How to Improve Credit Score, Increase your Credit Rating UK

✔ Achieve the financial goals that matter most
✔ Save yourself £1,000s on interest payments
✔ Enjoy a brighter and better financial future

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Improvements to your credit score are not guaranteed

How to improve credit scores

The world of finance is complex to say the least. But knowing what affects your credit score, how to improve it and what scoring category you fall into are all fundamentals that can help you to lift the fog of the mystery of money.

Loqbox believes that everyone should be able to enjoy a happier, healthier relationship with money. So here’s what you can put into action to start getting your credit score up and feel good about being one step closer to your financial goals — woohoo!

✔ Check your address history is correct

Let Experian, Equifax or TransUnion know if something isn’t right.

✔ Register to vote

In terms of improving your credit score, it doesn’t matter if you actually vote or not, but being registered helps the credit reference agencies to find your current address.

✔ Ask to remove any old financial connections

We mean your exes and old housemates that you had joint accounts with. Unfortunately, if they have a poor credit score, they could be bringing yours down too.

✔ Never miss a payment

This is really important because missed payments, defaults and CCJs (County Court Judgments) can leave a mark on your credit file for six years (eek). If this has happened, but you had a good reason, you can raise a Notice of Correction to give an explanation to a bank or lender in the future.

✔ Pay off your debts

We know it’s a lot easier said than done — paying off debt can feel like you’re scaling a mountain in your slippers. But starting to pay off debts will help to improve your happiness levels with every milestone. That’s a positive impact on your mental wellbeing, as well as your credit score.

✔ Only aim for one hard check every six months

‘Soft checks’ don’t leave a mark on your file, but you may see a ‘hard check’ affect your credit score. It’s quite normal to see your score rise and fall. And each time you apply for a new credit agreement (i.e. get a new credit card or take out a loan) you’ll likely see a dip in your score until the lender starts to see you regularly paying them back.

✔ Get started with Loqbox Save

Just choose how much to save every month and Loqbox will handle the rest! It’s quick and easy to get set up, and you’ll be on your way to a better credit score in no time. Read here to learn how it works.

Improvements to your credit score are not guaranteed. See the steps below to see what else affects your credit rating.
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What affects your credit score?

Now that you’ve answered the age old question “how to improve my credit score” here are some helpful do’s and don’ts for positively affecting your credit score to keep you on the right track:

✔ Spread out your credit applications

Ideally aim for no more than one hard credit check every six months.

✔ Keep on top of your payments

Missed payments can bring down your score and affect your credit history.

✔ **Aim to keep your debts low, but the amount of credit you could borrow high**

Lenders like to see a low credit utilisation (i.e. spending only a little of your available limit on your credit card).

✔ Keep your oldest credit card going!

This shows how long you’ve been using credit well, so if you’re closing any accounts — don’t choose the oldest one. Read about how credit cards can help build your credit score here.

✔ Build up your credit history over a long time

It isn’t called history for nothing, and not having used any credit historically can negatively affect your creditworthiness.

‍Remember: Lenders can’t see your credit score. But they’ll have their own rating system to help them decide to lend to you based on your credit history and other things.

Want to keep these top tips in a handy PDF?

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Now you know how to improve your credit score, here are the basics of credit scores themselves:

What is a credit score?Why is a credit score important?How to check your credit scoreHow is your credit score calculatedHow can improving my credit score benefit meWhat is a good credit score?What is a bad credit score?How long does it take to improve your credit score?4 tips to keep your credit score healthyImprove your credit score with Loqbox Save

What is a credit score?

Credit can be confusing! And Loqbox wants to help you understand the ins and outs of it. Here’s the essential info to know:

Your credit history is a record of how you use credit (and how well you pay it back).
It's built up over a long period of time and helps towards generating your credit score.

A credit rating is a system that helps businesses decide whether to lend to someone or not based on how reliable they’ve been in the past — this is called creditworthiness. The rating can be generated as letters or numbers. Each lender will have their own way of measuring it and the public doesn’t typically have access to these credit ratings.

