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djrobsd

T-mobile financing - how is it reported

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Hi,

 

I was curious about how T-Mobile's new financing plans for phones and tablets is reported on your credit report? They are currently offering $0 down and 0% interest financing on iphones, ipads, and other devices to well qualified customers (I should be in that category as my FICO is over 750). I was wondering if anyone who is currently financing a device can tell me how it appears on credit? Does it show up at all? Does it show as a normal cell phone bill with T-Mobile with the monthly payment being part of the total amount? Or does it show separate to your T-Mobile bill as a new credit account, i.e. installment loan, revolving account, etc?

 

If it's a regular phone account, it seems like the the best deal (assuming you have good coverage in your area - I know they suck compared to Verizon or AT&T but I'm just buying a tablet not a phone). If they are reporting it as revolving or installment, I'm not so sure it's worth the hit on a credit score, although probably a better hit then financing it through Best Buy or another retail installment account.

 

Let me know your thoughts.

Edited by djrobsd

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How about putting the purchase on a rewards credit card and PIF? The rewards will be much more valuable than free financing.

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How about putting the purchase on a rewards credit card and PIF? The rewards will be much more valuable than free financing.

 

If he wanted to do that, he wouldn't have to go through T-mobile. I assume the idea here is interest free financing, low payments, and they also give you a little free data when you do this.

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Interest free, yeah right. They inflate the price to accommodate 0% interest...

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Interest free, yeah right. They inflate the price to accommodate 0% interest...

 

^^ This. I looked into "free financing" and the phone prices are unreal. They still screw you, this time they just use lube.

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How about putting the purchase on a rewards credit card and PIF? The rewards will be much more valuable than free financing.

 

If he wanted to do that, he wouldn't have to go through T-mobile. I assume the idea here is interest free financing, low payments, and they also give you a little free data when you do this.

 

I'm assuming that OP would be getting a Wifi-only tablet, since OP noted the poor quality of the T-Mobile signal locally.

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How about putting the purchase on a rewards credit card and PIF? The rewards will be much more valuable than free financing.

 

If he wanted to do that, he wouldn't have to go through T-mobile. I assume the idea here is interest free financing, low payments, and they also give you a little free data when you do this.

 

I'm assuming that OP would be getting a Wifi-only tablet, since OP noted the poor quality of the T-Mobile signal locally.

 

 

Maybe OP will clarify... the only reason to consider T-mobile in this scenario is due to the payment plan and data for life offer if you go with them. Otherwise, there are other alternatives.

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These type of installment plans do not get reported to any bureaus. Its internal. The only way anything phone related goes onto CR is if you dont pay the bill at all and it gets sent to collection.

 

As far as the payment plan, they take the retail price of the tablet and split it into payments. No more and no less. If OP intends on buying the tablet at the carrier then it will have cell capability built in making the tablet more expensive. For instance, ipad wi-fi only is $100.00 less expensive than cell & wi-fi version. In my opinion if the $ 100.00 doesn't break the bank go for cell & wi-fi version. More times than not you will want to at some point activate it.

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I don't know why everyone is hating on T-Mobile's pricing. Go to any carrier and ask to buy a phone outright. It will cost the same.

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Lots of assumptions going on here, so let me clear things up. First of all, T-Mobile does not sell the wi-fi only models, they only sell the cellular ones. I understand I would be paying the $129 dollar premium to get the model with cellular built in, but that's fine - there have been occasions where I have needed the cellular signal on my ipad and so I don't mind paying extra for that part. T-Mobile is giving away 200 megs of free data a month, which is all I would ever need, so it seems like a win-win.

 

They are NOT charging a premium for the ipads, Apple's retail price is $629 for the 16 gig iPad, with $0 down, it's $26 a month on T-Mobile for 24 months, so it's a straight-forward deal.

 

My question was how they report the financed ipad on the credit, and it looks like based on other responses here they don't report it unless you don't pay for it, so it seems like a pretty good deal to me to get a free loan that doesn't show on your credit, 200 megs of free data a month, and the latest ipad, win win deal if you ask me, but if that doesn't work out, I'll go for option B which is the interest free financing on my Best Buy card, and the extra reward zone points since I'm a silver member. :)

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Lots of assumptions going on here, so let me clear things up. First of all, T-Mobile does not sell the wi-fi only models, they only sell the cellular ones. I understand I would be paying the $129 dollar premium to get the model with cellular built in, but that's fine - there have been occasions where I have needed the cellular signal on my ipad and so I don't mind paying extra for that part. T-Mobile is giving away 200 megs of free data a month, which is all I would ever need, so it seems like a win-win.

