If you are trying to help your child who is in college pick out a cell phone or a cell phone plan you may find it to be more expensive than you thought.
What many people do not realize is that most of these companies actually check your credit before you start a new contract or buy a phone.
If you have a poor score or do not have one at all, you could be faced with paying full price and have a high deposit.
Some companies will demand a deposit of at least $500 and you do not get that money back until you have made each payment on time for an entire year.
So if you like a phone that is $300 but you do not have an established number, not only will you have to pay full price rather than get the deals that most people are getting, but it will end up costing you $800 to get it and start a new plan.
That's why it is very important that parents try to start their teens score well before they go to college, and also educate them on the importance of credit.
Your number will not only have an impact on what you are paying on a cell phone, but any other financing you have either with a charge card or direct financing with a store.
If you have a low number you have to pay high interest rates and finance charges and that means it takes longer and more money to pay off your debt.
If you want to fix this problem fast you can use credit repair to get your score back up.
Credit repair can fix any number that has been lowered, regardless of the reason.
The process is effective, fast, simple, and very affordable.
There are so many things you need a good score for and you will pay for it if you don't, just like with a cell phone.