But it’s helpful to have an idea of how likely you are to be approved for credit before you apply. That’s where credit scores come in. Credit scores are a way for you to get an idea of how a bank or lender may view you. It’s based on things like your credit history (including any missed payments), your address history, people you have joint accounts with and even being registered to vote.

In the UK, there are three main credit reference agencies (CRAs for short) that create your credit score: Experian, Equifax and TransUnion. They each have their own scoring systems, meaning you have three credit scores (not one).
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Why is a credit score important?

We all have big financial goals in life! And even though they say ‘the best things in life are free’, the reality is that most of them cost a fair amount of money (big sigh).

Whether you’re saving to get on the housing ladder, planning the wedding of the century or you can’t sleep because you’re dreaming of backpacking across the world. Everyone is working towards a goal that can be supported by keeping their finances in order.

Credit histories are important because when you need to ask a bank or lender for help with a loan or mortgage, they’ll be looking to see if you’re a safe bet to repay them. And if you have no evidence of using credit, then they can’t be sure of your creditworthiness.

Plus, having an improved credit score can save you thousands on the rates for mortgages, credit cards and loans.
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How to check your credit score

You may have heard of Experian, Equifax or TransUnion (the three main credit reference agencies in the UK). Each use their own scoring system to generate your credit score, and will issue you a report once a year. If you’d like to check more frequently without harming your credit score, then you can use these companies for free:
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‍ClearScore (uses Equifax data)*
‍Credit Club (uses Experian data)
Intuit Credit Karma (uses TransUnion data)

*For transparency, we wanted to let you know that ClearScore pay us a small commission if you sign up using this link.
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We recommend you check your credit scores at least once a year.

But keep in mind that these scores are for the public to get an idea of their creditworthiness, and not what lenders will actually use to decide to lend to you. Once you know what your credit score is, you may find yourself wondering how to increase your credit score.
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How is your credit score calculated?

Great question! This is something that confuses many people and that’s because we have three credit reference agencies in the UK, using three different calculation methods.

Generally though, your credit score is a reflection of the information in your credit report — looking at when you’ve applied for credit, how much you’ve borrowed or owe, and if you make your payments on time.

Paying what you’ve agreed to, on time, does have a big impact on your credit score. But other key things that can help increase your credit score are:
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Having a credit limit over £15,000
Only using between 1%-25% of that credit limit
Keeping your oldest credit account open
Being on the electoral roll at an address for one and a half years or more
Not applying for too much credit in a short time period
Whether or not you have a mortgage (but this last one is a smaller factor, and we don’t feel it’s very fair seeing as buying a property is a big financial goal for many)

How can improving my credit score benefit me?

Raise your credit score now, and you could save thousands on interest payments for mortgages, credit cards and loans in the future.

Lenders typically make their money by charging interest on your borrowing, and the lower your credit score the more expensive borrowing will be.

With a better credit score though, you’ll be able to access better deals and more favourable interest rates. Here’s a breakdown from Loqbox on why every point matters:
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Your borrowing

A 70 point increase could save you...*

A 300 point increase could save you...**

£5,000
personal loan

£9,401

£19,630

£5,000
credit card balance

£2,040

£10,365

Total

£11,441

£29,995

* Based on the difference in interest rates achievable with Poor and Fair credit ratings.
** Based on the difference in interest rates achievable with Poor and Good credit ratings

What is a good credit score?

There isn’t a universal rule for getting a good credit score. Each credit reference agency has its own scale to measure what a ‘good’ credit score is.

Use this table to figure out where you sit on the UK scale and you can start improving credit scores from there:
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This data was last checked in June 2023.
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What is a bad credit score?

Having a ‘poor’ or ‘very poor’ credit score doesn’t automatically mean you’d be refused a mortgage, loan or financial product. Because lenders use their own rating system to decide.

But you may not get as good a rate as someone with an ‘excellent’ score (who will typically get offers with much cheaper rates)!

If you peek at your three scores and find you have a ‘good’ score with one credit reference agency and a ‘poor’ score with another, it can be easy to feel downhearted about it.

