If you`re 18 years old and looking to get a phone contract but don`t have a credit history, you may be wondering if it`s possible. The short answer is yes, but there are some caveats to keep in mind.
First and foremost, it`s important to understand that a lack of credit history doesn`t necessarily mean you have bad credit. It simply means that you haven`t yet established a credit score by borrowing money or using credit cards. This can be both a blessing and a curse when it comes to getting a phone contract.
On the one hand, a lack of credit history means you`re starting with a clean slate. You won`t have any negative marks on your credit report that could make it difficult to get approved for a contract. On the other hand, many phone companies use credit checks to determine whether or not to extend a contract. Without a credit history, you may be seen as a riskier customer and may not be approved for the contract you want.
So, what can you do to increase your chances of getting a phone contract at 18 without a credit history? Here are a few tips:
1. Consider a pre-paid plan: Pre-paid plans don`t require a credit check because you`re paying for the service up front. This can be a good option if you want the flexibility of a phone contract without the commitment.
2. Find a co-signer: If you have a parent or other trusted adult who is willing to co-sign the contract with you, this can help increase your chances of approval. Just be aware that the co-signer will be responsible for paying the bill if you`re unable to do so, so make sure you`re both on the same page before going this route.
3. Build your credit history: While it won`t help you get a phone contract right away, building your credit history over time can make it easier to get approved for contracts and other loans in the future. Consider getting a credit card or taking out a small loan and making on-time payments to establish your credit score.
Overall, getting a phone contract at 18 without a credit history is possible, but it may require some extra effort on your part. By exploring alternative options and working to build your credit history, you can increase your chances of getting the contract you want.