Credit check

VagrantSaint

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I'm going to be closing on a house this summer but I really want to jump to T Mobile to start saving $60 a month. Can anyone confirm that the credit check is a soft one that doesn't show up on your credit?
 

Mike Dee

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I'm going to be closing on a house this summer but I really want to jump to T Mobile to start saving $60 a month. Can anyone confirm that the credit check is a soft one that doesn't show up on your credit?
Most inquiries will appear on a credit check, however this should not impact your ability to buy a house.
 

raino

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Most inquiries will appear on a credit check, however this should not impact your ability to buy a house.

A "hard" credit inquiry--such as what this is, even if you BYOD--can impact the interest rate you get when you borrow to pay for the house.

OP, TMO has a no-credit check option as well; curiously enough, with the ONE plan, you have to call to sign up for/find out more about it. When they had Simple Choice plans around, no-credit check plans weren't exactly the same--you would have missed out on international data/texting and I believe you had lower data prioritization than postpaid. So if a no-credit check plan is what I was signing up for, I would ask them what the differences would be compared to a regular ONE plan and where I can see these differences in writing. I would also ask about a deposit requirement.

Have you considered prepaid (TMO or some other carrier) at least until you buy the house?
 

Mike Dee

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A "hard" credit inquiry--such as what this is, even if you BYOD--can impact the interest rate you get when you borrow to pay for the house.

OP, TMO has a no-credit check option as well; curiously enough, with the ONE plan, you have to call to sign up for/find out more about it. When they had Simple Choice plans around, no-credit check plans weren't exactly the same--you would have missed out on international data/texting and I believe you had lower data prioritization than postpaid. So if a no-credit check plan is what I was signing up for, I would ask them what the differences would be compared to a regular ONE plan and where I can see these differences in writing. I would also ask about a deposit requirement.

Have you considered prepaid (TMO or some other carrier) at least until you buy the house?

If they do a hard inquiry for a cell phone it will only impact a credit score by 4 or 5 points. That's not enough to impact your finance rate by itself.
 

anon(782252)

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Just call and talk to your lender. You aren't buying a car or making some other big purchase that adds debt so this type of credit pull should have no bearing on your interest rate.
 

VagrantSaint

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A "hard" credit inquiry--such as what this is, even if you BYOD--can impact the interest rate you get when you borrow to pay for the house.

OP, TMO has a no-credit check option as well; curiously enough, with the ONE plan, you have to call to sign up for/find out more about it. When they had Simple Choice plans around, no-credit check plans weren't exactly the same--you would have missed out on international data/texting and I believe you had lower data prioritization than postpaid. So if a no-credit check plan is what I was signing up for, I would ask them what the differences would be compared to a regular ONE plan and where I can see these differences in writing. I would also ask about a deposit requirement.

Have you considered prepaid (TMO or some other carrier) at least until you buy the house?

Yeah. I have good credit I just don't want another inquiry. We bought a car last summer and that dropped three inquiries at once. House definitely takes precedence.

It looks like the no credit check option is $135 a month for two lines, plus a deposit of $70 for the first line and $50 for the next. I may risk the credit check. We don't close until July.

I was curious because I was checking out Project Fi and they do a soft check that doesn't show on your credit.
 

VagrantSaint

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Just call and talk to your lender. You aren't buying a car or making some other big purchase that adds debt so this type of credit pull should have no bearing on your interest rate.

Everything has a bearing. I'm just erring on the side of caution and doing my due diligence
 

Mike Dee

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Everything has a bearing. I'm just erring on the side of caution and doing my due diligence
By itself 4 or 5 points has no bearing on the interest rate.... if you have a lot of inquiries and or are borderline to a specific category or range than that is a separate issue. If you have cause for concern, as previously suggested you can ask your lender. You can of course put it off till after the loan.
 

anon(782252)

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Everything has a bearing. I'm just erring on the side of caution and doing my due diligence
What bearing will it have? You are erring on the side of caution but then you say you may risk the credit check.

Unless your lender is a member of this forum and responds to this post, it's all speculation on here. As I said, call your lender and ask.
 

anon(5719825)

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I bought a car in December and the dealer credit check along with the banks, dinged my score 30 points. I've had four inquiries in the last 12 months including T-Mobiles credit check last week. My score was updated this morning now so it shows T-Mobiles inquiry and it doesn't appear to have affected my score so far.
 

ShaggyKids

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If they do a hard inquiry for a cell phone it will only impact a credit score by 4 or 5 points. That's not enough to impact your finance rate by itself.
Sorry, I disagree. If the OP is say on the fence it could hurt him. I don't blame him one bit for watching every credit point under his circumstances.
 

Mike Dee

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Sorry, I disagree. If the OP is say on the fence it could hurt him. I don't blame him one bit for watching every credit point under his circumstances.
You are entitled to disagree and in some cases you might be right, but if you read the entire thread he says he has good credit. Anyone who is borderline should consult with the lender and they can tell you up front what their policies are. Most lenders are not going to quibble about a few points and you would be surprised how negotiable everything is.
 

cgardnervt

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I had my credit checked on Monday and it was a hard pull. No cash needed down but we have good credit. We also own our devices but we wanted the post paid one plans for our 3 lines. With 20% off we get all 3 lines for $80 and not contract! Love the uncarrier.