What credit score do you need for a phone contract?

What credit score do you need for a phone contract?

A credit score is a number based on an analysis of your credit files. It’s an assessment of how ‘creditworthy’ you are—basically, how risky it is for lenders like banks or credit card companies to lend money to you.

You don’t need a minimum credit score to get a phone contract, but there are lots of things you can do to improve your chances of being accepted. In this post, we’ll give you some tips to help you get that new device.

Why there’s a credit check for phone contracts

Phones have got a lot pricier over the past few years. An iPhone, for example, can cost anywhere from £500 to well over £1,000. When you buy a phone on contract, mobile networks are risking the fact that they might have to give you that eye-wateringly expensive device for free.

If you’re worried about your credit score, you might want to check it before you start shopping around for a new phone contract. At checkmyfile.com, you can use a free trial to check your score on the three biggest credit reference agencies—Equifax, Experian and TransUnion—in one go.

Getting a phone contract with bad credit

There’s no minimum credit score to get a phone contract. Every network operator scores you differently—so even if one network won’t give you a contract, you might have more luck elsewhere.

Having bad credit doesn’t stop you from getting a phone contract, but it might make it harder. Make sure you try all the major networks before you give up. Money Saving Advice says that it can be easier to get a contract with Three or Vodafone, for example.

How to improve your credit to get a phone contract

Portify is an app that helps you build your credit score. Every time you pay your monthly membership fee on time, it builds up your credit history with Experian. Which can make it a lot easier to get things like a phone contract.

Find out more about Portify at portify.co.

Here are a few more ways to keep your credit score heading in the right direction. (Psst! there is more information about building credit on Portify's blog, link below.) 

Published by: https://blog.portify.co/what-credit-score-do-you-need-for-a-phone-contract/

Published: 22 October 2020