How does phone contracts impact credit rating?

hsnyldz

So just wanted to get a general idea of things, ive been with o2 for over 7 years, its one of my longest relationships with a crediter, however getting to the point its frustrating to pay heaps of money on a monthly basis for a contract phone which in reality i dont need nor need to upgrade, will probably seek a sim only deal.

Would it be bad to end the contract, expires next month so not a early termination either. Regardless of how detrimental will still end as ive had enough of being robbed.

National_Debtline

Hi

Ultimately it’s up to each lender how they perceive information on a credit file, but I can’t see why ending a phone contract at the end of the term would have a negative impact if you’ve always made the contractual payments on time. You have the right to do it, and have a legitimate reason for wanting to do so.

James
@natdebtline

DCFC79

hsnyldz wrote: »

So just wanted to get a general idea of things, ive been with o2 for over 7 years, its one of my longest relationships with a crediter, however getting to the point its frustrating to pay heaps of money on a monthly basis for a contract phone which in reality i dont need nor need to upgrade, will probably seek a sim only deal.

Would it be bad to end the contract, expires next month so not a early termination either. Regardless of how detrimental will still end as ive had enough of being robbed.

You have to look after your finances so get a cheaper deal and don't worry about your score dropping, it could drop as fast as lead hitting water but lenders still wont see it.