I’ve been an AT&T customer for a long time and recently considered switching to Verizon. Before becoming a Verizon customer, I wanted to make sure that Verizon checks its customers’ credit scores.
Then, after searching numerous forums and speaking with customer service representatives, I discovered what are the standard checks that Verizon performs prior to onboarding a new customer.
In the United States, Verizon Wireless dominates the market for mobile phone service. PCMag’s tests show that its LTE data network provides the fastest download speeds and the lowest latency, so it’s no surprise that it’s the preferred option for most consumers.
If you want to establish credit with Verizon, though, you’ll need to fill out a new or existing customer application.
So what exactly does Verizon check, and how does that affect your application status? If you want to find out more, keep reading our comprehensive guide.
Does Verizon Run a Hard or Soft Credit Check?
When considering your eligibility for a Verizon contract plan, a hard credit check is performed.
Likewise, they will check to see if you have sufficient funds or income to cover the monthly costs associated with your postpaid or contract phone service.
Verizon may also use information from your credit report to determine how much of a deposit or down payment to require. They take every precaution to safeguard their business and guarantee you’re a reliable client.
What’s the Difference Between a Hard and Soft Check?
Your credit score will drop by approximately five points and remain lower for approximately six months if you have a hard credit check performed.
Your profile will also display these hard checks for up to two years after they have been completed.
Soft checks, on the other hand, do not call for your authorization and have no bearing on your credit score in any way.
In most cases, you are the one who will conduct these checks; however, employers conduct background checks and companies may also do so.
Can You Fail a Verizon Hard Credit Check?
A hard credit check with Verizon can result in rejection if your score is too low, just like any other hard credit check.
A credit score of 640 or higher is required to successfully switch to Verizon. Verizon, however, has said that it provides its best service to people who have credit scores of 710 or higher.
A higher initial deposit fee, typically between $399 and $499, is associated with lower credit scores. Still, keeping your credit rating in good shape can help you save a lot of cash.
Can I Still Get Approved for Verizon with Bad Credit?
There are still many lenders out there who are willing to do business with borrowers with poor credit scores. Examples of such loans include ones that require collateral or a co-signer, as well as credit-builder loans.
You might not be able to sign up for a contract plan with Verizon, but if you have a co-signer, you can still get approved for a plan even if you can’t sign up for one yourself.
Additionally, if you select any of Verizon’s prepaid plans, you can change your service provider to Verizon instead of your current provider.
Things to Know Before Having Your Credit Checked by
Knowing which actions to take and in what order will get you the best results when you apply to have your credit checked can be beneficial several months in advance.
Few Advisor recommends maintaining a utilization rate of less than 30 percent, and even 10 percent if you have the resources to do so.
You can also check your eligibility by using the free credit report that you receive once a year from either Experian, TransUnion, or Equifax.
If you need other credit deals before applying for Verizon, you should consider shopping around in order to minimize the impact that it will have on your score.
Additionally, it goes without saying that you should pay your bills on time and settle your debts in a responsible manner.
Wrap Up On Verizon Run A Credit Check
Verizon will perform a thorough credit check if you intend to sign a contract plan. Make smart financial decisions in advance for the best outcome.
Do not apply for any large loans or credit cards in the months leading up to your Verizon application; doing so can have a negative impact on your credit score.
The chances of approval are good, but only if you keep your credit history in good shape.