The phrase "Cheap Contract Phone" doesnt quite make sense to me, or is not popular in the US. When I do a google search for the identical phrase, it does pull up some UK results, so perhaps this is a more common phrase there.
Problem is that it is 3 words and I honestly thing your pushing it. I dont see the value in this domain name, if it was a dropping name, I would probably just ignore it. I would assume you picked this up for a site about the keywords, but I would try to shorten it to 2 words.
Im gonna give it a Reg Fee Stamp.
My 2Cents
Justin