Study: People Think Their iPhone is More Important Than Their Credit Score
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Credit scores and iPhones.
What have the two got in common?
Well, the buzzy new iPhone 8 and iPhone X are set to launch soon. They’re adorned with HUGE price tags, like up to $1,400…
In addition to all of us wishing our credit reports were adorned with HUGE credit scores, many people don’t realize their credit reports can affect their cell phone bills.
Also, how’s this uber-expensive piece of technology going to affect Americans’ credit card debt?
5 Credit Score Statistics You Never Knew You Needed to Know
WalletHub conducted a survey at the end of August and asked 530 respondents questions about the new iPhone — and their credit scores.
Here are a few of the findings:
1. Some People Think Their Phone Impacts Their Life More Than Their Credit Score
To be fair to the 37% of respondents who think their phone impacts their life more than their credit score, our phones are glued to our hips.
However, our credit reports (and our consequent credit scores) are going to be more impactful for those big life decisions, like buying a house or a car. Your credit report could even affect potential job opportunities.
2. A Majority of People Say Credit Reports are Easier to Understand Than Phone Contracts
This is awesome news.
Sometimes folks can be intimidated by credit reports because, you know, personal finance. However, credit reports are easy to follow, especially when you use a service like Credit Sesame.
The service is free, and it’ll even walk you through the report, letting you know what you can do to bump up your credit score.
If you have any trouble, we’ve got a Credit Sesame guide to break it down a little more.
3. Some Would Rather Have a New iPhone Than a Higher Credit Score
Again, we’re talking about some big life decisions, so unless your sparkling new iPhone will help you get a better mortgage rate, then it seems like a higher credit score would be more beneficial… right?
4. More Than Half of Folks Would Rather Have a Stranger Access Their Credit Score Than Their Phone
OK, what have you guys been doing on your phones?!
WalletHub reported that 55% of people would rather let a stranger view their credit score than their phone.
But I don’t think this is entirely unreasonable. A credit score is just a number (yes, with huge impacts, but still). It’s not like they’d get to dig into your credit report and get all your personal info — a lot of which is likely stored on your phone.
5. Nearly ⅓ Would Opt for a Waterproof Phone vs. a Damage-Proof Credit Score
As someone who doesn’t have a whole lot of luck with phones near toilets, I get it. Water damage is a real pain — but so is hundreds, even thousands of extra dollars on a mortgage or car payment. *shrug*
After all of that, though, WalletHub found that 74% of people said they aren’t giving in to the new iPhone hype.
Good for you, you Penny Hoarders!
Carson Kohler (@CarsonKohler) is a junior writer at The Penny Hoarder. She doesn’t plan to buy the new iPhone, mostly because she just paid $1,000 for her iPhone 7 back in May. *cringes*