How to start building credit score in the UK?
Credit Card,  Money

How to start building credit score in the UK?

Starting a credit score in the UK can be a bit of a process, but it’s relatively straightforward. Here are a few steps you can take to start building your credit score:

  1. Register to vote: This will enable you to get added to the electoral roll, which is a list of eligible voters in the UK. This is an important step as many credit reference agencies use the electoral roll to confirm your address and identity.
  2. Apply for a credit card: This is one of the easiest ways to start building your credit score. It is important to choose a card that has a low credit limit, so you can easily manage your credit. Don’t worry if you don’t get approved for a credit card. You can always start with LOQBOX, they will help you to start building your credit score without a credit card. You can open a saving account with them and start depositing a small amount of money every month for 1 year and they will show the money as a credit to all the credit agencies and help you to build your score after 1 year they will release the money to your bank or you have to open a new bank account with their partner’s bank.
  3. Use your credit card responsibly: This means making sure that you always pay your credit card bill on time and that you never exceed your credit limit.
  4. Apply for a loan: Another way to build your credit score is by taking out a small loan and repaying it on time.
  5. Check your credit report: Keep an eye on your credit report and make sure that all the information is accurate. If you find any errors, report them to the credit reference agency immediately.
  6. Be consistent: Building a good credit score takes time, so be consistent with your credit applications and payments. Do not apply for credit card too often, take at list 30 days gap after applying once.

It’s important to remember that having a good credit score will make it easier to borrow money in the future, and it can also help you qualify for better terms and interest rates on loans and credit cards.