Credit Check info

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  • Updated 5 years ago
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I am thinking about joining koodo, I know a credit check is required but do we have to pay the full price of the phone until the procces is done or is it a quick check?
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Krishan Nagendra

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Posted 5 years ago

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Krishan Nagendra

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Because i tried to go with another company with a tab like yours but they asked us to pay the full price until 6 months where they will give us 200 dollars back which is supposed to be saved off the price of the phone.
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Mo D.

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A credit check is basically a quick 2min check to see how your trend for paying bills has been.

If you are new to Canada, the rule of thumb is to wait at least 6months before a credit history actually even exists in your name. Some banks are good at providing newcomers/youth credit cards that help them build their credit history when they start off with none. I would recommend RBC and TD for that.

Until then, though, it is for the security of the company to check your credit history before letting you buy a phone on the Tab. You do have two options:

1. Ask a close relative/friend who does have a good credit history to open an account in his/her name and authorize you as the main account user, i.e. the bills will come to you, you will be logging in and paying them and in charge of the account. This requires mutual trust between the two of you.

2. Go on the Spending Cap program. This allows you to sign on with a monthly plan, but there are two limitations: you can't put a phone on the Tab (you will have to buy it full price), and you can rack up charges of only upto $200 onto the account (which is hard to do is you use your phone sensibly). The benefit is, you have a plan and can then switch to a Tab after 6 months once you have a credit history. You can always buy a phone for slightly cheaper on kijiji/craigslist and bring it in, too.

Hope this helps.

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