Can having a virgin mobile pre paid phone help you improve your credit?
Answer:
No, cell phone accounts don't show on your credit, only if you don't pay the bill, it will show up as a collection, and of course that will make your credit score worse.
The only thing that I know of to improve credit is a credit card.
NO!
The nature of credit is that you are "extended" an amount of money in advance that you can use for goods/services at the point of sale, and in turn, you will pay the lender a certain amount after the transaction has expired (plus interest, if applicable).
Since pre-paid phones require you to pay upfront for the services you will use in later months, it is not a form of credit. In fact, the money you have paid upfront and have yet to use is considered an asset because it, in fact, has a future economic benefit.
The credit that appears on your credit report, however, represents a liability -- that is, a future obligation to pay some entity (or someone) as a result of a transaction you executed.
As such, since no extension of credit is being made, it WILL not appear on credit report.
no, pre paid phones have nothing to do with credit.
No, it's not credit, it's pre-paid, therefore they can not report it as credit. If they stated that in the brochure, they lied. I've worked in the credit industry for over 20 years.
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