Contracts

[Anonymous]

hey, i am 18 and wanted to get the iphone 5 with o2 or the iphone 4s and because i had no credit histroy they wanted me to put a £200 deposit down with i wouldn't get back for 4 months do you think this is right? i am considering going with orange that will accept me these are crap and have no consideration for people without credit.

[Anonymous]

yes i understand that i might be a risk because i dont have any credit but you have to start somewhere?

[Liquid]

Completely agreed. But the starting bit is the hardest bit:(

[adamtemp64]

I would pay the £200 deposit and then request the payment is returned to your bank otherwise it just used to pay your bill for the following months.

O2 have always done this deposit scheme for people with no credit history.

O2 do not do cosigning the person who takes out the account is the one responsiable i.e. you or your parent if they took it out.

[sheepdog]

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@Anonymous wrote:

yes i understand that i might be a risk because i dont have any credit but you have to start somewhere?

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You might be a risk being 18 and no history???? Looking at it objectively from the lenders point of view, £200 deposit is a good sign for you given that its well known that o2's acceptance criteria is quite high! Many others who are older and with a history of good payments are also rejected for having no credit history as they tend to be cash payers rather than using credit cards etc. At your age, it is better to take the pain now to build up a good history.

Take a look at this info on credit scoring and how it works: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Bear in mind the critical aspect of the not-so-free phone: you are paying this tariff for the next 24 months and there is no get out if your situation changes. It could have the opposite effect on your ability to get credit in the future for the things you really need.