topic Re: Taking out a second contract in Pay Monthly

Taking out a second contract

Anonymous — Sat, 11 Jan 2014 23:12:57 GMT

Hi hope someone out there can help. On Thursday I applied for a contact in my name for my partner. I didn't really expect it to be accepted as I don't have a great credit rating but it was. I'm now wondering how long it will be before I can apply again as I would like to take one out for myself. I don't want to try on any other network.

Re: Taking out a second contract

davethorp — Sun, 12 Jan 2014 00:37:46 GMT

How long is a piece of string? Credit checks can be a funny business and it is impossible to predict whether you will pass for another account with O2.

My credit isn't fantastic yet I currently have 6 contracts, three of which are with O2 (one of which is mine, another for my partner as they wanted a £375 deposit from her but approved me with no deposit and another is to be terminated soon) and three with three (one is a mobile broadband contract on an iPad with them, another is a contract for my sister in law and the other is a sim only contract on £0 a month which only remains open for the boost to my credit rating)

Worth mentioning that all these accounts have been built up over the last 6 years and I have on occasion been declined for additional accounts when I have tried in the past.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 00:43:33 GMT

Hmmm I see. I know what you mean I've applied several times in the past year or so and kept getting rejected then all of a sudden just got accepted so was hoping that perhaps after a few months of up to date payments I would be able to take out another. Just a bit worried now that I won't get accepted for another when I've agreed to give this one to my partner lol

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 00:49:11 GMT

You won't know until you try..

And if you won't get accepted on second contract, just steal your partners phone lol

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 01:02:05 GMT

Oh I'm tempted lol

That's the phone I've got him but in grey

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 08:37:33 GMT

The issue is the more you apply for and are credit checked this can adversely affect your credit rating, as some could see this as overstretching yourself.

As said you don't know until you try.

My son was declined for an O2 Contract because he's not actually applied for anything major ,so his credit reference file is rather empty apart from the overdraft on his bank account.

He left it a couple of weeks and went back to the same o2 shop and was accepted without issue !

Good luck.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 09:08:03 GMT

Yeah I've read that. Think I'm going to wait a few months and then try. Thanks everyone who has replied.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 09:08:44 GMT

@Anonymous wrote:
Yeah I've read that. Think I'm going to wait a few months and then try. Thanks everyone who has replied.

You're Welcome.

Take care.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 09:36:15 GMT

I have two o2 contracts both in my name although I do have a strong credit rating.

My advice would be to give it a go if you feel you can afford it and you want it. The worst they can do is day no.

Of they do say no I have heard of people offering to put a deposit down for a few months to show willing. Have been told it works Sometimes.

If the sales agent says no initially don't give up and ask to discuss with a team supervisor.

Good luck and please let us know how you get on.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 11:16:18 GMT

When I took out my first contract with O2 many years ago they said to me you've been approved for 3 contracts I take it they don't do that anymore?

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 11:57:22 GMT

I'll maybe look into the deposit option. I'm hoping that if I keep up the regular payments then they'll be able to offer me another. I'm also getting BT internet and having just got a a catalogue account so hoping by paying these on time my credit rating will start to improve.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 12:01:49 GMT

It should do over time

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 12:17:20 GMT

Rachael that is a good move. Most of the bigger companies share payment information with the credit reference agencies and by making regular payments on time (direct debit always good) then yes your credit rating will improve over time as Damien1 quite rightly says.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 13:20:58 GMT

I hope so Damien.

I admit a couple of years ago I was really careless and damaged my credit rating big time! So glad to hear that I'm making a good move as I really want to improve my credit rating for the future.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 18:06:02 GMT

I had a shocking credit rating a few years ago but I am living proof that it does get better! I've been able to change my bank account, change mobile providers and get a mainstream credit card - it will get better with some careful management!

Good luck!

Re: Taking out a second contract

perksie — Sun, 12 Jan 2014 18:23:03 GMT

@Anonymous wrote:
I admit a couple of years ago I was really careless and damaged my credit rating big time! So glad to hear that I'm making a good move as I really want to improve my credit rating for the future.

It's also possible to use a credit card to rebuild your credit rating used obviously with care:

http://www.moneysavingexpert.com/credit-cards/bad-credit-credit-cards

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 18:32:47 GMT

Tracey don't mean to seem nosey but did you have to pay off everything you owed before your credit rating improved?

Perksie I've tried a credit card but got rejected. Probably a good thing though as think I could get into a bit of a mess with that. Thanks for the link though going to have a look through that later seems very useful

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 18:38:52 GMT

I had some defaults and once they dropped off my credit rating improved dramatically.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 18:38:55 GMT

There are some specific credit cards for people who need help to rebuild credit ratings. Barclaycard offer one for example. Interest rates are higher so remember to pay the bill in full before the due dates.

Over time it will help you rebuild your credit rating.

Re: Taking out a second contract

Anonymous — Sun, 12 Jan 2014 20:43:26 GMT

I had a Vanquis card. The APR was pretty high but I paid it off each month. The one month I couldn't (unexpected vet bill) the interest was so high it taught me a lesson!