More
    HomeCarriersWhat is Verizon Spending Limit, and how can you increase it?

    What is Verizon Spending Limit, and how can you increase it?

    -

    You’re probably familiar with the Spending Limit policy if you have many lines on your Verizon Wireless account (family plan). The Verizon Spending Limit, or Device Finance Limit, usually dictates the total amount of money you can finance from Verizon. This total amount of money you later use to finance a phone, tablet, or accessory from the carrier.

    Those who are just single-line users will probably never run into problems with the Spending Limit set by Verizon. However, this can become a real problem if you are on a family plan with many users on it. For example, if you have five lines with a total Account Spending Limit of $4000 and all five lines want an iPhone 13 Pro ($999), only four lines will be able to finance the iPhone 13 Pro. The fifth line will have to buy the device upfront unless Verizon increases the account holder’s Spending Limit.

    What is Verizon Spending Limit

    Like any institution that offers financing options, Verizon places a limit on how much you can finance from them. This total account finance limit applies to all combined devices on the account, not just particular lines. The total financing limit is shared by all lines under the account. This means that if you have a total financing limit of $4000 and four accounts, each account will have a spending limit of $1000.

    What is the Spending Limit based on?

    Verizon mostly determines your spending limit (credit limit) based on your personal credit score (FICO) and payment history. If you constantly miss payments or for some reason, your personal credit score drops, then your Verizon Device Finance Limit will drop when Verizon reviews your account in a 6-month period.

    How to check your Verizon Spending Limit

    Unofurutnaly, Verizon does not make this information readily available. Unlike any other account information which can easily be checked from the Verizon app or web page, you can only find out your Spending Limit by contacting Verizon’s customer service either by phone or through live chat.

    You can also go to your local Verizon Store (corporate or non-corporate) and they will be able to fetch that information for you.

    Increase Verizon Spending Limit

    If you add a new line and want to finance a flagship device, then you are likely to need an increase in your Spending Limit. The best way to increase your Verizon Spending Limit is by contacting the Verizon Financial Services Team at 866-266-1445. The rep will need to fill out a particular form for you for the spending limit increase. If you don’t have any missing payments or poor personal credit history, then the spending limit increase will be likely to get approved.

    Follow Us

    149FansLike
    122FollowersFollow
    100FollowersFollow

    LATEST