It’s important to know that these numbers don’t define who you are as a person (you’re awesome). But if you want to get to work at improving your credit score, Loqbox Save can help you move your credit rating from low to high.

Loqbox Save improves your credit score as you grow your savings

Feeling unsure about finances is pretty common. If you've been wondering about how to increase your credit score or want to understand it better — Loqbox can help!

We know how to increase your credit score the easy way. With Loqbox Save you can improve your credit score — just by saving!

Decide how much you want to save each month, starting from £20 a month. Then watch your credit score grow as we report your monthly savings to Experian, Equifax and TransUnion. Plus, you’ll get a personalised financial plan to help with improving your credit score.

Improvements to your credit score are not guaranteed
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How long does it take to improve your credit score?

It will take some time before you start to see your credit score improving, because there isn’t an abracadabra moment that can fix your credit score overnight.

But the steps above can get you on the right path to an improved credit score. And the sooner you start, the sooner you’ll see improvement.

Getting a better credit score is achievable for anyone with time, patience and positive financial behaviour. That said, we know it can be a long road to get your finances on track. So if you’re ever struggling to pay your debts, our good friends at Step Change can help.

4 tips to keep your credit score healthy

Keep your credit file neat and tidy

Check your three credit reports at least once a year and ask the credit reference agency to fix any errors (no matter how small they may seem).

Check for fraudulent activity

While you’re checking them, keep an eye out for any fraud happening. Your credit reports will show what accounts are open under your name. And if the worst has happened, you can flag this for a 'Victim of Impersonation' note to be added explaining to lenders what has been going on.
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If you’re refused credit, wait a few months before reapplying

Lenders like to see stability but applying for multiple credit agreements in a short space implies that you are desperate for more borrowing (even if that’s not really the case). If you are refused, take a step back and wait before you try again.
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Soft credit checks are your friends

Hard checks stay on your credit report and are visible to lenders, whereas soft checks are for your eyes only. With a soft credit check, you can see if you’re likely to be accepted before going ahead with the hard check that marks your credit file.

Improve your credit score with Loqbox Save

How does Loqbox Save work?

Save

Choose how much you want to save over a year. We’ll lock away that amount in your Loqbox Save. Like a digital piggy bank.

Grow

Make your monthly savings payments to hit your savings goal. We’ll report these to the UK’s three main credit reference agencies — Experian, Equifax and TransUnion — growing your credit score as you go.

Unlock

Once you’ve finished saving, open a new account with one of our partner banks to make Loqbox Save free for you to use. Or if you’d rather withdraw into an existing account it’s just £30 for your credit-building, savings and financial education journey.

Improve my credit score

Still have questions?
Find out more about Loqbox Save‍

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Join over 2,000,000 others who are living a richer life with Loqbox

We are an award-winning credit score improvement specialist that can also help to improve your financial wellbeing as you journey towards your credit-building goals. As a company, we’re here to help you plan a path towards enjoying the happier, healthier relationship with money that you truly deserve.

Start building your credit today

Improvements to your credit score are not guaranteed

FAQs

Is Loqbox Save a loan?

With Loqbox Save, you save money with us each month, and at the end of the year, you get your pot of savings back. (If you’re looking for a standard loan, Loqbox Save isn’t the right product for you, because you won’t get a lump sum at the start of your credit agreement with us.)

Loqbox Save is great for those who want to save in an out-of-sight, out-of-mind way (we lock it away for you so there’s no temptation to dip into it, hence our name). And at the same time, your savings will help you to build your credit score.

The money you save with us each month pays off the monthly instalments of your loan agreement.

Loqbox lets the credit reference agencies know you’re meeting these payments on time and in full, and this should help to improve your credit score over time, making it a win-win for your savings.

What’s the minimum I can save each month?

Will I get all my money back at the end?

Yes, but there are a couple of options for where you’d like your money to go. Our credit-building journey costs around £30 per person, but we’d much rather that you don’t pay that out of your own pocket.
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So we work closely with some partner banks who will pay us a commission if you open a new bank account with them. If you’d like to opt for this — this makes it completely free for you to use Loqbox Save.

