January 4, 2025
How To Track My Credit Score
Explore how to track your credit score and the Boshhh Mobile solution to building your credit.
Your credit score is a critical aspect of your financial well-being, and monitoring it effectively is crucial for reaching your financial goals. Whether you're planning to purchase a home, secure a loan, or simply maintain a solid financial foundation, staying on top of your credit score is essential. Here’s a straightforward guide tailored for UK residents, with practical tips and tools, including how Boshhh Mobile can support your credit-building journey.
1. Understand the Basics of a Credit Score
A credit score is a numerical summary of your credit history and financial reliability. In the UK, agencies like Experian, Equifax, and TransUnion calculate your score based on your borrowing habits, repayment history, and other financial behaviours.
Why it’s important:
Lenders use your credit score to evaluate your reliability as a borrower. A higher score increases your chances of approval and access to better loan terms.
2. Check Your Credit Report Regularly
To effectively track your credit progress, start by reviewing your credit report. UK residents can request a free statutory credit report from any major credit reference agency. Services like ClearScore and Credit Karma also offer free access to your credit file and updates on your score.
What to look for:
Accuracy: Ensure your personal details, accounts, and payment records are correct.
Debts: Identify any outstanding balances or missed payments.
Fraud Detection: Watch for accounts or credit checks you didn’t authorise.
Checking your credit report regularly doesn’t affect your score and helps you stay informed.
3. Set Achievable Credit Goals
Having a clear goal will guide your efforts to improve your score. For example, you might aim to move from a "Fair" to a "Good" rating within six months or reduce your debt to improve your financial standing.
Example Goal:
"Increase my credit score by 40 points in six months by using 20% of my available credit limit and paying all bills on time."
4. Utilise Credit Monitoring Tools
Several tools are available in the UK to help you monitor your credit score progress. These tools can alert you to changes in your score and provide tailored insights into what actions will positively or negatively impact it.
UK-Friendly Tools:
These services not only provide updates but also help you identify opportunities to improve.
5. Consider a Credit-Building SIM-Only Plan
If you're new to credit or looking to rebuild your score, a SIM-only plan like Boshhh Mobile can be a smart choice. Boshhh Mobile allows you to establish or improve your credit rating while enjoying reliable connectivity. Regular on-time payments to your SIM plan contribute positively to your credit history, demonstrating financial responsibility to credit agencies.
Why Boshhh Mobile?
Affordable SIM-only plans tailored for credit building.
Helps improve your credit score by making timely monthly payments.
Reliable network coverage throughout the UK.
6. Pay Bills on Time
Paying your monthly bills on time is one of the simplest yet most effective ways to maintain or improve your credit score. A single missed payment can harm your score and remain on your report for years.
Tips to stay consistent:
Set up direct debits for automatic payments.
Use calendar alerts or budgeting apps for reminders.
Prioritise essential bills, such as rent, utilities, and mobile contracts like Boshhh Mobile.
7. Manage Your Credit Utilisation
Your credit utilisation ratio—how much of your available credit you’re using—has a significant impact on your credit score. Aim to use less than 30% of your credit limit.
Example:
If your credit card limit is £2,000, try to keep your balance below 30% (£600).
Ways to improve:
Pay off balances regularly.
Request a credit limit increase if your spending habits are stable.
8. Avoid Excessive Credit Applications
Every time you apply for credit, it leaves a hard inquiry on your report, which can temporarily lower your score. Space out your applications to prevent this.
Alternative:
Use "soft searches" offered by lenders or no credit check services like Boshhh Mobile to check your eligibility without affecting your credit.
9. Reduce and Manage Debt Effectively
Debt isn’t inherently bad, but mismanaging it can harm your credit score. Work towards reducing high-interest debts while maintaining regular payments.
Actionable Tips:
Create a budget to prioritise repayment.
Consolidate multiple debts into one manageable payment, if it reduces your overall interest rate.
10. Track Progress Over Time
Monitoring your credit score isn’t a one-time task. Make it a routine to check your score and credit report regularly.
Best Practices:
Review your credit score monthly using free tools (you can monitor your progress with instant access to your credit history via the Boshhh Mobile app - available when you sign up to a Boshhh Mobile SIM plan).
Evaluate your full credit report annually for a detailed overview.
Monitor the impact of making consistent payments to credit related products.
Conclusion
Keeping track of your credit score is a vital step towards a more secure financial future. By understanding your score, setting clear goals, using credit building utility tools (like Boshhh Mobile’s credit-building SIM plans) to improve your credit score, you can make steady improvements to a better financial future.
Take charge of your credit journey today — your future self will thank you.
Sign up to a credit building SIM plan and download the Boshhh Mobile app today (available for iOS and Android).
