I understand that it is policy for Verizon to charge a deposit if you have no credit. However, several people i work use verizon, and i asked them if they had to pay a deposit. The people I asked said no. I asked if they had any credit at the time; they looked at me funny and said no. They hadn't heard of needing to pay a deposit if you have no credit. So I'm confused. How is it policy if my coworkers didn't know about it and didnt have to pay the deposit even when they had no credit? What's going on here?
Your co workers may not have known about the deposit becuase they might just have had just enough credit for a deposit. That or in turn of them not having to pay a deposit they got on a program that verizon offers.
Maybe they just forgot about it.
That doesn't mean they have to owe money to someone. It means that if Verizon pulls a credit report on you, you have a good credit score and a good record of on-time payments. Almost everyone would have a credit score unless they are kids who have never had a credit card or bought anything using credit. In that case, Verizon would most likely want a deposit because they have no way to determine you can or will make your monthly payments.
Hi jrock7. I understand your concern about a security deposit when coworkers didn't have to pay one. But I assure you that every single contract account goes through a credit check to see if a deposit is needed. It may be up to $400 depending on how the credit score is returned, but we have a fantastic team that reviews your account after 1 year to see if it can be refunded. If a low credit score and security deposit is worrying you, we have a fabulous Prepaid service at www.vzw.com/prepay where there's no credit check required.
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If you have no credit chances are you will need to pay a deposit. It can range from $100 - $400 and the exact amount depends on your credit history - if you have no credit or bad credit you may be at the upper end of that range. You can estimate your Verizon deposit using this calculator.
You can minimize a large deposit by reducing the number of lines, or just avoid a deposit all together and go the prepaid route as someone mentioned above. Usually that makes more sense, and Verizon just revamped their prepaid offerings and the new plans are solid.