Verizon is among the renowned telecommunications service providers in North America. The company offers both prepaid and postpaid plans to keep telecommunication services uninterrupted. Prepaid plans don’t require customers to pay for their phones and additional services upfront. In fact, customers can use prepaid plans without any signed contract.
However, it’s not the case with postpaid plans from Verizon. The company runs a credit check on customers eager to get a postpaid plan. Is Verizon’s credit check hard or soft? Reportedly, interested customers face a hard credit check while looking for a postpaid plan.
Additionally, they have to sign long-term contracts. On the other hand, postpaid plans are on the more expensive side compared to prepaid ones. Though Verizon offers many prepaid plans, some users prefer postpaid ones. If you consider signing up for a Verizon plan, the company will run a credit check on your profile.
Let’s dig in for more details, shall we?
Soft and Hard Credit Checks by Verizon
So far, you know that Verizon performs a credit check on the user who wants to sign up for a suitable postpaid plan. Why does Verizon do a credit check? The company wants to determine how much security it should charge the user. Is Verizon’s credit check hard or soft?
Before deciding that, let’s review what a hard credit check means. A hard credit check indicates when lenders and creditors pull your credit report or score without your permission. Typically, a hard credit check impacts your credit score negatively as hard inquiries might add multiple credit accounts in your name. Thus, you might end up having numerous credit accounts.
On the other hand, credit bureaus may consider your spending activities suspicious. They might conclude that you are facing trouble paying your bills or spending too much money. So, a hard credit check affects your credit score for obvious reasons.
What is a soft credit check, by the way? A soft credit check refers to when you check your credit reports or scores or when lenders view your credit score for pre-approved offers even if you don’t grant permission. However, the best part of a soft credit check is that it doesn’t impact your credit score.
Does Verizon Perform a Soft or Hard Credit Check?
Verizon views your credit report whenever the telecom company conducts a hard credit check. What does a hard credit check with Verizon include? This comprises liens, bankruptcies, late payments, and various negative factors.
This kind of credit check is very strict. In fact, Verizon might reject your proposed wireless plan if you are struggling with lots of debt. Reportedly, Verizon has rejected many users due to their financial condition.
To overcome this obstacle, you can opt for a prepaid card. For example, Verizon’s AllSet prepaid plan doesn’t run a credit check. Otherwise, if you stick to a postpaid plan, Verizon decides how much you have to pay based on your credit reports or scores.
Therefore, Verizon runs a hard credit check. How much drop can you expect after Verizon performs a hard credit check? Reportedly, a hard credit check with Verizon can cause a drop of up to 5 points in your credit score.
However, Verizon might consider a soft credit check sometimes, but that is quite rare. The customer support executive might call you and ask about your financial situation before signing you up with the desired plan. Moreover, a soft credit check keeps your credit score untouched and unharmed.
How Does Verizon Plan Work?
Before signing up for a long-term contract with Verizon, you should know how it works and what services it offers. The telecom carrier in question has simplified purchasing new phones and getting hassle-free wireless options. Here’s what you must learn about Verizon’s standard wireless plan:
- It doesn’t charge you with activation or upgrade fees.
- Additionally, the plan allows you to pay the entire retail price of the phone upfront. Alternatively, you can avail of a 24-month window to pay the full price.
- Eligible users can even get a chance to make a $0 down payment based on their credit check.
- Every Verizon plan ensures that customers get unlimited text and talk.
- As a user, you can only choose the required amount of data per month.
- You must pay an access fee for every device you add to the existing Verizon plan.
How much does Verizon charge for a basic cellular and wireless plan? Any plan you pick from Verizon, you get unlimited talk and text. The amount of data remains the variable here. You can settle for a suitable Verizon plan based on how much data you require per month. You must also pay an additional access fee per device you connect to the plan.
Here are the access charges per device, according to Verizon pricing:
- Each smartphone costs $20.
- Every tablet costs $10.
