How Your Cell Phone Can Affect Your Credit Score

January 30, 2020 | Posted by: Tania Campfield

How Your Cell Phone Can Affect Your Credit Score
Many consumers believe that car loans, mortgages or lines of credits and other borrowings are the things that affect your credit.  In recent years many cell phone companies are now reporting to the credit reporting agencies and therefore will affect your credit score.
Unlike a credit card or line of credit where this is a min. payment showing on the bureau, a cell phone bill shows up on your account as an Open account.  With this type of account the balance showing on your statement is the amount that is required to be paid in full, not a portion.  If the full amount is not paid this will reflect on your credit report and your credit score.
You may have thought that paying your cell phone on time wasn’t as important as your other payments.  This is not true and lenders will look at your payment history on your cell phone as much as they will on a loan or line of credit.  
It’s important to keep your credit in good standing and is always a good idea to be on top of any changes with your credit which can be done by getting a copy of your credit score.

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