Last Updated on: 23rd April 2024, 04:03 pm
In the current era, where credit is a pivotal element of financial health, a good credit score is more important than ever. Despite this, statistics indicate that one in five adults in the UK faces rejection for credit applications due to poor credit history.
Did you know your everyday mobile phone SIM plan could be a crucial instrument in boosting your credit score?
Explore the ways a straightforward mobile phone SIM plan can become a vital tool in your credit-building arsenal:
- Payment History: Regular, on-time payments of your mobile phone SIM plan bills reflect responsible financial management, a vital factor for a healthy credit score in the UK.
- Credit Score Improvement: Making consistent and timely payments towards your mobile phone SIM plan can help elevate your credit score over time. This improvement can open doors to more attractive credit options, including loans and credit cards with lower interest rates.
- Financial Discipline: Efficient management of a mobile phone SIM plan instils essential budgeting skills and financial discipline. By prioritizing your phone bill payments and keeping within usage limits, you establish sound financial habits that are crucial for long-term financial health and creditworthiness.
Lewis Camilleri, Founder and CEO of Boshhh, remarked: “There is a real problem in the UK now with the current cost of living crisis and recession and people are struggling financially more than ever before. “It’s widely reported that increasingly a large proportion of the UK population are financially excluded from many financial products due to poor credit rating so it’s a vicious circle. If you can’t get credit, you can’t build it. With Boshhh we want to be able to stop the vicious circle.”
Boshhh, the first-ever mobile network designed to improve customers’ credit scores, caters to those with poor or no credit history. Boshhh provides unconditional acceptance for its SIM plans and collaborates with customers to enhance their credit files by reporting prompt payments, thereby helping them enhance their credit scores. Boshhh also encourages responsible financial behaviour with its credit booster rewards program, which includes special discounts and offers with numerous high-street vendors.
