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credit checks

Discussion in 'Northeastern US Wireless Forum' started by zorba, Mar 11, 2002.

  1. zorba

    zorba New Member

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    When a wireless carrier does a credit check, how thorough are they and what are they looking for?
     
  2. Tommyboy

    Tommyboy Member
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    Zorba,

    The carriers all use a credit scoring system. I don't know specifics but they are looking for the same things as a credit card company looks for when applying for a card.

    1. Do you make your payments on time
    2. Have you defaulted on a loan?
    3. Ever have a bankruptcy?
    4. Income level?
    5. Length of time at job
    6. Homeowner
    7. How much credit do you have extended so far?

    These are pretty standard things and they hold true for the carrier's credit scoring system.

    I've argued on previous threads that getting approved for a cell phone can be harder than getting approved for a car (not length of time just the criteria). Cell phones is a service compared to selling you something of value which they can always repossess (like a car).

    I read your other post on a different thread and I can only add that you may have made some credit blunders but obviously you corrected them and probably never were in default of any one of them (I'm assuming since you said you consolidate them). Keep in mind that credit scoring can be tightened or loosen depending on the carrier or depending on economic times. I'm not sure if Nextel is considered difficult or hard compared to the other carriers. There are whole courses in college that discuss the risk / reward of tightening and loosening credit in companies so it can be a very complex decision.

    Tom
     
  3. zorba

    zorba New Member

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    I worked with a lawyer, he sent letters to my creditors telling them that if they did not agree to take a lesser amount than I owed I might file for bankrupcy. On the attorney's advice, I stopped making payments on all of them. It took about 6 mo. before they all settled, some for 50%, others for 60%, etc. I got a home equity loan to pay them off. My credit has had a black eye since then. I do own a home, have been at a good job for 15yrs. and make all my payments on time. Obviously, Nextel did not have a problem with me since they did not ask for a deposit. I think my credit score was a "C", whatever that means.
     

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