 

They are NOT charging a premium for the ipads, Apple's retail price is $629 for the 16 gig iPad, with $0 down, it's $26 a month on T-Mobile for 24 months, so it's a straight-forward deal.

 

My question was how they report the financed ipad on the credit, and it looks like based on other responses here they don't report it unless you don't pay for it, so it seems like a pretty good deal to me to get a free loan that doesn't show on your credit, 200 megs of free data a month, and the latest ipad, win win deal if you ask me, but if that doesn't work out, I'll go for option B which is the interest free financing on my Best Buy card, and the extra reward zone points since I'm a silver member. :)

I am a T-Mobile customer on the new simple choice plan and no they do not report good payments to the credit bureau. But they do a hard credit check. And the prices financed are exactly the same as buying it full price. Please do not get this confused with a furniture rent to own gimmick. :)

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Lots of assumptions going on here, so let me clear things up. First of all, T-Mobile does not sell the wi-fi only models, they only sell the cellular ones. I understand I would be paying the $129 dollar premium to get the model with cellular built in, but that's fine - there have been occasions where I have needed the cellular signal on my ipad and so I don't mind paying extra for that part. T-Mobile is giving away 200 megs of free data a month, which is all I would ever need, so it seems like a win-win.

 

They are NOT charging a premium for the ipads, Apple's retail price is $629 for the 16 gig iPad, with $0 down, it's $26 a month on T-Mobile for 24 months, so it's a straight-forward deal.

 

My question was how they report the financed ipad on the credit, and it looks like based on other responses here they don't report it unless you don't pay for it, so it seems like a pretty good deal to me to get a free loan that doesn't show on your credit, 200 megs of free data a month, and the latest ipad, win win deal if you ask me, but if that doesn't work out, I'll go for option B which is the interest free financing on my Best Buy card, and the extra reward zone points since I'm a silver member. :)

 

Get the tablet from BB. In addition to the Reward Zone points you can get a 1.5% rebate back if you order from bestbuy.com by starting at the ebates.com shopping portal, or 1 AA mile per dollar spent if you start your purchase from AAdvantageeShopping.com.

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When I just got my credit reports back I specifically looked to see if T-Mobile was reporting good payments on the $1000 worth of phones I financed through them. Nothing to be seen except a hard credit pul. :(

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I don't know why everyone is hating on T-Mobile's pricing. Go to any carrier and ask to buy a phone outright. It will cost the same.

They are promoting these " plans " differently than purchasing the phones on a payment plan. They promote the idea of being able to upgrade your phone anytime, but they make you pay off the phone at list price, then they sign you up for another phone contract--again at list price for the phone.....

 

For anyone who can add and subtract, and can read the contract for what it really is, the prices and terms are astronomical.

 

Still, not reported to any CRA unless unpaid, as others have said.

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Lots of assumptions going on here, so let me clear things up. First of all, T-Mobile does not sell the wi-fi only models, they only sell the cellular ones. I understand I would be paying the $129 dollar premium to get the model with cellular built in, but that's fine - there have been occasions where I have needed the cellular signal on my ipad and so I don't mind paying extra for that part. T-Mobile is giving away 200 megs of free data a month, which is all I would ever need, so it seems like a win-win.

 

They are NOT charging a premium for the ipads, Apple's retail price is $629 for the 16 gig iPad, with $0 down, it's $26 a month on T-Mobile for 24 months, so it's a straight-forward deal.

 

My question was how they report the financed ipad on the credit, and it looks like based on other responses here they don't report it unless you don't pay for it, so it seems like a pretty good deal to me to get a free loan that doesn't show on your credit, 200 megs of free data a month, and the latest ipad, win win deal if you ask me, but if that doesn't work out, I'll go for option B which is the interest free financing on my Best Buy card, and the extra reward zone points since I'm a silver member. :)

 

Get the tablet from BB. In addition to the Reward Zone points you can get a 1.5% rebate back if you order from bestbuy.com by starting at the ebates.com shopping portal, or 1 AA mile per dollar spent if you start your purchase from AAdvantageeShopping.com.