Or if you’d rather use an existing bank account, it’s just £30 for your Loqbox Save credit-building journey.

Alternatively, with the Full Loqbox membership you can access all of our great credit-building tools and withdraw the savings to any bank account after 26 weeks of your membership (we think you’ll love it).

Lite
Our plan to get you started
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✔ Grow your credit score by 91 points on average in the first year (just activate Loqbox Save and start saving at least £20 per month)
✔ Withdraw your savings into a new bank account with one of our partners to keep this completely free for you
✔ Or if you’d rather use an existing account, it’s just £30 for your complete credit-building journey

£0 per week‍
Loqbox
Our quickest and biggest improvement plan

✔ ‍Grow your score by up to 300 points in 3 months
✔ Full access to our powerful credit-building tools
✔ Make your rent count by using it to build your credit history
✔ Boost your credit score by 25 points in the first year or we’ll give you £25
✔ Withdraw your savings into an existing bank account for free (usually £30)
✔ Priority support every step of the way – Our team is on hand for you 6 days a week, 8am-8pm
✔ 14 day money back guarantee

£2.50 per week

Can I close my account early?

Your money is on hand when you need it. We know that life can sometimes trip us up and you may suddenly need cash in an emergency, so Loqbox is here to help you! Let us know your situation by contacting our support team (don’t just cancel your card payments) and we’ll be there for you.

One important thing to know though is that in the first few months of using Loqbox Save, you may see your credit score dip temporarily before starting to build itself upward. In fact, almost any credit agreement would do this — whether it’s your new phone contract or taking out a mortgage.

If you cancel during this period, you may leave with a lower score before we’ve had a chance for us to help you improve it. Credit-building is a long game, so take this into consideration and be mindful about closing any credit agreement early before you get to the good stuff.

Is there a credit check? I don’t want to be refused.

Why join Loqbox?

How does Loqbox Save work?

When you apply for credit, lenders access your credit history through private companies called credit reference agencies (or “CRAs”). The three main CRAs in the UK are Equifax, Experian and TransUnion. Lenders then use your credit history to help them decide whether to lend you money (or not) and what rates to give you.

Lenders want to see that you have a good track record of managing credit responsibly before they decide to lend to you. Because different lenders take different factors into account it can be hard to predict whether you’ll be successful before you apply. So to give you an idea of how lenders might view you, the CRAs create a credit score to help you understand your likelihood of being accepted for credit were you to apply.

You have three credit reports. And a lender might check any of these, so it’s important for you to look at all three. Depending on which CRA’s credit report you check, your score might range from 0-999, 0-1,000, or 0-710. You can check your credit score using websites such as Clearscore, Credit Club and Credit Karma.

How much could I save with a better credit score?

Our memberships

What is full Loqbox membership?

An all-in-one membership to help build your financial health.

With our full membership, you’ll get access to all of our features. For just £2.50 a week.

Full Loqbox membership

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Loqbox Save – Grow your credit score while you save and unlock into an existing account for free (usually £30)* ✔

Loqbox Rent – Make your rent count by growing your credit history while you rent ✔

Loqbox Grow – Boost your credit score by 125 points in 6 months on average ✔

Loqbox Learn – Get the latest financial guidance ✔

Our 25 Points Promise – Improve your score by at least 25 points in your first year or we’ll give you £25† ✔Priority Support – Our expert team are here to chat when you need them ✔

And a personalised financial plan to help you take your next steps towards a richer life ✔

Just £2.50 a week ✔

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

†Full Loqbox members become eligible for our 25 Points Promise after 52 consecutive membership payments.

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

†Full Loqbox members become eligible for our 25 Points Promise after 52 consecutive membership payments.
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What is Loqbox Lite?

Our Lite membership gets you started on your journey to a richer life. With Lite membership you can build your credit score with Loqbox Save and grow your financial confidence with Loqbox Learn.

Loqbox Lite

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Loqbox Save – Grow your credit score while you save. Free to use with Lite membership when you open a new account with one of our partner banks (they pay us a commission making it free for you). If you prefer to use an existing account, it’s just £30 for your credit-building, savings and financial guidance journey. ✔

Loqbox Learn – Get the latest financial guidance ✔

‍Free ✔

What is a yearly plan?

