Happy Monday everyone!
Last week we published a blog post written by our friends at LOQBOX
The article covers:
- What is a credit score
- Why does your credit score matter
- And how you can find out your credit score(s)
Read the full article here: https://bit.ly/3bqs4rg
Have you heard of, or used LOQBOX before? Is improving your credit score something that you’re currently trying to do, or have done in the past?
While I don’t disagree with using services such as LOQBOX, I think it’s just as easy to build your credit score yourself if you had to.
Some of the free services you listed to check scores have great resources for those wanting to improve their score, and explaining how it is affected without actions being taken.
Yeah there are definitely lots of free resources that can help guide anyone wanting to improve their scores!
I mean I’ve not actually used LOQBOX, but I think the cool thing about them is the idea of building your credit score while actually saving money. Which I guess you don’t do if you get a credit builder card etc?
Correct, you save money while doing it, but it’s a little dubious how it’s done. People don’t understand that they are actually agreeing to a loan / non-existent credit line at the start, and you are making repayments.
That’s how they report it to credit agencies.
I think a more appropriate thing is to look at reporting rent to CRAs and signing up for a mobile phone contract.
I’m all for saving money but you are manipulating a credit file to allow someone to get credit in future, without educating them about using credit. A small phone contract and a legally binding rent agreement are better life lessons in my opinion