Credit Building

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7 ways to rebuild your credit score

‘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.

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What is credit utilisation?

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.

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Does a divorce affect your credit score?

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.

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Why is your credit score important?

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.

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Do debit cards affect credit scores

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.

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5 ways to start building your credit history without a credit card

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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8 hacks to rebuild your credit score

If you’re trying to rebuild your credit after some financial knockbacks, we’ve put together eight simple hacks to get you there. Sure, it won’t be an overnight fix, but once you have these steps under your belt, you’ll have all the building blocks you’ll need for a shiny new score.

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How much will my credit score go up when added to the electoral roll?

The electoral roll is a list of everybody who is registered to vote in the UK, and the three main credit reference agencies (Equifax, Experian and TransUnion) use it to verify your identity and address.

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Does closing old bank & credit card accounts affect your credit score?

While it may seem like a breath of fresh air to get rid of unused accounts or clean up your credit history, it's important to be aware of the impact that closing old bank and credit card accounts can have on your credit score. Loqbox has you covered with everything you need to know before you start a financial spring clean.

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10 benefits of a good credit score

Having a good (or excellent) credit score makes you feel pretty good. Seeing the needle on your credit score dial swing into the green can give you a sense of freedom and achievement, and can set you on the road to financial wellbeing. But what are the other, tangible benefits of a high credit score? Loqbox has a classic top 10.

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