You have multiple credit scores — including scores based on the Vantage and (the very popular) FICO (Fair Isaac Corporation) scoring models. The latter is so popular that the terms ‘credit score’ and ‘FICO score’ are often used interchangeably. But it’s good to understand that ‘credit score’ is the umbrella term.
FICO scores range on a scale from 300-850. And generally speaking, between 670-739 is considered a ‘good’ score.
Starting at $20 a month, choose how much you want to save over a year. We’ll lock away that amount in your Loqbox. Like a digital piggy bank.
After activating your Save account, your credit score may see a dip as you are opening a new line of credit. However, as you make your regular payments and we report them to the CRAs, your score should begin to rise over time.
Pay your monthly payments to hit your savings goal. We’ll report these regular payments to the three main credit bureaus — growing your credit score as you go.
Once you’ve finished saving, open a new account with one of our partner banks** to make Loqbox free for you to use (they pay us a commission to keep it free for you). Or to withdraw into an existing account, it’s a one-off fee of $40 to cover your credit building journey.
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