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Poor credit record could ruin chances of a new - Flip Model Mobile Phones - Dual Sim Cards Dual Sta by fdhjkl rfghjtkl
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Poor credit record could ruin chances of a new - Flip Model Mobile Phones - Dual Sim Cards Dual Sta by FDHJKL RFGHJTKL
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| Article Posted: 08/28/2013 |
| Article Views: 107 |
| Articles Written: 2148 - MORE ARTICLES FROM THIS AUTHOR |
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Poor credit record could ruin chances of a new - Flip Model Mobile Phones - Dual Sim Cards Dual Sta |
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Business,Business News,Business Opportunities
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The smartphone world is abuzz with news of some of the mosthotly-anticipated releases. However, Experian is warning that ifyou don't take care of your borrowing properly, it could put thesenew phones out of your reach. But why is it worried? New phones A flood of smartphones is hitting the market this Autumn. Apple hassent out invitations to an 'event' on September 12, featuring thenumber 12 and the number 5. It is being held at the venue itusually uses for product launches, so there are no prizes forguessing it's the launch of the iPhone 5.
It's not the only smartphone launch either. Yesterday Motorolaannounced three new RAZR smartphones and Samsung announced two -the Galaxy S Duos and Galaxy Y Duos Lite. Nokia is expected tolaunch two new smartphones in the autumn. The phone companies are expecting a flood of enquiries about newphones and contracts. New research from Experian shows that 11% ofall mobile phone users will try to upgrade to the new iPhone whenit is launched.
Bad record However, Experian warns that if you are trying to get your hands onone of these phones, you could find your ambitions scuppered byyour credit record. Most people tend to get hold of the latest model through a phonecontract - unless they happen to have up to £500 to spare fora new model. According to Experian, one in three people aren'taware that mobile networks take their credit score into accountwhen they apply for a contract. Your credit record shows how many other loans, credit cards andcontracts you have, whether you are behind on any payments (or haveever been) or whether you have a strong track-record for payingthem off on time. It also shows how long you have been at youraddress, whether you are on the electoral roll, and your history ofpaying utility bills.
A mediocre record could mean you are not offered the latestcontract: a poor record may mean you cannot get a contract at all. Some 11% of 18-34 year olds have been unsuccessful in applying fora phone contract because their credit score did not match thelender's criteria with a further 10% suspecting that this was whythey were turned down. In response, 41% opted for pay-as-you-godeals. What can you do? It's hard to know exactly what the phone company will be lookingfor, because they all have their own criteria when examining yourcredit record. However, it's fair to say that any poor paymenthistory will count against you.
A wise first step is to have a look at your credit record yourself.These are available online from companies like Experian andEquifax. The companies offer a free trial period you can takeadvantage of (although you'll need to cancel as soon as you've hadthe report or they will charge you an ongoing fee), a one-off checkfor around £15 or a basic statutory credit report for£2. It's worth checking that all information on your report is correct,look at the red flags it brings up, and investigate whether thereis anything on there you can do something about. If, for example,there is an old, forgotten debt you didn't know about, it gives youa chance to pay it off. You need to check too that all your accounts are on there.
If youhave an old account from before the year 2000, your bank may notshare details with the credit agencies, so you'll need to contactthem and specifically ask them to share it. On the flip side, you should also close any accounts you no longeruse. A large amount of unused credit can affect your credit score.Keeping accounts open you don't use can also make you morevulnerable to fraud. If there is something on there which puts you in a bad light, butthere were extenuating circumstances, you can have a note added toyour file. If you have financial links to people on your credit report whichare no longer correct, ask for them to be removed (for example ifyou are divorced or separated but your former partner is stillshown).
It's also worth making sure you are on the electoral roll, so itdoesn't raise the alarm that way either. And if there is little ornothing on there, you may be wise to set up some sort of contractor credit card, and pay it off on time every month in order toestablish a stronger record. This sounds like a bit of work, and many people have been put off.Half (49%) of respondents to the Experian research who had beenturned down for a contract failed to take steps to improve theircredit score. And despite the release of the newest iPhone beingjust weeks away, only 9% of respondents plan to check their creditrating before trying to get their next phone. However, a bit of work cleaning up your record now could paydividends - not just for your phone but for the rest of yourfinancial life too.
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