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[UK] If you fail the O2 credit check....
- Thread starter Devil's Refugee
- Start date
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Hmmm. I am a student but with a well paid part time job. I hope I don't have any issues. I've missed a couple of payments with credit cards over the years but no defaults or CCJs or anything like that.
If I fail it I will just have to do it in my parents name.
If I fail it I will just have to do it in my parents name.
Deposits range from £75 - £250 ($150 - $500). That is if you partially pass the credit check. Sometimes you just fail completely and don't even get offered the deposit option.
as long as any missed payments were made within the 'grace' period (about 21 days) you should be def ok.
or
as long as the missed payments have been paid, you should be ok but may have a default. most people have one at some point.
In the UK everything works of a credit scoring system - I believe in the US everything is linked to your Social Security number, and you can enter one made up of just 0's to get the iPhone on Pay as You Go?
Anyway, here, they take your name, address, and a secondary one if you have moved within the past 3 years, D.O.B and anyone you are financially linked to/with - people at your address, parents, partner.
Should something flag in the system, for example, a default on a credit card - it depends how low the companies credit expectation is, as to whether they will take you on.
Carphone Warehouse told me 3, T-Mobile and Orange are the easiest.
For example, I'm 19, took out 2 mobile phones by lying about my age when I was 15, got them all cleared and cancelled, no penalties (apparently, or so my credit report says) - and they won't accept me without a £450 deposit.
just as an aside.. it takes approx 2-3 MONTHS for missed payments to show up as proper defaults. your debt periods are usually as follows, but they are not set in stone and are offered as a rough guide.
< 30 days (A)
31-60 days (B)
61-90 days (C)
91-120 days (D)
121+ days (E)
majority of people pay bills in period A.
some pay in period B. they are behind but by a generally acceptable. you may receive a reminder letter if you leave it too long.
Period C is a definate 'you have not paid your account' letter. Services may be terminated at this point.
Period D is Bad Debt. Sometimes out-sourced to 3rd party DCA's, but generally dealt with 'In House'.
Period E is Default time. This may be avoided if you have come to an arrangement with who ever it is. Your debt may be sold to 3rd party companies. This is Legal.
Remember people, if you are in trouble with a bill..... Talk to them.. they are obliged to take into account any temporary financial difficulty.
< 30 days (A)
31-60 days (B)
61-90 days (C)
91-120 days (D)
121+ days (E)
majority of people pay bills in period A.
some pay in period B. they are behind but by a generally acceptable. you may receive a reminder letter if you leave it too long.
Period C is a definate 'you have not paid your account' letter. Services may be terminated at this point.
Period D is Bad Debt. Sometimes out-sourced to 3rd party DCA's, but generally dealt with 'In House'.
Period E is Default time. This may be avoided if you have come to an arrangement with who ever it is. Your debt may be sold to 3rd party companies. This is Legal.
Remember people, if you are in trouble with a bill..... Talk to them.. they are obliged to take into account any temporary financial difficulty.
I have an unlocked iPhone, and decided to go for the simplicity tariff on o2 with the data bolt-on (£22.50 per month, min 1 month contract). This was SIM only, no contract tie-in beyond the one month and no subsidised handset.
Given this was sim only, I would expect the credit criteria to be roughly the same on the iPhone (if not slightly less-so).
I earn just over £100k p.a, have a credit card with a £20k limit and a small mortgage (thus plenty of equity). o2 failed me!
I do however have some adverse on my credit file (2 defaults, subsequently settled) from having taken risks along the way getting to where I am now (which I don't regret in the slightest).
So, unless the iPhone credit check is significantly more relaxed than the simplicity tariff check (which would go against all conventional wisdom!) - if your credit history is worse than mine, don't get your hopes up too much!
Given this was sim only, I would expect the credit criteria to be roughly the same on the iPhone (if not slightly less-so).
I earn just over £100k p.a, have a credit card with a £20k limit and a small mortgage (thus plenty of equity). o2 failed me!
I do however have some adverse on my credit file (2 defaults, subsequently settled) from having taken risks along the way getting to where I am now (which I don't regret in the slightest).
So, unless the iPhone credit check is significantly more relaxed than the simplicity tariff check (which would go against all conventional wisdom!) - if your credit history is worse than mine, don't get your hopes up too much!
The way CPW credit system work is you need debit or credit card that is register to your home address. we will ask you to enter your pin number to verified your identity.
if you can pass the o2 iphone credit check then no doubt u will guranteed a pass itune at home.
o2 will likely asked for deposit from £75-£350.... this will given back after 6mths.. its good as this will give you good credit ratin in the near future... the deposit only taken place for ppl who havent been in country that long (need at least 3yrs credit histroy), or has bad credit history.
hope this helps!!
if you can pass the o2 iphone credit check then no doubt u will guranteed a pass itune at home.
o2 will likely asked for deposit from £75-£350.... this will given back after 6mths.. its good as this will give you good credit ratin in the near future... the deposit only taken place for ppl who havent been in country that long (need at least 3yrs credit histroy), or has bad credit history.
hope this helps!!
