $32.50. After you make 12 payments, you can trade in your iPhone 6 for a new phone.
- AT&T Next 17 requires 24 monthly payments of $27.09. After you make 18 payments, you can trade in the phone and upgrade.
AT&T Next requires a credit check unless you are an existing customer with an account in good standing. Be aware that AT&T Next appears to have strict credit requirements, as many people with good credit have even been denied. AT&T seems to base the requirements on a credit class and AT&T credit history more than your credit history with other companies.
If you have bad credit, you may not get approved for the Next plan. Your next option is signing up for a two-year contract, which will require paying the subsidized cost of the phone ($199).
When you sign up for AT&T service, they will run a credit check. If your credit score is below 600, you will most likely be required to pay a security deposit of $100 to $1000 — with an average amount between $450 and $750. If you have declared bankruptcy and your credit score has not improved, you will probably be denied.
iPhone 6 with Verizon
With Verizon, you have 3 ways to get an iPhone 6:
- $299 with a 2-year contract
- $37.49 with Verizon Edge for 20 months with 0% APR
- $749.99 full price
Verizon does not let you sign up for their prepaid ALLSET plan with an iPhone 6, unless you buy it elsewhere and bring it to the plan.
Let’s start with the contract option.
If you want to buy a Verizon iPhone 6 with a 2-year contract, they will run your credit. It seems most people with a credit score of at least 600-625 do not have to pay a deposit unless they have a bankruptcy on their record.
If you have bad credit, you may need to pay a deposit to start service. Verizon deposits range from $150 to $1,000 per line, not per account, and most people get a deposit of around $400. This deposit will be on top of the subsidized cost of the phone, which is $299 for the 16GB iPhone 6.
If you want a lower upfront cost, the Edge plan might be a better way to go.
The most popular way to get the iPhone 6 with Verizon is through their Edge plan. which lets you upgrade to a new smartphone every year or earlier and pay for your phone over 20 months. Edge has no activation or upgrade fees, and you will need to pay the full retail price of the phone in 20 equal installments.
To be eligible, you must be an existing customer with at least 7 months of good payment history with Verizon or a customer with a postpaid service agreement. If you are a new customer or you have less than 6 months of good history with Verizon, you will need to pass a credit check. If you have a high enough credit score, you can qualify for $0 down on your iPhone.
Verizon tends to have some of the strictest credit requirements among major carriers. Verizon will check your credit to see how much debt you have, whether you have charged-off or collection accounts, your credit limits and your payment history. You should get approved if you have a credit score of at least 650.
If you have tried to sign up for Verizon Edge but you got a letter saying you are not eligible, these options will let you qualify:
- If your account has returned payments or your payment options have been limited to cash, become eligible for Edge by paying your balance in full every month for 6 months.
- If your account balance is past due by $25 or more when you applied, pay off your account balance in full and you will be eligible.
- If you have an unpaid account that has been disconnected for non-payment or referred to a collection agency, you can become eligible by paying the debt in full.
- If your account has been suspended for non-payment within the last 6 months, you need to pay your bill in full for 6 months to qualify.
If your original credit check required to you to pay a security deposit and Verizon still holds your deposit, you will need to pay your bill in full each month for 1 year from the date the original deposit was made.
If you are trying to buy an iPhone 6 within 6 months of signing up for Verizon services, you may be eligible for Edge if you make a down payment based on the original credit check.
iPhone 6 with Sprint
There are three ways to get an iPhone 6 through Sprint:
- Lease through iPhone for Life plan with $0 today and $70 per month
- Finance with Easy Pay plan with $52 due today and $77.09 per month
- 2-year contract with $216 due today and $85 per month
Sprint has a new iPhone for Life Plan, which is the cheapest way to get your hands on the iPhone 6. The plan offers unlimited data for $50 a month and lets you “lease” your new iPhone from Sprint. If you get the 16GB iPhone 6, you can lease it for $0 down and $20 a month, for a total cost of $70 per month.
The iPhone 6 can be leased for $0 down with a $25 a month payment. With the iPhone for Life Plan, you will be guaranteed a new iPhone every 24 months when you trade in your old one.
If you’re an existing customer, you can get the iPhone 6 for even less: a $15 monthly credit reduces the cost of your iPhone 6 to just $5/month.
Sprint claims this is “the most economical way to get an iPhone 6 today,” and it’s the first national carrier to offer a leasing option. It’s the only way to get a new iPhone 6 for $0 down, but there is a credit check required. Sprint has pretty easy credit requirements, and you will most likely get approved as long as you do not have serious recent derogatory marks on your credit like bankruptcy or charged-off telecommunications accounts.
If you would rather finance your new iPhone 6, you can also go with the new Easy Pay program .
Easy Pay lets you keep your iPhone after 24 months with low monthly payments and taxes paid upfront. You can also choose an Early Upgrade option for an extra $5 per month. If you go with the Easy Pay installment plan, you will pay sales tax of $52 upfront. There will also be a $50/month charge for the Unlimited plan plus the installment payment of $27.09 per month.
You can be a new or existing customer to be eligible for Easy Pay, but a credit check will be required. The good news is it seems there are no real credit requirements to get approved, but you may need to make a down payment if you have bad credit with a score of less than 640.
You can also go with a 2-year contract and pay the subsidized cost of $216 (including taxes) upfront. If you have bad credit, you will probably be required to pay a deposit to set up service, however. The good news is Sprint has the lowest initial deposit among carriers of just $50, but it can be as high as $1,000. Most people pay a deposit between $50 and $750. If you know you have credit problems, you may be better off trying for the Easy Pay plan.
iPhone 6 with T-Mobile
T-Mobile offers prepaid plans with no contracts. To get an iPhone 6 at T-Mobile. your best option is purchasing the phone with the Equipment Installment Program. The amount you need to pay up-front depends on a credit check, though. If you have very good credit, you can qualify for $0 down and monthly payments of $27.08 for 24 months with 0% APR.
If you have bad credit, you will be required to pay an upfront cost of $360 for the 16GB iPhone 6 (or up to $470 if you want the 128GB version), with 24 monthly payments of $12.08.
You can also choose a no credit check option. If you don’t want a credit check, you have two options:
- Pay in advance: Pay device cost ($649.92) plus first month of service upfront.
- Simple Choice no credit: Pay device cost ($649.92) plus a refundable deposit equal to about one month’s service.
- This option gives you the Simple Choice Family Plan discounts.