“I havent done much to help my credit , my credit score is pretty low 500 ish would i still qualify for financing and will financing this iphone help my credit ? And if you have a prepaid account with at&t can you use your same SIM card and number”
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You asked ... FICO is a meaure of credit worthiness. The way it is accessed... 1. How much open debit you have 2.Late payments, delinquency, bad debits 3. Your debit ratio , credit utilization in other words with open credit do you have more than 30% used. For example, you have a credit card with a limit of $3000, 30% of that would be $1000 , now if you have used more that $1000 , that drops down your FICO further. A low FICO does not always signifying a negative picture, it could reflect a person has very little open credit and prefers paying in cash. A person with a FICO of 800s tells me they have $10000s in debit that they are great at paying off which is exactly what big business loves. Debit is not your friend. Not knowing your financial picture I cannot tell if getting a phone will help or harm you but getting into debit to improve your FICO is not the wisest move to make. What happens next year when a new iPhone comes out? Guaranteed it will be an even better phone and you could be in a stronger financial position, if you decided to hold off and make some financial changes. Good luck with your decision, I hope this was educational ( no judgement)
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