Your membership gives you access to powerful credit-building tools. These help you build a track record of reliable borrowing and repayments.
Quick summary
- As a Loqbox member, you have access to tools that help you build your credit
- You can use as many or as few of the credit-building tools as you like
- We have a monthly email called Loqbox Score that helps you track your progress
Your credit-building tools
The tools you have access to are:
- A charge account called Grow
When you use this feature to build your credit, we’ll bill your weekly membership payments of £2.99 to it, plus other extras like Bolt-ons.
You then settle the balance each month using the payment method in your account. We report your successful payments to the credit reference agencies, Experian, Equifax and TransUnion.
You can’t spend your credit elsewhere. It’s one way practice using credit responsibly.
💡Good to know: new accounts can take up to three months to appear on your credit file because CRAs update monthly.
- Save, which uses a 0% APR loan to build your credit while you save money
Save is a way to save money and build your credit, by using a 0% APR loan.
In other words, you can save money and build your credit at the same time.
You choose how much you’d like to save over a year. We then set up a loan for this amount and lock it away for you.
Each month, you’ll repay part of the loan until it’s fully paid off. Once the year is up, we’ll unlock your savings.
The key is choosing an amount that stays affordable.
Missed payments can harm your credit history.
- Rent reporting
We can report your regular rent payments to the credit reference agencies, which is another way to show you’re reliable.
Link your bank via open banking and we’ll identify and report your regular rent payments to Experian. It’s another way to show consistent, positive payment behaviour.
We report your rent payments to Experian only.
Rent reporting follows monthly cycles, so allow time for updates to show.
- Coach and Learn
Get personalised plans, clear guides and email support.
It’s the extras that help you improve your credit-building and money management habits beyond Loqbox, which also affect your reports and scores.
Track your progress with Loqbox Score
Loqbox Score is a free monthly email that shows your TransUnion credit score.
It’s a simple way to keep tabs on your progress while you build with Loqbox.
Checking your score this way doesn’t harm it, and it’s handy for spotting trends over time, for example, after new accounts are reported or utilisation changes.
Your Loqbox Score might differ from your score with Experian or Equifax.
That’s because each credit reference agency holds slightly different data about you, updates at different times, and uses its own scoring model.
Loqbox Score uses TransUnion, while Experian and Equifax use their own data and scales.
What if I want to pause email updates about my credit score?
Loqbox Score is delivered in email updates once a month. They keep you regularly informed about your score and progress.
You can unsubscribe from those emails at any time.
There’s an unsubscribe button at the bottom of the email, which will tell us to turn off communication.
We will keep tracking your score and progress in the background. If you want to switch emails back on and check your progress, you can do so in your account settings.
What if I have a ‘thin’ credit file?
A thin credit file is when you don’t have enough information to generate a credit score. It’s a situation lots of people experience. You’re not alone, and there’s plenty you can do about it!
If you have a thin credit file, we’ll email you to tell you that’s the case. In the future, when your score starts to grow, we’ll contact you again.
As a Loqbox member, you’re working to build up your credit history, creating evidence that you can manage your credit responsibly.
Give it time, and through regular repayments, a thin profile will be a glowing track record of credit use.
How Loqbox works with Credit Reference Agencies (CRAs)
We report all your repayments to all three credit reference agencies. This means each of them can see you’re using credit responsibly.
If you miss a payment, it can harm your credit-building progress.
Make sure your payment method in your account is up to date, and you have enough money in your account to cover your Loqbox repayments when they’re due.
Updates can take time to appear. A new Grow or Save account may take up to three months to show.
Credit-limit changes are reported at month-end for the previous month and can take a couple of months to display.
For rent reporting, we report only to Experian.
Unlike with the charge account and savings, if you miss a rent payment one month, it won’t negatively affect your score.
How your features support credit building
- Grow shows you can manage revolving credit and keep utilisation low (aim for under 25%).
- Save demonstrates reliable, on-time repayments over a full year.
- Rent adds a stream of regular, verified payments (to Experian).
