Having bad credit in the UK is like lying on a death bed. No institution wants to be associated with you because of the high risk involved. Banks will decline your loan application while mortgage companies will trash your proposal at the earliest possible instance. This is not all; even insurance companies will fix you in a different category to lower the risk involved. However, the most significant of these limitations are those put by phone companies. They will look at the credit score report from all angles and ensure you do not get the anticipated phone.
However, all is not lost for clients with poor credit score. In this post, we look at the three most effective methods of getting the best phones with bad credit.
Use a co-signer with a good credit score
While most phone companies will not want anything to do with you because of the high risk involved, bringing a third party with a good credit score is a great idea. The phone company will give you the anticipated phone but will turn to the co-signer in case you default.
Here, you need to give the co-signee assurance of completing the payment on time. It might be crucial to demonstrate some goodwill by authorizing your bank to deduct the monthly payment and remitting to the phone company. Besides, many co-signers are also willing to keep the risks as low as possible. This means that you might have to raise some down payment before agreeing.
Buy from a no credit check company
As the focus on access to good phones shifts to personal credit, new dealers have entered the UK market and are offering no credit check mobile phones. This means that even people with very poor credit score can still access the phones of choice without getting rejected. To take the involved risk, the bad credit mobile phone companies raise the prices of various phones.
It is important to carefully review the selected bad credit mobile phone dealer, make sure to carry due diligence to establish if they are allowed to operate by law and are committed to customer value. Follow back to read what past clients have to say about the dealer’s services. If the services were good, you can buy from them and anticipate similar success. Besides, make sure to check the phones available to view here in order to ensure your preferred model is available.
Raise some down payment to reduce the risk
The main objective about accessing the best smartphone with bad credit is lowering the involved risk. Many companies insist that borrowers have to raise about 25% of the phone price to get considered. The objective is ensuring that the risky party only holds a small amount that cannot compromise a company’ operations if he defaults.
Accessing the latest smartphones with bad credit can be an uphill task for people with bad credit. However, these three methods make the companies view clients differently and give them the phones they want. Note that you should embark on a vigorous strategy to redeem the poor credit score so that future applications will not get declined. Remember that improving the credit score will work wonders because even banks, mortgage companies, and insurance firms will not turn you away.