2006-08-31 16:57:10 · 12 answers · asked by aquablueberrie 2 in Business & Finance ➔ Credit
Actually it seems as though everyone is wrong (have to correct myself, mad passion is right)...NO cell phone companies do not report to credit bureaus for on time payments. Only delinquent and collections go your report for cell phones and more so only when it goes to collections. They only use your credit in the beginning to determine what kind of down payment/deposit they are going to require based on your previous credit history. The best thing to build credit is a home loan, then paid auto loan, and finally credit cards and charge cards...loans are the best things to build credit as long as all payments are on time and the amount has a factor also...a larger paid loan will help when trying to borrow more money.
2006-08-31 17:14:08 · answer #1 · answered by Skinny 4 · 2⤊ 0⤋
Only one problem with that idea.... The cell phone companies do not report your payments to the credit bureaus. Only when you fall behind and they close the account do they report this negative info to the credit bureaus. Paying bills like electric, phone, cell phone, rent, etc.... does not get reported to your credit file. You need a credit card or loan. Stick with a credit card, make small monthly purchases that you pay off in full when the bill comes (not any earlier) and that will build your credit the fastest.
2016-03-27 03:00:03 · answer #2 · answered by Lori 4 · 0⤊ 0⤋
I don't think it weights much unless its late. Well at least it doesn't appear in your credit report. But it may help as alternative credit. In case you're trying to get enough credit to buy a house for instance, you can provide proof of on time payment (that means never being late not even a day) for a couple of years and it will count as a credit line, just like a credit card. Not all banks will accept that but there are plenty that will.
2006-08-31 18:15:17 · answer #3 · answered by dahfna 3 · 0⤊ 0⤋
Your Cell Phone company will only report your account to the credit bureau if you stop paying it. And even then you have to be 3-4 months past due. They will not report your account if you pay on time. They are not extending you credit. There is nothing to report unless you arent paying the money you owe them. These people dont know what they are talking about
2006-08-31 17:03:07 · answer #4 · answered by madpassion 3 · 2⤊ 0⤋
it depends on the company and what sort of plan you have. if you pay a flat rate monthly for unlimited calling it probably wont help you're credit because if you miss a payment they simply turn the phone off. it isn't reported to credit bureaus. if you have a plan like nextel or Verizon it will effect you're credit because if you miss a bill it piles up and goes to creditors and so on and they report to the credit bureau. it won't be as good for you're credit as having a card that you pay a balance on each month or financing a vehicle.
2006-08-31 17:18:52 · answer #5 · answered by mypurpleelephant 5 · 0⤊ 0⤋
Yeah it should...especially if Ur paying it on time...I hear those 'pre-paid' credit cards also help rebuild Ur Credit History.
2006-08-31 17:00:19 · answer #6 · answered by Anonymous · 0⤊ 1⤋
sure, paying any bill on time is always a good thing for your credit.
2006-08-31 17:03:10 · answer #7 · answered by lisa s 3 · 0⤊ 1⤋
Somewhat, go get a sears or mervyns card, they always give credit if it is good now, little credit is better than bad.
2006-08-31 16:59:31 · answer #8 · answered by Jinx 5 · 0⤊ 1⤋
YES. BUT IF YOU ARE TRYING TO BUILD YOUR CREDIT THEN YOU NEED TO MAKE SURE YOU'RE PAYMENTS ARE ON TIME
2006-08-31 17:00:52 · answer #9 · answered by Lil Tiff 3 · 0⤊ 1⤋
Yes, definitely. And not paying it will ruin it as well. :)
2006-08-31 16:59:52 · answer #10 · answered by Anonymous · 0⤊ 1⤋