Ok, I was 18 a few weeks back and this will be the first credit of any kind I have taken out.
ie. I am assuming my credit record is completely void of any entries.
Does this mean
a) Nothing bad, pass the check
b) Nothing good, fail the check
If not I can always get it my parents name but I rather wanted to get away from that with this. I understand all these are hard questions to answer but if anyone does have any insight it would be nice.
ie. I am assuming my credit record is completely void of any entries.
Does this mean
a) Nothing bad, pass the check
b) Nothing good, fail the check
If not I can always get it my parents name but I rather wanted to get away from that with this. I understand all these are hard questions to answer but if anyone does have any insight it would be nice.
im 18 too, but i dont have a credit card or any credit rating that im aware of. I am a current O2 customer, my parents have set my mobile account so that i pay.etc.etc but all credit checks are made against them. You may want to explore this if you are rejected.
If it like here in the US when you first get credit given to you you will start with a score of 600. From there it can go up and down. If you have no credit history before that you are known as a ghost.
I am amazed at how credit for things is given out these days. I am still working on the fact that have not had to get a garentur (sp) for either place I have rented. Well the first one I know why and that is because the property manager forgot to file all the paper work and forgot to give it to me saved me some trouble. The current place I am still working on why I was not required and they even told me I was not required. I told them up font. I have no income. My bank accounts are low and my parents are the ones suppling all the money yet some how my credit is good enough to rent the apartment with out some one backing me. Mind you I have been paying rent to one place or another for over a year and have had several bills taken out in my name and a credit card in my name (for almost 3 years now). None of which ever had a late payment so it has pushed up my score.
If you are a student you will have normal be in the lower 20%, I got an 02 contract when I was 18 purely on the fact that I had a credit card. When you start working full time you credit rating will should be good.
hi im 18 but have had a contract with o2 for the past 4 years in my dads name, on my 18th in june i transferred the account over to my name and upped the tariff to 35 quid a month. ive never had a problem paying with o2 before
i have a credit card with a 300 quid limit which 200 quid of it is used (for uni textbooks because of the 0% interest rate for a year).
what are the chances of me passing the credit check?
i have a credit card with a 300 quid limit which 200 quid of it is used (for uni textbooks because of the 0% interest rate for a year).
what are the chances of me passing the credit check?
I see from watching the iPhone Uk Activation video that the wording for existing customers is "I'd like to replace my existing phone with this iPhone". That does not read like you are creating a brand new account or require a credit check.
They have a second option which does look like it would require a check - "I'd like to create an additional account for this iPhone".
Any thoughts?
http://www.apple.com/uk/iphone/gettingstarted/activation.html
They have a second option which does look like it would require a check - "I'd like to create an additional account for this iPhone".
Any thoughts?
http://www.apple.com/uk/iphone/gettingstarted/activation.html
That's encouraging and would make sense. I'd hope that as an existing contract customer with O2, I wouldn't have to go through any credit checks, particularly as we're having to shell out for the phone.
Just in case it might help anyone, o2 use Equifax to process credit checks, so as long as you've an ok credit score with them, or at least your house is registered with them. You should be fine.
just been to equifax website you can look up your credit history cost £14.95
Did mine and passed looks like i will pass my 02 credit check phew needed to make sure i was not going to waste my time and money!
Tells you how to improve your score if it's low worth a look...
Did mine and passed looks like i will pass my 02 credit check phew needed to make sure i was not going to waste my time and money!
Tells you how to improve your score if it's low worth a look...
Just another bit of useful info I've found out to prevent any shocks tomorrow during activation.
As well as the previous mentioned outcomes of the credit check
a) Activated - no problems
b) £100 Deposit needed [also note, this deposit is only held for 3 months then refunded]
c) Failed credit check
a fourth has now been introduced...
d) 'o2 needs more time to review your application for iPhone service.
apparently o2 will then contact you within 24 hours to go through some credit related things.
As well as the previous mentioned outcomes of the credit check
a) Activated - no problems
b) £100 Deposit needed [also note, this deposit is only held for 3 months then refunded]
c) Failed credit check
a fourth has now been introduced...
d) 'o2 needs more time to review your application for iPhone service.
apparently o2 will then contact you within 24 hours to go through some credit related things.
Can you imagine?!?! Having to wait all this time to get the iPhone in the UK and you are presented with that at the end of activation, it would be horrendous! I am going to shut up now in case I am tempting fate and it happens to me!
