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Upon purchase, your Apple Pay Later loan and payment history may be reported to credit bureaus and impact your credit.

Keeping a smartphone at the end of a lease term may require paying a buyout fee to purchase it. Leasing could save money over buying new phones, but it doesn't convey ownership, similar to leasing a car or an apartment.

End of Lease turn-in If you decide not to keep the phone, you must turn it in at a T-Mobile store. You can then decide to start a new lease on a new phone, or talk with our team about other upgrade options, such as an Equipment Installment Plan (EIP).

Leasing a phone is similar in concept to monthly installments, as you pay a specified amount per month?the main difference between the two is that you won't keep the phone at the end of a lease, whereas the phone is yours when paid for through monthly installments.

Financing or leasing through a wireless carrier will not help you build credit since they don't usually report activity to the three major credit reporting bureaus (Experian?, Equifax® and TransUnion®).

Smartphone leasing may or may not require a credit check, depending on the company from which you're getting the phone. This could make it a good option for people who don't have sufficient credit to purchase a regular contract phone.

If you're financing your new cellphone purchase, or leasing one, you might experience several impacts on your credit. First, the creditor (whether it's the company or a partnered bank or credit card issuer) may check your credit when you apply.