- You need to pay an additional $10 per hotspot.
- For all other connected devices, you must pay $5 per device.
Overall Cost of Verizon Plans
Apart from that, Verizon offers a 2-year cost of ownership depending on 2 circumstances. One is the individual plan, which offers data of 3 GB per month. However, this plan is best if you purchase a new iPhone under an instalment system.
Here’s what your 2-year individual plan’s cost looks like:
- Phone – $27.08 per month
- 3 GB Data – $45 per month
- Access Fees – $20 per month
- Net Monthly Cost – $92
- 2-year Total – $2,210
The second plan is a shared plan that offers data of up to 12 GB per month, and it requires at least 2 latest iPhones with an instalment option. Let’s take a look at the cost break-up of this family 12 GB data plan from Verizon:
- Phone – $54.16 per month
- 12 GB Data – $80 monthly
- Access Fees – $40 per month
- Net Monthly Cost – $174
- 2-year Total – $4,180
Verizon Credit Eligibility Requirements
Verizon credit check requirements must be under your radar if you are curious about signing up for their postpaid wireless plan. As you already know, Verizon Wireless conducts a strict credit check. The telecom carrier views your current credit score and your credit history to see how you have managed your financial obligations.
Generally, Verizon accepts an application if the concerned user’s credit score equals or exceeds 650. Anything below that can get you in trouble if you seek postpaid plans from Verizon. Otherwise, you should move on to cheaper prepaid plans.
Steps to Proceed with Verizon Credit Check
Is Verizon credit check hard or soft? Generally, it’s hard. Moreover, the situation can be quite helpful if you know what to expect in checking your credit score by Verizon. Here’s how you can continue your plan selection and the checking of your credit requirements:
Pick Your Device and Additional Options
Initiate your credit application process after selecting supported smartphones, tablets, or other compatible devices by Verizon. Add your intended device to the cart and provide your ZIP code. Depending on whether you are an existing or new customer, you can add extra options, such as:
- Total Mobile Protection
- Apple Care
- Saving on accessories for the newly purchased device
After selecting your preferences, click Continue.
Select Your Plan and Submit Details
Now, you must choose a suitable plan for your device. Verizon offers data plans ranging from 2 GB to 8 GB per individual a month. However, the new Verizon single plan with 5 GB data can enable sharing between 2 additional devices.
Once you select a plan, opt for Continue. Make sure that you have chosen the right plan after reviewing the application. In addition, you can trade in your device or include an accessory. Next, click on the Checkout button.
After that, the site will prompt you to share essential information such as your name, address, phone number, and email address. Provide your shipping address and select the competent delivery option.
Provide Your Credit and Payment-Related Data
Verizon’s credit check requirements take care of your security and privacy. Whatever data you share with Verizon remains confidential. In the checkout process, you must enter your payment and credit-associated information.
Depending on your selected plan, the site will redirect you to the device payment program. Hence, you can review the device’s total retail price and the chosen plan’s benefits.
Confirm Your Choices
You need to confirm the procedure after reviewing the phone and agreement details. Accept Verizon’s terms and conditions and click Continue to complete the process.
Remember, Verizon offers a 2-year cost of ownership. So, you must sign a contract with Verizon for at least 2 years once you start. Additionally, your monthly charges can vary depending on which device you own.
In addition, Verizon only allows an early upgrade after making half of the payment when considering a 24-month payment plan. However, Verizon doesn’t offer any discount while trading on your phone.
Do You Have to Pay a Deposit to Get a Verizon Subscription?
Verizon runs a hard credit check. Depending on your credit score, you might have to pay a deposit. This is not mandatory if you have a decent credit score. However, Verizon may accept your application even after a recent bankruptcy if you agree to pay a deposit.
Now, the deposit amount can vary from $150 to $1,500. To be safe, you must consider Verizon’s prepaid plans. They don’t require any credit checks. Moreover, you need not pay any massive deposit.