 

Top Cash Back offers 1.7% at Best Buy for tablets ;)

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I don't know why everyone is hating on T-Mobile's pricing. Go to any carrier and ask to buy a phone outright. It will cost the same.

They are promoting these " plans " differently than purchasing the phones on a payment plan. They promote the idea of being able to upgrade your phone anytime, but they make you pay off the phone at list price, then they sign you up for another phone contract--again at list price for the phone.....

 

For anyone who can add and subtract, and can read the contract for what it really is, the prices and terms are astronomical.

 

Still, not reported to any CRA unless unpaid, as others have said.

 

Well actually, you do not have to pay the phone off in full, you turn in your old device and simply pick out a new one with their low upfront cost. There is absolutely no contract. They have lowered the price of all plans across the board by $20 to offset the new equipment plan(or a true no subsidy plan) structure. Want to leave? Sell your phone and pay it off, no $350 etf. Not having the hottest phone on the market a priority? Buy the $200 model that's a little older and pay it off. Then you are free to leave or your bill drops $20. The other carriers giving away the free phones up front are the real ripoffs. Want to talk about astronomical? How about building in the subsidized price of that free phone into your recurring monthly contract, and continue to pay for it forever no matter what. And if your phone breaks or you are ready for a one one guess what you are sol until your 24 month prison sentence is over. I'm not even going to get into the ripoff that is the new family data share plan everybody else is making mandatory. Unless you want to use those throwaway blister pack phones from Wal-Mart and deal with worrying about running out of minutes, this really is the best value out right now. The more I think about it the more I don't really care if the payments are reported or not. Where else am I going to get $1000 worth of 0% financing for me and the wife's electronics? (Sorry I am "cell phone guy" lol )

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I just buy my unlocked phones for T-Mobile and use them as mobile wi-fi hotspots for other devices. If you've got good coverage with them then there really aren't a lot of better deals out there for cell plans.

Edited by Chupacabras

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I just buy my unlocked phones for T-Mobile and use them as mobile wi-fi hotspots for other devices. If you've got good coverage with them then there really aren't a lot of better deals out there for cell plans.

Yeah $70 unlimited everything and no throttling is unbeatable. Even cheaper if you use less data. It's not much more than prepay.

 

Sent from my HTC One using Tapatalk

 

 

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Lots of assumptions going on here, so let me clear things up. First of all, T-Mobile does not sell the wi-fi only models, they only sell the cellular ones. I understand I would be paying the $129 dollar premium to get the model with cellular built in, but that's fine - there have been occasions where I have needed the cellular signal on my ipad and so I don't mind paying extra for that part. T-Mobile is giving away 200 megs of free data a month, which is all I would ever need, so it seems like a win-win.

 

They are NOT charging a premium for the ipads, Apple's retail price is $629 for the 16 gig iPad, with $0 down, it's $26 a month on T-Mobile for 24 months, so it's a straight-forward deal.

 

My question was how they report the financed ipad on the credit, and it looks like based on other responses here they don't report it unless you don't pay for it, so it seems like a pretty good deal to me to get a free loan that doesn't show on your credit, 200 megs of free data a month, and the latest ipad, win win deal if you ask me, but if that doesn't work out, I'll go for option B which is the interest free financing on my Best Buy card, and the extra reward zone points since I'm a silver member. :)

 

Get the tablet from BB. In addition to the Reward Zone points you can get a 1.5% rebate back if you order from bestbuy.com by starting at the ebates.com shopping portal, or 1 AA mile per dollar spent if you start your purchase from AAdvantageeShopping.com.

Top Cash Back offers 1.7% at Best Buy for tablets ;)

TCB only paid me about half of the time, and ignored almost all of the claims I lodged for missing cash back.

 

Plus 1 AA mile is worth more about 2 cents, so that's still a better deal.

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2% cash back on all BB purchases through the NFCU member mall.

I'd still take the one AA mile/$.

Edited by cv91915

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I don't know why everyone is hating on T-Mobile's pricing. Go to any carrier and ask to buy a phone outright. It will cost the same.

