When you unlock your savings into a new bank account, we get paid by our banking partners. This is how we can make LOQBOX free for you. Once your LOQBOX funds are in your new account you can, of course, withdraw and spend them, although we hope you'll carry on saving.
Does LOQBOX give you a loan?
Is LOQBOX a loan? No, LOQBOX describes itself as a 'cash redeemable savings voucher', where you use finance in order to purchase a voucher. You are effectively committing to a repayment plan which credit reference agencies will view as a loan.15 Sept 2021
What happens if I unlock my LOQBOX early?
When you 'unlock' your LOQBOX Save early (before the 12 months time period), this won't directly impact your credit score. As you make your monthly LOQBOX Save payments, they'll report these payments to the credit reference agencies and it will positively impact your payment history and credit score.
How many times can you use LOQBOX?
The LOQBOX credit builder is designed to work over a series of 12 monthly payments. Make all 12, and you should see an increase in your credit score. If you quit LOQBOX early, you're unlikely to see the full benefit. Particularly if you quit in the first few months.
What bureaus does LOQBOX report to?
We sell you a LOQBOX in that amount and issue you a 0% APR loan to pay for it, which you repay in 12 interest-free monthly payments of $100. We report your monthly loan repayments to Equifax, Experian and TransUnion, which shows them you can handle credit, improves your creditworthiness and grows your credit score.
Does Kikoff report to all 3 credit bureaus?
Kikoff is an official data furnisher for Equifax and Experian. We report all customers' monthly payments to Equifax and Experian. Most lenders check two bureaus and mortgage lenders are required to check all three bureaus, so our members are well-covered. Each one builds your payment history - and your credit.
Can you have 2 LOQBOX accounts?
We don't recommend having more than one LOQBOX Save at a time. Because LOQBOX Save is financed, taking out more credit while trying to build a good credit history can have a negative impact.7 Jul 2021
Does unlocking my LOQBOX affect my credit score?
The process of unlocking your LOQBOX Save early will not directly affect your credit score. When your LOQBOX Save loan first appears on your credit report it's normal to see a bit of a dip in your credit score. This positively impacts your payment history and your credit score.7 Jul 2021
Can I close my LOQBOX early?
You can close your LOQBOX Save at any time, through ClearScore Build. However, if you haven't made payments on time or if you 'unlock' early you could negatively impact your credit history and score.
Does LOQBOX report to Experian?
Which credit reference agencies (CRAs) does LOQBOX report to? We report our data to all three of the main CRAs: Experian, Equifax and TransUnion (formerly Callcredit).
Is LOQBOX a good idea?
Summary. Overall LOQBOX* is a great idea, especially if you are struggling to build up your credit rating. Creating a product that helps you to save as well as improve your credit rating (without allowing you to spiral further into debt) is both simple and clever and makes you wonder why no-one has thought of it before 15 Sept 2021
Does LOQBOX report to all 3 credit bureaus?
LOQBOX reports back to the three main credit reference agencies, Experian, Equifax and TransUnion (formerly Callcredit) as you pay back the loan each month.15 Sept 2021