How does Loqbox Grow build my credit score?

Erika
Erika
  • Updated

Starting a Full Loqbox membership unleashes the might of Loqbox Grow. It's a credit-building powerhouse that doesn't waste time. Your credit score gets a turbo boost, and results come in quickly.

The moment you kickstart your Full Loqbox membership, you're introduced to Loqbox Grow – a brand-new credit account. This dynamic tool is designed to accelerate your credit score as quickly as possible.

Loqbox Grow isn't just a name; it's the seed of a bigger strategy to improve your financial wellbeing. Use this credit account to cover your Loqbox membership fees and other things you purchase within Loqbox, like bolt-ons. At the end of each month (in the case of a weekly membership), you settle any remaining balance using your registered debit card.

Mastering low credit utilisation
The secret to success lies in credit utilisation. By having this fresh credit account while using only a small percentage of the credit limit, you're showcasing your responsible credit management. Essentially, you're increasing your available credit while only using a fraction of it —  and this is something that lenders love to see.

Credit reporting for the win
Your credit account is reported to the UK’s three main credit reference agencies, demonstrating that you're not leaning heavily on your credit limit. The result? On average, our members have experienced an astonishing credit score boost of 125 points within just six months of using Loqbox Grow.

Your journey towards living a richer life is our mission. If you have questions or need guidance, don't hesitate to reach out. We're here to support you on every step of the way!