In talks with sales agents as a homeowner scouts around for a home security system, their initial spiel would typically cover a brief company background then a more lengthy explanation of features and packages. Noticeably, at the start, they are practically silent on the topic of qualifying credit score, seeming to bring everybody in first on the strength of their companies’ offerings.
Deeper into discussions, it is finally laid on the table:What is the qualifying credit score to purchase a home security system? Almost invariably, a credit score of 600 or better opens the door for a homeowner to one. Note, though, how the agents would imply that the passing number could be arbitrary, as if signaling their openness or flexibility with regards this.
“around 600″ (Vivint)
“600, or could be lower. We are after approved credit rating, not excellent.” (Protect America)
At 600 or higher, depending what the customer’s exact figure is, discounts on equipment are extended. Vivint could give up to as much as $1500 discount on equipment and will waive installation fees. Frontpoint, on the other hand, will give a $300 equipment reduction and a 45-day extended free trial period. On their most basic package then, a homeowner could end up shelling out only $99 for Frontpoint equipment.
However, a score below 600 is still viable. Home security system firms have ready options for this scenario under what they call special promotions. They are particularly open to providing systems to homeowners falling short in their score if there are no upfront equipment costs. In such cases, only minimal activation fees are to be paid.
With purchase of equipment involved, depending on where exactly the homeowner is below the 600 mark, Protect America may ask for a deposit on equipment. Frontpoint is not closing their doors either to customers with scores below 600, offering discounts to them anyway; again, the amount dependent on the exact score.
A low credit score is therefore not necessarily a deal breaker when purchasing a home security system. There are companies which, despite this, offer some discounts or deposit arrangements on equipment. Better yet, some have no upfront equipment costs and with no or minimal activation fees. A customer with an unsatisfactory credit score can still purchase a system and will simply have to consistently pay the monthly monitoring fees.