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Will a cellular phone contract help improve my credit score?

Is your credit score looking bad? Tips on how to improve it.

Will a cellular phone contract help improve my credit score?

Postby kennan96 » Wed Apr 25, 2012 5:43 pm

Hi, I am working on improving my credit. I applied for a phone line with sprint and SOMEHOW got approved for a phone line. Not prepaid. Will paying my bill on time, help improve my credit score?
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Will a cellular phone contract help improve my credit score?

Postby hillocke » Wed Apr 25, 2012 5:52 pm

Sprint does NOT report your monthly payments to the credit bureaus.
So it will not do anything for your credit.
Sorry for the bad news.
Fail to pay Sprint, then... they will report negatively to your credit reports.
Other things that don't improve credit:
Paying utilities, renting furniture, renting an apartment, some buy here pay here car places, pay day loans, checking acounts/savings.
hillocke
 
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Will a cellular phone contract help improve my credit score?

Postby windham » Wed Apr 25, 2012 5:54 pm

Not by itself, I would think. I assume your cell phone bill is not over $50 per month which is not considered very much debt load. Yes it is a month payment, but not a lot to pay. Having a credit card would be better to improve your credit score than just a cell phone bill even if it is not a major credit card and just a dept. store card.
I think having a dept. store credit card help me get a major credit like Visa or Mastercard which you can use almost anywhere. I do not remember seeing the name of a cell phone company on my credit report many years ago. I paid about $45 to 50 per month and I am in Canada so if the other guy talks about Sprint and AT and T which are American cell phone companies which the rates are even cheaper I believe. I pay more and my bill with the phone companies was not mention in credit report.
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Will a cellular phone contract help improve my credit score?

Postby cash16 » Wed Apr 25, 2012 6:02 pm

Not by itself, I would think. I assume your cell phone bill is not over $50 per month which is not considered very much debt load. Yes it is a month payment, but not a lot to pay. Having a credit card would be better to improve your credit score than just a cell phone bill even if it is not a major credit card and just a dept. store card.
I think having a dept. store credit card help me get a major credit like Visa or Mastercard which you can use almost anywhere. I do not remember seeing the name of a cell phone company on my credit report many years ago. I paid about $45 to 50 per month and I am in Canada so if the other guy talks about Sprint and AT and T which are American cell phone companies which the rates are even cheaper I believe. I pay more and my bill with the phone companies was not mention in credit report.
Yes.
cash16
 
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Will a cellular phone contract help improve my credit score?

Postby ning » Wed Apr 25, 2012 6:08 pm

Probably not. If the company reports your payment history to the credit bureaus, yes.

I seriously doubt they are reporting that information. I have had Sprint, T-Mobile, and, now, AT&T. None of them have reported anything to the credit bureaus.
ning
 
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Will a cellular phone contract help improve my credit score?

Postby videl8 » Wed Apr 25, 2012 6:13 pm

Nope, cell phones, rent, utilities, and similar regular bills are not extensions of credit and are not reported to the credit bureaus unless you default and the account is turned to collections. The collection agency would report the defaulted account.

You need actual loans and credit cards to build your credit history/score.
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