They are promoting these " plans " differently than purchasing the phones on a payment plan. They promote the idea of being able to upgrade your phone anytime, but they make you pay off the phone at list price, then they sign you up for another phone contract--again at list price for the phone.....

 

For anyone who can add and subtract, and can read the contract for what it really is, the prices and terms are astronomical.

 

Still, not reported to any CRA unless unpaid, as others have said.

Well actually, you do not have to pay the phone off in full, you turn in your old device and simply pick out a new one with their low upfront cost. There is absolutely no contract. They have lowered the price of all plans across the board by $20 to offset the new equipment plan(or a true no subsidy plan) structure. Want to leave? Sell your phone and pay it off, no $350 etf. Not having the hottest phone on the market a priority? Buy the $200 model that's a little older and pay it off. Then you are free to leave or your bill drops $20. The other carriers giving away the free phones up front are the real ripoffs. Want to talk about astronomical? How about building in the subsidized price of that free phone into your recurring monthly contract, and continue to pay for it forever no matter what. And if your phone breaks or you are ready for a one one guess what you are sol until your 24 month prison sentence is over. I'm not even going to get into the ripoff that is the new family data share plan everybody else is making mandatory. Unless you want to use those throwaway blister pack phones from Wal-Mart and deal with worrying about running out of minutes, this really is the best value out right now. The more I think about it the more I don't really care if the payments are reported or not. Where else am I going to get $1000 worth of 0% financing for me and the wife's electronics? (Sorry I am "cell phone guy" lol )

I call B.S. You sound like a shill for T Mobile.

 

No contract? One month after taking home a phone on their new high profit plan, try changing anything with the "unleashed" T Mobile plans. What happens, they Bill you for the full price of the phone....

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I don't know why everyone is hating on T-Mobile's pricing. Go to any carrier and ask to buy a phone outright. It will cost the same.

They are promoting these " plans " differently than purchasing the phones on a payment plan. They promote the idea of being able to upgrade your phone anytime, but they make you pay off the phone at list price, then they sign you up for another phone contract--again at list price for the phone.....

 

For anyone who can add and subtract, and can read the contract for what it really is, the prices and terms are astronomical.

 

Still, not reported to any CRA unless unpaid, as others have said.

 

Well actually, you do not have to pay the phone off in full, you turn in your old device and simply pick out a new one with their low upfront cost. There is absolutely no contract. They have lowered the price of all plans across the board by $20 to offset the new equipment plan(or a true no subsidy plan) structure. Want to leave? Sell your phone and pay it off, no $350 etf. Not having the hottest phone on the market a priority? Buy the $200 model that's a little older and pay it off. Then you are free to leave or your bill drops $20. The other carriers giving away the free phones up front are the real ripoffs. Want to talk about astronomical? How about building in the subsidized price of that free phone into your recurring monthly contract, and continue to pay for it forever no matter what. And if your phone breaks or you are ready for a one one guess what you are sol until your 24 month prison sentence is over. I'm not even going to get into the ripoff that is the new family data share plan everybody else is making mandatory. Unless you want to use those throwaway blister pack phones from Wal-Mart and deal with worrying about running out of minutes, this really is the best value out right now. The more I think about it the more I don't really care if the payments are reported or not. Where else am I going to get $1000 worth of 0% financing for me and the wife's electronics? (Sorry I am "cell phone guy" lol )
I call B.S. You sound like a shill for T Mobile.

 

No contract? One month after taking home a phone on their new high profit plan, try changing anything with the "unleashed" T Mobile plans. What happens, they Bill you for the full price of the phone....

No, not a "Shill" for T-Mobile just an informed consumer that can read,add, subtract, and understand a value. You are not on a contract and if you decide to leave after one month of course they will expect repayment for that $650 smartphone they gave you for nothing upfront, but not pay a penalty that other carriers would fine you for breach of contract. There is a difference there. Your comments are ignorant and insulting. Not every company is out to get you. Here's some light reading to educate you from a non biased source.

 

http://www.forbes.com/sites/larrymagid/2013/03/26/how-t-mobiles-new-prices-compare-to-competition/

 

Sent from my HTC One using Tapatalk

 

 

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