IPhone 3G security deposit question?

Question

Hello.

I am looking to purchase a new iPhone 3G. The only thing standing in my way is the dreaded credit check! I am 18 and already have my license and a credit card, but I only got my credit card this month.

I have been sure to be very responsible with my credit and will continue to pay off the balance in full, but I would like to know how many payments it would take me to pass the credit check, or to at least begin reducing the security deposit.

Also, how much can I expect to pay for a security deposit if I have little credit?

Thanks!

Answer 1

First off the normal deposit for someone with no credit is $500. Now this doesn't mean you will have a deposit this high.  You have one thing going for you and that's your credit card.  Normally credit companies report to the bureaus every month but on different days.  For example my card reports on the 7th of each month and my girlfriends on the first.  It will take at least 6 month to get to the point of not needing a deposit, but you should have at&t run the check around September and see what comes up. Normally a medium risk credit score will get you a $150 to $300 deposit.  Being 18 it will probably be $150 if you take care of the card.