Our yearly plan feature is a great way to save money on a Loqbox membership. By paying for your full year’s membership in one go, you can enjoy a big saving on your total membership costs.

The yearly plan currently costs £99 for 12 months of Loqbox membership, which is a saving of £31 and 24% cheaper than a year of weekly £2.50 membership payments.

The all-in-one full membership plan helps you to get the most out of Loqbox, including access to Loqbox Rent, Loqbox Grow and our Points Promise.

You can find out more about what's included here.

What are the benefits for taking out a yearly plan?

When you take out a yearly plan to pay for your Loqbox membership, you save 24% on your total membership payments, compared to paying weekly.

The yearly membership plan also gives you access to all of our brilliant credit-building and financial know-how tools, including Loqbox Save, Loqbox Rent, Loqbox Grow and our Points Promise. That way, you’ll be able to build your credit score (and your financial wellbeing) quickly and with confidence!

When your annual plan is activated, we will autoactivate your Loqbox Grow as this is the fastest way to improve your credit score. This is then reported to the three main credit reference agencies each month, and helps to build your credit history. (Just be aware, however, that if you choose to add any bolt-ons to your Grow account, or you choose to use Loqbox Save, you’ll need to make sure that you’re making those payments on time and in full for the best possible boost to your credit score.)

As a yearly plan member, you will also get two free Flexi Unlocks credited immediately as an additional benefit, which is great if you choose to use Loqbox Save. For more information on what that means for your membership, please click here.

How much does the yearly plan cost?

How do I cancel my yearly plan?

Cancelling your yearly plan is really simple. When you cancel, we’ll downgrade you to our Lite membership plan, which is completely free to use.
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All you need to do to cancel is follow the steps below:

• Log in• Head to the ‘Account’ section
• Click ‘Membership’
• Click on “Manage membership”
• Click on “Choose a different membership plan”
• Click on “Loqbox Lite”
• Click on “Continue to lose my benefits”
• Then click on the reason why you're downgrading and click on "Lose my benefits"

The yearly plan includes a 14-day cooling off period, which means if you cancel your plan during the first 14 days from signing up and you’ve already made your yearly membership payment, you’ll receive a full refund.
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If you cancel after the cooling off period, you’ll still keep your full membership access until the renewal date (which is one year from the date you signed up), after which you’ll be downgraded to the free Lite membership, and you won’t be charged again.

What is a bolt-on?

Bolt-ons are an easy way for you to increase your available credit and give your credit score a boost. When you choose one of our bolt-ons (we have three available – gold, silver, or bronze), we increase the credit limit on your Loqbox Grow account from the standard £500 to £1,000 for a Bronze bolt-on, £2,000 for a Silver bolt-on, or £5,000 for a Gold bolt-on.

You’ll still only use your Loqbox Grow account to pay for your Loqbox products, including your new bolt-on.

To use a bolt-on, you must be a full Loqbox member and have Loqbox Grow active.

Improvements to your credit score are not guaranteed.

What are the benefits of a bolt-on?

Bolt-ons work by increasing your credit limit. This improves your overall credit utilisation rate (that’s the proportion of credit you’re actually using out of the total amount of credit available to you). Because lenders love to see a low credit utilisation rate, it’s a great way to boost your credit score.

The lower your credit utilisation rate, the more likely you are to see bigger improvements to your credit score.

You can either set up a bolt-on when you join Loqbox, or you can go to Loqbox Grow at any time and select ‘bolt-ons’.

Improvements to your credit score are not guaranteed.

How do I choose which bolt-on I want?

To use a bolt-on, you must be a full Loqbox member and have Loqbox Grow active. Loqbox Grow gives you a £500 credit limit, and bolt-ons can be added to Loqbox Grow to boost this.To give our members the most choice and flexibility when it comes to growing their credit scores, we have three tiers of bolt-ons available:

Gold bolt-on: With a £5,000 credit limit, this is our best value and biggest credit building tool available. Giving you ten times the credit limit, it’s our biggest score builder. All for +£20 per month.

