i got a cingular pick your plan they would pull money out of my checking account automatically $39.99 a month would this build credit if i kept the service and paid on time or do i have the wrong idea
i need credit to get a loan on a mobile home and it would help if this set me on the right track to do that
2007-02-07 17:05:33 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
i didnt sign a contract or an agreement i signed up for a monthly service that gives me a regular type cell phone service but theres not that many minutes on it only like 400 a month
2007-02-07 17:15:48 · update #1
Well if you go to college many credit card companies are more than willing to give you a credit card. My first credit card had an APR of 19+% but it allowed me to build credit.
Renting an apartment, buying a car, or student loans are also easy ways to build credit.
I'm not sure how much a cell phone will help your credit, although I have heard it will, but if it does, it certainly won't be enough to make major purchases.
I had a friend who had a credit card and paid his cell phone bill on time. He paid his credit card in FULL every month(which is actually a bad thing as he found out - at least for building credit). He tried to get a car loan and was turned down, but eventually got one, I think his mom co-signed him.
Here's a good article.
http://finance.yahoo.com/banking-budgeting/article/102055/seven_steps_to_stellar_credit
2007-02-07 17:17:30 · answer #1 · answered by Eric L 5 · 0⤊ 0⤋
best bet I found in the past - go by some furniture and open a charge at the store - expect to get ripped off on interest rate. Pay off loan in 3 -5 months. Too early will not even make it on the credit report - too long does not help or hurt. Pay on time always.
close account after a year or sooner. Do this again if needed. This builds up a report on the credit cycle.
2007-02-08 01:19:06 · answer #2 · answered by Carl P 7 · 1⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-02-08 03:49:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I don't think the phone company report to your credit report. I had my phone plans for 6 years, always pay on time and I never see it appear on my credit report. If you want to improve or established your credit go to http://www.creditcardmate.com to find a credit for people that like to establish their credit. also you can go to http://www.hotloansources.com to get free tips and advices on credit
2007-02-08 01:13:32 · answer #4 · answered by Beyond my control 1 · 1⤊ 0⤋
you will not establish credit like that because i have a t-mobile account for 4yrs know and i have 3 open lines and i still don't have a good credit....but if you don't pay your bill you will end up in collections and get bad credit
2007-02-08 01:14:38 · answer #5 · answered by 31 weeks with a baby boy 2 · 1⤊ 0⤋
no this will not build your credit it is a bill.
Apply for a credit card
2007-02-08 09:28:15 · answer #6 · answered by jojo 3 · 0⤊ 0⤋
WWW.DAVERAMSEY.COM CHECK IT OUT!
2007-02-08 01:57:56 · answer #7 · answered by dottygoatbeagle 3 · 0⤊ 0⤋