7 Thoughts on Does canceling your cell phone contract affect your credit score?
  1. Reply
    November 17, 2011 at 12:32 pm

    It would have no effect at all. In fact most cell phone contracts do not show up on your credit report unless they have gone into collection. When you cancel the contract and pay the penalty, your account is paid and in good standing.

  2. Reply
    November 17, 2011 at 1:06 pm

    I wouldn’t think so, in fact I don’t think your cell phone company even has your social security number. It’s not like your going belly up on a load, just breaking a small contract. If you pay the penalty it shouldn’t hurt you at all.

  3. Reply
    Scott H
    November 17, 2011 at 1:49 pm

    Absolutely not. The only time it would effect your credit score is when you haven’t paid your bill. Then they would send it to collections.

    So go ahead and get that new carrier and your new Iphone. =)

  4. Reply
    Dacious P.I.
    November 17, 2011 at 2:16 pm

    Yes! I cancelled Verizon and paid the $ 180 fee. It showed on my credit score as a negative. The only negative I have ever had. But I was told that you can request it to be removed thru the credit bureau. You do know you can request a free credit report from all 3 credit unions once per year? That’s how I found out mine was on there. I don’t think anyone ever considered it as far as holding it against me. I’ve never had problems because of it.

  5. Reply
    November 17, 2011 at 2:43 pm

    As long as you meet the terms of your contract and pay any penalties(on-time) it will not even appear on your credit report or effect your credit score in any way.

    However, as with anything else you close out be sure to request a final statement showing that you have a 0 balance. This is in case anything happens and they come back and say you owe money(very rare but it does happen).

  6. Reply
    November 17, 2011 at 3:13 pm

    Generally no. I would cancel by calling and at the same time i will send the provider a registered letter and keep a copy of that letter. Make sure you mention in the letter that the provider should not turn you to collection because you paid the penalty.

  7. Reply
    November 17, 2011 at 3:50 pm

    Cancelling the contract has nothing to do with your credit. If you don’t pay the final bill, that could end up as a negative. So just pay the bill.

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