Silver bolt-on: With a £2,000 credit limit, this gives you four times the credit limit, so you have even more score-building power. All for +£10 per month.

Bronze bolt-on: With a £1,000 credit limit, you can double your credit limit and boost your score even more. All for +£5 per month.

You can either set up a bolt-on when you join Loqbox, or you can go to Loqbox Grow at any time and select ‘bolt-ons’.

How much does a bolt-on cost?

Can I switch between each bolt-on?

When would I expect to see the new bolt-on credit limit reflected on my credit report?

It takes a little time to see your new credit limit on your credit reports. This is because we report all data to the credit reference agencies who collect your credit reports (Experian, Equifax and TransUnion) at the end of each month for activity in the previous month. So, a payment taken in January, for example, would be reported at the end of February.

This means it can take up to six weeks for your new credit limit to show on your credit report. So if you’ve increased your credit limit within the last six weeks and it’s not yet showing on your credit reports, don’t worry.

What is a credit utilisation rate and how can it help my credit score?

What happens if I miss a membership payment?

If we can’t take your Loqbox membership payment, either because your debit card has insufficient funds, or because your card has expired, we will automatically retry the payment on day 2, day 4 and then day 6 of your membership schedule.

If we still can’t take your payment after that, and you have a Loqbox Save account, we’ll collect the payment from your Loqbox Save account instead. This means that you’ll have uninterrupted access to all of our great Loqbox features.

Any payments taken from your Loqbox Save will affect the amount that you are able to withdraw when you unlock your account.

If you don’t have a Loqbox Save account and you aren’t able to make your Loqbox membership payments, your account will be limited and you won’t be able to access your Loqbox features. To avoid this happening, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

What happens if I miss a Loqbox Grow payment?

Missed payments can negatively impact your credit score, and so we will always try to protect all the hard work that’s gone into building your credit file.

If we can’t take your Loqbox Grow payment(either because your debit card has insufficient funds, or because your card has expired), we’ll try again several times throughout the month to take your payment.

If we still can’t take your payment at the end of the month, and you have a Loqbox Save account, we’ll collect the payment from your Loqbox Save account instead.If you owe more than one month’s worth of payments, we’ll take all outstanding payments at once, unless there isn’t enough in your Save account to cover the full amount owed. In that case, we’ll start with the oldest outstanding payment first. (This means that you won't have lots of missed payments being reported to the credit reference agencies, and there should be less impact on your credit score).

Any payments taken from your Loqbox Save will affect the amount that you are able to with draw when you unlock your account.

If you don’t have a Loqbox Save account and you aren’t able to make your Loqbox Grow payments, we have to report your missed payment to the credit reference agencies, which could harm your credit score. To avoid this happening, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

Why has a payment been taken from my Loqbox Save account?

If you have a full Loqbox membership, or you’ve activated Loqbox Grow, and we’ve been unable to take your payment, we’ll collect the payment from your Loqbox Save account instead. This ensures that you don’t fall behind, and that your credit score isn’t affected by a late payment.

Any payments taken from your Loqbox Save will affect the amount that you are able to withdraw when you unlock your account.

To avoid this happening, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

Can I reverse a payment that’s been taken from my Loqbox Save account?

If your Loqbox Grow or Loqbox membership payment is unsuccessful, and you have an active Loqbox Save account, we can take the payment from your Save account.

If you would prefer to keep that money in your Loqbox Save rather than using it for payments, we can reverse this process and action a refund from your Loqbox Grow, back to your Loqbox Save. However, as a result of this reversal, your Loqbox Grow will automatically close. This is in order to prevent you from going into arrears, and stop any subsequent missed payments being reported to your credit file.

To ensure that your payments are successful, and you don’t have to pay from your Save account, please make sure that you have enough funds available in your bank account when your debit card payments are due, and that your card details are correct and up to date in your account.

How does Loqbox Save build my credit score?

Is Loqbox Save a loan?

