ANSWERS: 2
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I believe it IS a contract, and it will affect your credit. When I say your "credit" I did NOT mean your FICO score. There are many hidden scores that credit companies keep besides that number. One of them will likely be affected by you cancelling your cell contract. Don't sign things you don't intend to go through with is a good rule of thumb.
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If you meet all early termination obligations with the cellular provider, it will not affect your credit because they will not send you to collections (and this is rare, they really want your business and sending people to collections kind of puts an end to a company-customer relationship). It is always a good idea however to check your credit scores periodically, they have to provide you a free report bi-annually. If you ever see anything negative, you are allowed to comment on the item and your comments will appear on your report for creditors to review. TM
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