Will not having a landline telephone hurt my credit score?

Dear James,

Will not having a landline telephone affect my credit score?

Colin, Glasgow

Dear Colin,

Credit scoring weighs up a multitude of factors which aren’t significant individually but, taken together, can begin to paint a picture about you. Having a landline phone contract might be a variable some lenders factor into credit scoring, as it could be a sign of stability – perhaps along with how long you’ve been at your address, with the same bank and in your job, and whether you have a spouse. But taken in isolation, any effect is likely to be minimal and would be far outweighed by your actual credit history. Lenders review their credit scoring systems on a regular basis to keep them in line with changing consumer behaviour. I understand that more and more people are choosing not to have fixed landline telephones – so you’re certainly not alone here. As a result, this question is actually becoming much less relevant to calculations of risk or stability anyway. So don’t be swayed by concerns about credit scoring. Having or not having a landline phone is unlikely to have any significant bearing on what credit you get and how much you pay for it. (April 2012)


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