How Can I Improve My Credit Score to get an iPhone?

fatboysontour

Hi there,

I have just completed a credit score check on Experian, and my score is listed as poor, at 654. This means I am 67 points away from fair, and 227 points away from good.

My situation is as follows:

I have had 7 credit searches done on me in the last 12 months, I have recently started a new business, added 1 credit card, new car insurance and mobile phone etc, and new mortgage provider.

1. I have never missed a payment, have no defaults on any of my 14 credit accounts. I have 1 late payment, 4 months ago, from Capital One, which they acknowledged was their fault, and refunded the charge to me at the time, as they setup a DD, but did not take the money for my initial payment.

2. Everything is green on the monthly repayment dots, minus the one yellow, as above.

My problem is, as far as I am aware, that my credit cards are all near their limit. I have 2 credit cards, with total available credit of £296, which is 96% used according to Experian.

Aside from a personal loan, all the other items are mobile phone contracts, car insurance, mortgage etc, not credit or store cards.

I'm looking to apply for an iPhone in august, and I am worried that O2 are going to reject my application.

Does anyone know:

1. With my current credit score, how likely I am to be able to get an iPhone contract with them

2. Assuming I try and pay what I can off my cards (which won't be very much above the minimum payments), how long will it take before my credit rating improves? And how much can it go up by each month by just making sure everything is paid on time, as normal?

If I do the credit score calculator, it says my score will improve to 922 (selecting outstanding credit as £10,000) within 6 months, assuming I continue as I am, or 862 (selecting outstanding credit as £30,000). I have around £16k outstanding in total between my loan and credit cards (most of which is loan).

Hope someone can help!

Thank you.

PARIS_5000

I think you may get turned downed because you credit score has to be good to get accepted however O2 will use their own credit scoring methods not experian to assess your application.

skyrider007

I would wait to get an iPhone. The next one is coming out this Summer.

fatboysontour

As far as O2 goes, I have a brilliant record with them. I have one fully settled account within the last two years, and also an active account with 14 months of cleared, on time payments (I currently pay for my wife's mobile, which is with O2 under my name).

My current contract isn't actually due for renewal (with T-Mobile) until august, and I am aware there is a new iPhone coming out in the summer, but I imagine, which ever model I go for, I will still have to pass their credit check to get one...

skyrider007

fatboysontour wrote: »

As far as O2 goes, I have a brilliant record with them. I have one fully settled account within the last two years, and also an active account with 14 months of cleared, on time payments (I currently pay for my wife's mobile, which is with O2 under my name).

My current contract isn't actually due for renewal (with T-Mobile) until august, and I am aware there is a new iPhone coming out in the summer, but I imagine, which ever model I go for, I will still have to pass their credit check to get one...

If you're willing to pay a bit of money upfront then there is always a Pay as You Go option! I expect the next release to be cheaper than the current model.

fatboysontour

Unfortunately, a PAYG iPhone is out the question for me. I could save up the money for one, but I'm quite happy paying £35 per month for my mobile (which I do at the moment with T-Mobile), and I don't have a spare £400 to buy one, and I need a proper contract phone for my business. But thanks for the suggestions anyway

Does anyone have any suggestions as to my questions regarding repairing my credit history?

hack2009

I think the O2 credit check is a bit of a lottery. I got my iPhone back in August last year. I asked my partner to get it for me as I had a CCJ and 3 defaults on my credit files that I was in the process of getting removed.

They asked her to pay a £300 deposit that she would get back if all the bills were paid after 6 months. We told them to stick it.

I called and tried myself for a laugh and it went straight through!!

SwissLe

I don't quite know why this is in Credit Cards but hey-ho:

Mobile phone credit application is the most unpredictable credit application known to man. I currently have 4 02 contracts, all applied for within 2months. I always get accepted. My credit history is flawless, I am a homeowner with active credit cards but no outstanding balance.

My brother is in exactly the same position but was asked for a deposit when opening one blackberry account with 02. He was later accepted for a 90% mortgage in the same month.

I also know a colleage at work who declared bankruptcy three years ago that has a iPhone and datacard with 02, with contract and credit check.

I think it's very rare they decline people these days, in most cases they will ask for a significant deposit. I was chatting with the guy in the 02 shop when the iPhone was exclusive and not on PAYG that immigrants, no address history and credit file, were paying £700+ in order to secure a contract!

TheEffect

With your credit report as of now, you will have no problems getting accepted.

I just got accepted for an iPhone 3G contract last month, my credit report looks like this...

Age: 18
Searches: 14
Active Accounts: 2 credit, 1 current = all with 2 green payment marks
1 linked address
1 electoral role data
No CCJ/Default or anything bad

I got accepted with no problem.

debtdestroyer007

fatboysontour wrote: »

Hi there,


I'm looking to apply for an iPhone in august, and I am worried that O2 are going to reject my application.

Hope someone can help!

hello mate
if u def need an i phone , do this...

first get urself a sim only contract with o2 on the lowest tariff. keep it going for 3 months and then request an upgrade and an iphone as part of the deal.

u r pretty much guaranteed the phone as long as u have no new ccj's as now u r an existing client of the network, paying on time and they wont want to loose you.

thats how i got my i phone!!!!

hope this helps

Innocent_Guy

The OP doesn't need to do anything. Providing he only has one missed payment he will be fine.

I would like to stress that o2 do search Equifax so bare this in mind.

I hope you enjoy your new phone