It’s a turbulent time for our personal finances, with rising inflation and a cost of living crisis. So, whether you’re worried about how inflation rates impact your credit score and credit cards, or if you’re wondering if credit unions are safer than banks during a recession, Loqbox will try to shed light on the issue.
If your data is stolen through cybercrime like hacking or phishing scams, it can be misused to apply for loans and credit cards in your name. You can credit freeze or credit lock your account to stop any new checks being made by lenders. But what does that mean for you and your credit report, and which is better: credit lock vs freeze?
Late payments can sometimes sneak up on us, but understanding how late payments on credit reports affect your credit score is crucial for maintaining a healthy financial reputation. But does a late payment affect credit scores, how long do late payments stay on credit reports, and what about removing late payments from credit reports? Loqbox gets into it.
With interest rates soaring in 2023, you might be considering opening an ISA (Individual Savings Account). But does it have any impact on your credit rating and your credit score? Loqbox has your back with some advice on what is an ISA, what are the best ISA benefits you should know about, and do ISAs show on your credit report? Let’s get into it.
‘Good’ or ‘excellent’ credit score ratings can help you get the best mortgage and loan deals, rent places to live, and take out better credit cards. There are lots of tips on how to boost and maintain your credit scores. But what if you need to rebuild credit scores that are already ‘bad’? Loqbox looks at 7 ways to rebuild credit and get your score back on track.
Simply put, your credit utilisation is the amount of your available credit that you’re using. Credit utilisation is one of the most important factors when calculating your credit score. Having a low credit utilisation ratio (not using too much of your available credit) can give your credit score a boost. Loqbox helps to get your credit utilisation in shape.
Getting divorced or dissolving a civil partnership can be an emotionally taxing time. And when money is wrapped up in the process it can be even more challenging to untangle and reorganise. On top of all that, you might be wondering: does a divorce affect your credit score? Loqbox’s guide has tips and advice on building and repairing credit after divorce or legal separation.
Your credit score is a number that summarises your creditworthiness. Your debt management is recorded so other potential creditors can decide whether they’ll lend you money, and at what interest rate you’ll have to repay it. Understanding the importance of credit scores really helps to grow your financial literacy and balance your financial wellbeing.
Most banks and building societies give you a debit card to access your money. So you might be wondering: “do debit cards affect credit scores in the same way a credit card would?”. Using a debit card does not directly affect your credit score, but there are subtle ways it can indirectly impact your creditworthiness. Loqbox explores debit cards and credit scores.
Credit cards — those bits of plastic are great tools for building your evidence of how you use credit. With that history of credit use, you’ll be able to show lenders how responsible you are with borrowing money. But getting a credit card feels a bit scary, there are other ways to help you build this evidence. And whichever you choose, what you actually need to master is how to use credit responsibly.
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