Bedes Phones

Bad credit – Time to sort it out

Although Bedes Phones are in the business of selling no credit check mobile phone contracts to the public, we really do go out of our way to encourage our customers to set their bad credit rating record straight.

Many people do not realise how a bad credit rating can adversely affect their whole life. Let’s take a look.

Affects your chances of getting approved for credit products (loans, credit cards)

As you no doubt know, your bad credit rating severely affects your chances of been approved for any kind of credit product. No doubt, before you came to us for a no credit check mobile phone, you applied elsewhere and would have been rejected because of your bad credit score. Don’t be discouraged however, even improving your credit score a few points can make all the difference.

If you are able to secure a loan, it will come with higher interest rates and restrictive terms

Some credit products will be available to you, especially if you improve your credit score a little bit. But because you have suffered from a low credit score in the past, lenders are loath to give you a credit product without imposing very high-interest rates as well as longer repayment terms. This is a reality of life with credit and you can only improve it if you improve your credit score.

Wanting to rent? Your credit score could be your downfall

Now this is something people do not often think about. A pre-lease credit check is run every time you apply to rent an apartment or home. Of course, saddled with a choice between yourself and your credit score and someone who has a far better rating, you know who they will end up picking!

It could affect job hunting too!

Unfortunately, more and more companies are starting to look into prospective staff’s credit history before deciding to hire them or not. This is especially true for financial institutions or jobs that require some form of security clearance. We believe this practice is wrong. A person’s credit history has no bearing on their ability to do a job.

So as you can see, a bad credit score can really affect you. That said, don’t forget that by paying off a no credit check mobile phone contract and not skipping any instalments you can push your credit score up immeasurably!