A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
A healthy credit score has its benefits, so make sure you manage your debt correctly.
Discover the best travel insurance policy for your next trip.
Find current accounts offering in-credit interest rates up to 5.00% AER.
Explore the best cards with a 0% introductory period.
Could the value of your state pension rise by more than inflation?
Will your loved one's gift be tax affected?
Looking for inflation beating returns? Investing in shares could be an option.
Taking out a mobile phone contract is a form of borrowing and it will show up on your credit report. Manage your phone contract well and make payments on time and you’ll improve your credit score. But if you miss a payment or are late to pay, your credit score could be negatively affected.
Getting a mobile phone contract usually involves making an initial payment and then a regular monthly payment covering fees for using the mobile network and the outstanding cost of the phone itself. The way you manage these repayments on your phone contract can affect your chances of getting credit elsewhere.
Fail to make a payment and you run the risk of having a default added to your credit report. Mobile phone contracts are not covered by The Consumer Credit Act, which means providers can decide if and when they want to report an account as being in default to the UK’s credit reference agencies.
On a more positive note, having a mobile phone account on your credit report can improve your credit rating. Making payments on time will help to demonstrate to potential lenders you approach in the future that you can be trusted to pay back what you owe.
If you miss a mobile phone payment and your provider reports this as a default, it can appear on your credit report for up to six years. This can affect your ability to get other credit during this time. Its impact on your credit score will eventually decrease and keeping up with future repayments will help to repair your credit rating.
Taking out a phone contract is a form of credit, and providers will require you to pass a credit check before they’ll give you a contract. Being approved for a mobile phone contract can be easier than obtaining other forms of credit, but if the provider isn’t happy with your credit score they may refuse you a contract or place restrictions on your usage.
It's important to make sure your credit report is accurate before applying for any form of credit, including a mobile phone contract. Any inaccuracies in your data could see you being wrongly refused credit or being hit with higher repayments.
You can take a look at your own credit report using a credit check service.
LOQBOX helps to grow your credit score while you save. Decide what you could save in a year. They lock away a 0% loan for that amount in your LOQBOX. You pay off the loan over 12 months, growing your credit score as you go to unlock better borrowing. Once your loan is repaid, you release every penny into a new bank account for free. Or into an existing account for £30.
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
A cooling off period is a number of days, usually 14, that allows you to change your mind about a purchase or contract you completed from a distance. Find out when this applies and how it works.
A cooling off period is a number of days, usually 14, that allows you to change your mind about a purchase or contract you completed from a distance.
In this article we’ve explained what a family income benefit plan is and how you can customise your policy to suit your needs.
In this article we’ve explained what a family income benefit plan is and how you can customise your policy to suit your needs.
What effects could a home renovation have on your home insurance policy? Will additional rooms force your premium upwards, and does your home insurance plan cover potential accidents during the building phase? This is explained in our guide.
What effects could a home renovation have on your home insurance policy?
If your home has been damaged through a storm, will your insurance cover the repairs? This and other factors you’ll need to consider, are discussed.
If your home has been damaged through a storm, will your insurance cover the repairs?
A cooling off period is a number of days, usually 14, that allows you to change your mind about a purchase or contract you completed from a distance. Find out when this applies and how it works.
A cooling off period is a number of days, usually 14, that allows you to change your mind about a purchase or contract you completed from a distance.
In this article we’ve explained what a family income benefit plan is and how you can customise your policy to suit your needs.
In this article we’ve explained what a family income benefit plan is and how you can customise your policy to suit your needs.
What effects could a home renovation have on your home insurance policy? Will additional rooms force your premium upwards, and does your home insurance plan cover potential accidents during the building phase? This is explained in our guide.
What effects could a home renovation have on your home insurance policy?
If your home has been damaged through a storm, will your insurance cover the repairs? This and other factors you’ll need to consider, are discussed.
If your home has been damaged through a storm, will your insurance cover the repairs?
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
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