Thinking of switching to Sprint to improve credit rating

[mustafu]

Hello,

Current Virgin customer here, the service is great and have had no issues, but I wish to improve on my credit rating as creditors tell me I have too few revolving accounts. All I have ATM is one credit card. Sprint seems to be a great value for the buck. Will signing a contract and paying on time every month help my credit considerably or no? Thanks in advance

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[Linkchomp]

Only in the US can having little revolving credit which lessens the chance of debt can be a bad idea.

Sprint's a good choice and as long as you pay your bill on time, then yeah.

 

[mustafu]

Well forget that. Would cost the wife and I more than double what we pay for Virgin to move to Sprint. A few extra credit points isn't worth it.

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[Johnbibbs]

Cell phone companies do not report to the credit bureaus unless you don't pay the bill. In other words it can only negatively affect your credit rating.

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[MissJennell#IM]

Revolving accounts usually means a credit card or a loan of some sort.

 

[everyday17]

Loans don't count as revolving accounts, they are installment accounts.

 

[El Jefe]

Cell phone companies do not report to the credit bureaus unless you don't pay the bill. In other words it can only negatively affect your credit rating.

This is right. I work in finance so I see credit reports all day. I never see cell phone company tradelines on a report unless it is unpaid & in collections.

 

[Stefan.Skoutelas]

This is right. I work in finance so I see credit reports all day. I never see cell phone company tradelines on a report unless it is unpaid & in collections.

Your right. And sorry to break down anyone's dreams of building credit. Although your idea is with good intentions it wont ever report to the credit bureaus unless you neglect to pay. Also, if you don't pay.... sayyy your T-Mobile bill and you try to open an account with AT&T we will see the outstanding balance with tmobile and you'll be unable to open an account with us. So all in all the unpaid balance follows you and ruins your credit so please pay your bill and look into a secured credit card if you wanna build your score

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[srkmagnus]

Your best bet is to pick up a credit card and use it only when you know it can be paid in full. Also consider the same when buying furniture, a computer, etc. Don't go crazy and you'll be fine.

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[MissJennell#IM]

Your best bet is to pick up a credit card and use it only when you know it can be paid in full. Also consider the same when buying furniture, a computer, etc. Don't go crazy and you'll be fine.

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That's what I did. Except I got a gas card. Then I knew I couldn't go crazy. I put my gas on it every month and then pay it off the second I get the bill. Has worked wonders.