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4Jehovah2005

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Will signing a 2 year contract and paying my bills ontime increase my credit score.
I want to get the iphone 6 plus. I want to use this purchase as a way to increase my credit score. Is this a good idea?

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Nope...

Helpful to 12 out of 15 people

Telecom companies only report on your credit if you don't pay them.  Then they'll jack up your credit score.  You're much better off to buy the phone and use a month-to-month service like Virgin, MetroPCS, Cricket, etc...  It's a bit hard on the pocketbook to begin, but the cost savings on a monthly basis is astounding. 

I got off of the 2-year contract phone treadmill 4 years ago and dropped my monthly service bill from $100/month to $40/month.  Over that same 2-year contract time period that saves me $1,440.  I put 1/2 of that into a savings account each month and every time a new wave of phones come out that I just have to have, I have all of the money in the bank to buy it outright.  Plus I normally get $75-$150 for my old phone so I save even more!

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