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| *Loan,banking and credit>>>credit score |
Does having a cell phone and paying bill on time help your credit score, or does it only hurt your score...? |
if you were to not pay your bill on time. what i'm asking is, do they report monthly to credit bureaus? Cell phone companies do not report to the credit bureaus unless your account goes into collection status. The reason is that they are not granting you credit. They are billing you for a service that you use each month. If you do not pay and the acount goes to a collections status, this will appear as a negative on your credit report. Source(s): I work for a finance company and look at credit reports all day. No, I don't think they report, but when you go to apply for any kind of loan or credit card, they go to the cell phone companies and find out your payment history. All they have to do is go on a computer and it's there instantly. So yes, having a cell phone and paying every month on time will help your credit score immensely. Not paying will hurt it. Don't go there. If you need a prepaid card instead of a contract, go that way. Good luck! Cell phone companies only report to the credit bureaus if the account becomes delinquent/derrogatory. But, you could have perfect payment history for 20 years with a cell phone company and they will never report it. Shady huh? Beginner's Credit Information - http://aaacreditguide.com/forums/beginne... cell phone providers do not report payment history to the credit bureau, thus it does not help build your credit score in anyway. they only report default payment to collection agencies that consequently hurt your credit score. You have a payment history, so yes in a way. They will have a month to month and a rating. paid early, paid on time, paid late, for what ever month you are paying. If you are only paying your bills on time, that helps you. It shouls you are a good risk for credit advances. With that, comes better interest rates on these loans. Not paying your bills on time brings your scores down. This is because you are late for one, but it proves you are a high risk for loans. That means your rates can go up along with rates on future loans. Pay things early or right on time. Look out for flexible rates and balloon payments. These are really bad for most people. |
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