No. Loqbox Save is technically a ‘cash redeemable savings voucher’. But you use finance to buy the voucher. This finance element is the part that gets ‘locked’ in your digital piggy bank and is a loan provided by our sister finance company, Loqbox Finance (the trading name of DDC Financial Solutions Ltd).

The finance is transferred from Loqbox Finance on your behalf when you ‘buy’ your Loqbox Save (savings voucher) using the loan. This is how we’re able to report your monthly savings to the credit reference agencies.

When will my credit score go up?

How much will my credit score improve by?

What happens if I miss a monthly payment?

Where is my money locked away and what happens if I need it?

Your money is safe with Loqbox. We keep your money completely separate from our own in a client account with a bank authorised by the Prudential Regulation Authority or an electronic money account held with an electronic money institution (EMI) that is authorised and regulated by the Financial Conduct Authority.

You can unlock at any time. When you do, you get back the amount you’ve paid so far. Anything you haven’t paid back is used to settle the outstanding loan, so you can unlock whenever and never be left in debt. But if you haven’t made enough regular payments, unlocking early could harm your credit history.

How much does it cost?

Loqbox Save is free to use with our Lite membership when you unlock your savings into a new account with one of our partner banks. This way, we get paid by our partner banks for opening a new account for you — which is how we keep Loqbox Save free.

If you prefer to use an existing account, it’s just £30 for your Loqbox credit building, savings and financial guidance journey. Top tip: Using an existing account to unlock is free with full Loqbox membership!*

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

Which banks does Loqbox partner with?

What happens after 12 months of Loqbox Save?

We encourage you to use Loqbox Save for the full 12 months. This will lead to the best increase in your credit score and savings. Then, after saving for a year, you’ll unlock your Loqbox Save.

“Unlocking” means transferring your savings into a new or existing account. If you’ve made your payments on time, you should also be able to enjoy an improved credit score.

Many of our members go on to start a new Loqbox Save after unlocking. Saving for another 12 months should help you build your score, and your savings, even more! It’s a really good habit to get into.

*Loqbox members can unlock their Loqbox Save into an existing account for free after 26 membership payments.

What is Loqbox Income?

Sometimes life knocks us down. It's never pleasant to think about but sudden financial hardship can devastate households. Illness and injury can happen to anyone. And unfortunately if you can’t work, you can’t earn.

Did you know that 1 in 3 of us will be off work for more than 2 months at a time, due to illness or injury? And yet only 4% of working age adults have income protection insurance.

We've partnered with Eleos to make income protection accessible and help relieve the financial hardships caused by illness or injury.

With Loqbox Income you can get regular income when you’re unable to work due to illness or injury, increasing your financial resilience and helping you feel less worried about money.

It takes less than 2 minutes to get a quote, and it all takes place online.

Find out more and get started with Eleos here: https://app.uk.loqbox.com/income

What are the benefits of using Loqbox Income?

Income protection (like Loqbox Income) is a way of covering your outgoings, should you find yourself unable to work due to an accident or illness. It means that you have an extra safety net in the light of anything unexpected happening.

When you activate Loqbox Income, you’ll get additional perks through the provider, Eleos. These include access to a virtual 24/7 GP service, access to an emotional wellbeing platform, £6,000 bereavement pay for your spouse or estate in the event that you pass away, and a 20% gym discount with Nuffield Health gyms. That way, you can take care of your mental, physical, and financial wellbeing all at once.

It takes less than 2 minutes to get a quote, and it all takes place online.

Find out more and get started with Eleos here: https://app.uk.loqbox.com/income

How do I activate Loqbox Income?

What if I need to change or cancel my Loqbox Income policy?

Are Loqbox providing the insurance policy?

“I’ve always been bad with money, I’ve always had a bad credit rating, and I desperately wanted to improve it so that I could get a mortgage and buy a house…I didn’t even notice my money going out of my account, it was so easy. I have always been a terrible saver, but I was able to save a substantial amount using Loqbox to put towards my deposit for a house.

…Now, I’ve got a mortgage, I’ve bought a house, everyone’s happy! Thanks Loqbox!”

