BAD Credit Cell Phone

 BAD CREDIT CELL PHONE

Cell phones which were considered as a luxury once upon a time have become a basic necessity of today. People use it for different purposes; some people use it for business while others use it for keeping in touch with friends and relatives. Today in this competitive world, having a cell phone is a must and having a good credit score has become more challenging.  Due to many financial ups and down or due to negligence, many people are seen to have a very low credit score.  Especially for people who do not have bank account or who have come to USA as an immigrants, applying for a new cell phone is a big headache as they do not have good credit history.   Bad credits make it harder to get a car loan, mortgage loan, and student loan, credit card, renting an apartment and even getting a cell phone. Nowadays for getting a new cell phone while having a bad credit is really a difficult task, sometimes even the applications get rejected.  

However taking this parameter into consideration, many companies like Verizon, AT&T, T- Mobile, Sprint etc have come up with various schemes, wherein such category of people, can get a free cell phone over a due time course, by paying some security deposit or having a co-signer with good credit. Getting a co-signer is a major step, which is huge issue of trust. The security deposits can range from 150 $ to as large as 1000$. The deals in which the deposits go higher than 500 $ can be unacceptable, since large amount of the money is held by the phone companies. The deposit will be credited back into the customer’s account, if the bills are rightly and regularly paid, and if not it may lead to loss of security deposit. However, it takes approximately 18 months or few more, depending upon the company, to get the deposit back from the cell phone company and then only the customer can show the right and become the true owner of the phone. Also if the customer tends to maintain few years of good credit relationship with bad credit cell phone plans, the company eventually starts developing a trust on them and allows getting full credit line in future deals.  

Lot of cell phone companies have also come up with providing prepaid services, without any deposits for people who have bad credit history. These prepaid services are better preferred by people who do not intend to use mobile phones extensively. 

Companies with such a “Bad credit free cell phone” services have provided people with a great opportunity to have cell phones and cell phone plans that they want, though having bad credits. One of the reasons for these schemes could be due to the ongoing credit crunch and business cycle contraction. By offering such plans to people with bad credit may be a business strategy in order to cope up with the decrease in sales due to the economic downturn in these past 3-4 years.

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