Boost your credit score while you save with Loqbox

Go on, give your credit score an easy boost.

Loqbox is a quick and easy way to boost your credit score, just by saving*

Credit scores can be confusing, so if you’re looking to make a positive difference to your score — leave it to Loqbox. Boosting credit scores is what we’re all about!

A quick and easy way to boost your credit score is with Loqbox's three-part plan:

1. Sign up

Get started with Loqbox today. By saving as little as $20 per month, you can make your savings count! You decide how much to save with Loqbox each month for a year. Loqbox will finance the full amount with a 0% APR loan. (e.g. $20 x 12 months = $240). The maximum term for the loan is 12 months.***

2. Regular reporting

By making your monthly payments, you’ll give your credit score a boost* as we report the regular payments to Equifax, Experian and TransUnion. We’re here to help you improve your creditworthiness!

3. Unlock your savings

When your loan is repaid, it’s time to unlock your Loqbox. Withdraw your savings by opening a new bank account with a partner bank** (they pay us a commission, making it free for you). Or if you’d prefer to withdraw into an existing account, it’ll cost just $40 for your credit-building, savings and financial guidance journey. The choice is yours!

Reasons to boost your credit score quickly

Once you have money on your mind, it’s hard to stop focusing on it. And planning ahead for the big things in life matters to us all, especially now that the worst of the Coronavirus pandemic seems to be over in the US.

So whether you’re looking to make a house-shaped purchase, want the keys to a shiny new car, or are saving your pennies to start a family — having a good history of credit counts!

If you have little or no credit history, and can see yourself needing a mortgage, credit card or loan in the future, take a step towards boosting your credit score now.

Not sure what your credit score is? Read on for how to find out.

How long does it usually take to improve your credit score?

It’s no secret that improving your credit history takes time (they don’t call it history for nothing).

You might find yourself asking “How can I increase my credit score in the fastest possible way?”

Although there isn’t an overnight fix, there are quick and simple ways to give your credit score a boost — and using Loqbox is one of them.

Making positive changes to your score will still require your patience. This is because you can expect the three US credit bureaus, Experian, Equifax and TransUnion, to take around 30 days to show changes to your reports — sometimes longer, if say, your phone bill provider is slow to update them.

You can get a free peek at your credit scores without harming them by using these companies:

Credit Karma (uses TransUnion and Equifax data)
Credit Sesame (uses TransUnion data)
- (uses Experian data)

But while you wait diligently (and well done you for being so zen about it), you can feel good knowing you’ll have done all you can to have boosted your credit score. Good things come to those who wait.

How can you boost your credit score instantly?

If you’ve already started to furiously google “how to improve my credit score fast”, let us take you through some quick and straightforward steps to get your credit score boosting upwards.

While there’s no way to boost your credit score overnight (you’ll still need to exercise patience over a couple of weeks, maybe months) these tips will get you on the right road to boosting your credit score as fast as possible.

How to increase your credit score quickly:

✔ Amend any errors

Your information should match across the three credit bureaus. So check your reports and let Equifax, Experian or TransUnion know if something isn’t correct. Here’s a sample letter you can use to dispute any errors.

✔ Remove any previous financial connections

In the US, credit scores aren’t affected by you being financially associated with another person. E.g. an ex or old roommate you had a joint account with. But if that person is a little, how shall we say it politely…unreliable when it comes to their finances, they could negatively affect your creditworthiness when lenders are considering lending to you! If you go your separate ways, ask the credit bureaus to disassociate you.

✔ Get started with Loqbox*

Save your way to a better credit score! Simply decide how much you’d like to save each month for a year, and you’ll receive a 0% interest loan for the year’s total amount (e.g. $20 x 12 months = $240). The maximum term for the loan is 12 months. Just make those monthly payments and we’ll report your savings to the bureaus to help bump up your credit score***. Find out more here.

✔ Keep your debts low, but the amount of credit you could borrow high

Lenders like to see a low credit utilization (i.e. spending only a little of your available limit on your credit card). If you’re in a good position to, you could ask for an increase of your credit limit. If your request is accepted — don’t use it, and choose to keep your credit card spending low.

Things that take a little longer (but still help to boost your credit score):

We know you want to increase your credit score in the fastest way possible, but here are some simple things you can do to raise it over a longer period of time.

✔ Always pay on time

Any judgments caused by missed payments can leave an ugly mark on your credit file for seven years. Bankruptcy for 10 years, and 15 years for any unpaid tax liens (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 more than your credit card's minimum payment

Paying off your credit card in full is the ultimate goal to avoid paying interest. Although we know it’s not always possible when life gets in the way. If you can, aiming to make extra payments on top of your minimum payment is good for building your credit history and getting out of debt at the same time.

✔ Is your name on the bills?

If you don’t have much credit history, try to put yourself as the named bill payer on some of your shared household bills. By paying on time every month, you’ll build a good history of credit which improves your score.

✔ Spread out your credit applications

‘Soft checks’ don’t leave a mark on your credit file, but you may see a ‘hard check’ negatively affect your credit score. So ideally aim for no more than one hard credit check every six months.

It’s good to know that it’s completely normal to see your score rise and fall. And each time you ask for a new line of credit (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.

Loqbox is no longer available in your state. If you're an existing member you can still access Loqbox here.