- John

Tom Eyre
Co-CEO & Co-Founder of Loqbox

“Financial exclusion is a major problem globally, with billions of people unable to access basic financial services. For many, this is a catch-22 because if they’ve never had credit they can’t build a credit history. The consequence is that many turn to expensive sub-prime lenders and can succumb to a spiral of debt.

While as many as 75% of applications for these cards are rejected, those who are successful still need to avoid the many pitfalls associated with high-cost credit products. This is where Loqbox comes in, giving consumers the best chance to build a credit score and eventually be able to access credit.”

Recommended by Money Saving Expert, ClearScore and Finder as a credit-building product alternative to conventional credit cards or personal loans

See what it can do for you, today

Join now

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Loqbox Technology UK Limited is authorised and regulated by the Financial Conduct Authority, FRN 694919. Registered address: Henleaze Business Centre, Henleaze, Bristol BS9 4PN.

Loqbox Technology UK Limited is registered with the Information Commissioner’s Office, registration number Z3176777.

Loqbox™ is a trademark of Nooli UK Limited and used under license by Loqbox Technology UK Limited.

Loqbox Technology UK Limited is a credit broker not a lender, working with selected lenders. Loqbox credit products are provided by Loqbox Finance which is the trading name of DDC Financial Solutions Limited. Loans are provided with 0% APR (interest free). Lines of credit are provided with 0% APR (interest free). You must be 18 years or older to use Loqbox. Terms and conditions apply.

Loqbox products provided before 1st April 2021 were provided by Loqbox Savings Limited, with Company registration number 10583182 and registered address at Henleaze Business Centre, Henleaze, Bristol BS9 4PN. Loqbox Savings Limited is registered with the Information Commissioner’s Office, registration number ZA229901. Funds are held for customers of Loqbox Savings Limited by Loqbox Trustee UK Limited and Loqbox Technology UK Limited who manage redemptions.

Improvements to your credit score are not guaranteed.

United Kingdom

	+10 points saves you	+25 points saves you	+50 points saves you
On a £10,000loan*	£219	£546	£1,088
On a £5,000 credit cardbalance†	£450	£1,000	£1,750

How to Improve Credit Score, Increase your Credit Rating UK | Loqbox (2024)

✔ Achieve the financial goals that matter most✔ Save yourself £1,000s on interest payments✔ Enjoy a brighter and better financial future

How to improve credit scores

✔ Check your address history is correct

✔ Register to vote

✔ Ask to remove any old financial connections

✔ Never miss a payment

✔ Pay off your debts

✔ Only aim for one hard check every six months

✔ Get started with Loqbox Save

What affects your credit score?

✔ Spread out your credit applications

✔ Keep on top of your payments

✔ Aim to keep your debts low, but the amount of credit you could borrow high

✔ Keep your oldest credit card going!

✔ Build up your credit history over a long time

Want to keep these top tips in a handy PDF?

Now you know how to improve your credit score, here are the basics of credit scores themselves:

What is a credit score?

Why is a credit score important?

How to check your credit score

How is your credit score calculated?

How can improving my credit score benefit me?

What is a good credit score?

What is a bad credit score?

Loqbox Save improves your credit score as you grow your savings

How long does it take to improve your credit score?

4 tips to keep your credit score healthy

Improve your credit score with Loqbox Save

Save

Grow

Unlock

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Join over 2,000,000 others who are living a richer life with Loqbox

FAQs

What we do

Home

Our mission

LoqboxSave

Loqbox Grow

Loqbox Rent

Loqbox Coach

Sitemap

Learn

Improve your credit score

Boost your credit score

Build your credit history

Loqbox Learn

Blog

Get help

Support

FAQs

Work with us

Partners

Careers

Legal stuff

Terms of use

Privacy notice

Cookie policy

Complaints policy

Member's agreement

Loqbox tariff

News

Newsroom

Social

News

Newsroom

References

✔ Achieve the financial goals that matter most
✔ Save yourself £1,000s on interest payments
✔ Enjoy a brighter and better financial future

✔ **Aim to keep your debts low, but the amount of credit you could borrow high**