Could using Loqbox Save harm my credit score?
The Loqbox Save credit builder is designed to work over a series of 12 monthly payments. Make all 12, and you should see an increase in your credit score.
If you cancel Loqbox Save early, you’re unlikely to see the full benefit. Particularly if you cancel in the first few months. Most people who use Loqbox Save see their credit score dip initially, before heading in the right direction. We call it the ‘Credit Tick’, and it’s totally normal. But, if you cancel in the middle of the Credit Tick, you could end up with a lower credit score than you started with.
If you miss a Loqbox Save payment, we’d have to report it to the credit reference agencies, which would harm your credit score. But you can always unlock to avoid missing a payment, so this should never happen.