- Coach & Learn helps you manage the other contributors to your report.
Using features together can speed things up. Improvements aren’t guaranteed, and everyone’s profile is different.
Why your score and profile might not change straight away
Your credit score naturally changes over time.
For example, it may shift when you open new lines of credit, move house and update your electoral roll details, or when credit reference agencies refresh your report.
The CRAs also update their scoring models, which can influence how your score is calculated.
It’s worth noting that updates don’t appear instantly after you sign up for Loqbox membership.
New accounts and changes to credit limits are usually reported monthly, and it can take up to three months for them to show on your file.
For instance, a new Grow account may take around three months to appear, and credit-limit changes are often reported at the end of the following month.
When you open a Save account, you might notice a small dip in your credit score at first. That’s because it’s a new credit agreement.
Once you start making your regular payments, your score should begin to improve.
Save accounts, like Grow, may also take up to three months to show on your credit report.
On average, members who use Save together with other Loqbox tools such as Grow and Rent have seen their scores rise by as much as 200 points over 12 months.
Next steps for building with Loqbox
We’ve got four easy steps for you to follow:
- Make your Loqbox payments on time
- Keep your personal details up to date across Loqbox and your lenders (address, name, DOB)
- Check your CRA reports regularly and use Loqbox Score to track your TransUnion score each month.
- Explore our tips on Loqbox Learn for extra wins
Your 8-week credit-building checklist
While you’re waiting for progress to show in your score, here are some other ways to keep up the motivation and momentum:
- Know your report dates: Note when each CRA refreshes so you’re comparing like with like.
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Match personal details everywhere: Make sure your address and details match across CRAs, your credit accounts and the electoral roll. Lots of mismatched addresses can look messy.
Give it time: Wait 8–12 weeks after your first payment for Loqbox to appear; Grow and Save can take up to three months to show - Still not visible? Contact our friendly Member Support team. We’ll help you read your report and check that your Loqbox data is reporting correctly.
Credit-building improvements are not guaranteed. Many factors affect your progress, and missed payments to Loqbox or other accounts may harm your credit building.
FAQs
Why hasn’t my credit score changed yet?
Sometimes it takes a little time to see an increase. The key is consistency. There’s usually an initial dip, and then, if you keep making payments, you’ll see an increase after a few months.
Give it 8–12 weeks for first appearances and updates, and focus on consistent on-time payments. Many members see more noticeable movement after around six months.
My Loqbox Score doesn’t seem right. What should I do?
Loqbox Score is powered by TransUnion.
Unfortunately, we can’t see the information it uses to generate your score, or check any details in your credit report.
If you think something isn’t right, the first step is to look at your credit report. Is everything in there as you expect?.
The next step is to contact TransUnion and ask for help.
The TransUnion contact page explains how to contact them with queries, and raise a dispute if you see something on your record that isn’t correct.
Can Loqbox harm my credit building?
If you miss payments, it will harm your progress.
Using Loqbox is just like using another form of credit, we report late or missed payments. Keep amounts affordable and pay on time
Does rent reporting hurt my score if I miss a rent payment?
We report rent to Experian.
Your Rent setup is designed to reflect regular rent payments. Always aim to pay rent on time because arrears can affect you in other ways, but your Loqbox Rent setup doesn’t behave like a missed Grow or Save repayment on your file.
How long will it take to see results?
It usually takes around six months to start seeing an improvement. Stick with it!
Why can’t I see my Loqbox Score?
Loqbox Score is available if you pay £2.99 per week for Loqbox membership, and/or you use Save.
If you can’t see Loqbox Score in your account, you might need to:.
- Upgrade your membership
- Start using Save
- But if everything is as it should be, and you still can’t see Score, contact member support for help
We’re here to help you
If you’d like support with your Loqbox Score, or any of the features within your membership, please chat to our member support team.
- If you're already a member, log in and tap the purple help button to chat with us.
If you can’t log in or you’re not yet a member, you can submit a request here.