LoqBox To build credit

Minibiker

Minibiker

Minibiker

Soldato
Joined
27 Mar 2016
Posts
7,302
Location
Bristolian living in Swindon
Hi all

Ive been looking at my Credit score over the last few months and the score is staying the same, even though i have £0 Debt to my name and no missed payments for the last 2 years...

I came across LoqBox when i was on my Clearscore and just want to know if it's helped anyone, I just want to get a more solid credit score but in a way i know i can get without getting a check which could potentially knock my score down

Any help appreciated

Cheers
 
Just get an Amazon credit card and buy everything you normally would on it, with payment cleared in full via direct debit. No special fangled devices required. If you can even qualify for an Amazon card then get yourself an Aqua card.
 
d_brennen said:
Having serviced debt is how you build credit.

Personally I live on my credit card and pay it off every month, bar large purchases. For those I have a clear plan to repay within x months etc.
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Depending on what you mean by large purchase, consider putting a bit on a credit card as it'll give you section 75 protection on the entire purchase.
 
MissChief said:
How good is your credit? Above average for your area? I get the impression it's for those with low scores.
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My score is 557 and has been that for about 4 months

dLockers said:
Just get an Amazon credit card and buy everything you normally would on it, with payment cleared in full via direct debit. No special fangled devices required. If you can even qualify for an Amazon card then get yourself an Aqua card.
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I've not thought about the Amazon card, will check that out now, cheers bud
 
Standard response to this is to ignore your credit score. It's a made-up number that only you can see, and that only exists so that credit scoring companies (Clearscore, Karma, etc) can sell you products you don't need.

Why are you bothered about your credit score? Are you looking to get a loan or a credit card or a mortgage? All of those things will be scored internally by whoever you go with, and they'll also take into account things that a credit agency don't have, so things like salary/income and any savings/assets you have.
 
dLockers said:
Just get an Amazon credit card and buy everything you normally would on it, with payment cleared in full via direct debit. No special fangled devices required. If you can even qualify for an Amazon card then get yourself an Aqua card.
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Is this the Platinum Master card?
 
Mr^B said:
Standard response to this is to ignore your credit score. It's a made-up number that only you can see, and that only exists so that credit scoring companies (Clearscore, Karma, etc) can sell you products you don't need.

Why are you bothered about your credit score? Are you looking to get a loan or a credit card or a mortgage? All of those things will be scored internally by whoever you go with, and they'll also take into account things that a credit agency don't have, so things like salary/income and any savings/assets you have.
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Well sure, if you're talking mortgage etc. If you wander into a used car dealer and want a 10k used car, they'll be going off the nebulous "score" though. A proven record of paying back credit really helps here
 
d_brennen said:
Well sure, if you're talking mortgage etc. If you wander into a used car dealer and want a 10k used car, they'll be going off the nebulous "score" though. A proven record of paying back credit really helps here
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If you're taking finance from a used car dealer you have a bigger issue than credit score. Their rates are atrocious and the product is designed to thrive on the 'poor'.

Minibiker said:
Is this the Platinum Master card?
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That's the one. Its one of the few rewards card worth having, especially so if you use Amazon.

Edit: I haven't recommended AMEX but platinum everyday card is universally better but on the off chance you need a non AMEX it will cause you a minor inconvenience. If you have no reason to think your score is bad though, go direct to AMEX Platinum everyday cashback card. It'll out perform the Amazon card everywhere except Amazon. Both made a great pair to take advantage of all opportunities.
 
dLockers said:
If you're taking finance from a used car dealer you have a bigger issue than credit score. Their rates are atrocious and the product is designed to thrive on the 'poor'.


That's the one. Its one of the few rewards card worth having, especially so if you use Amazon.

Edit: I haven't recommended AMEX but platinum everyday card is universally better but on the off chance you need a non AMEX it will cause you a minor inconvenience. If you have no reason to think your score is bad though, go direct to AMEX Platinum everyday cashback card. It'll out perform the Amazon card everywhere except Amazon. Both made a great pair to take advantage of all opportunities.
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Me and the wife use Amazon a lot over a month between paydays, buying kids stuff and the wife buys sewing bits from there, so I may see if I can get the Amazon card to help me out abit... I'm guessing Ill be given a date to pay the balance which will then look good to the credit score
 
Minibiker said:
Me and the wife use Amazon a lot over a month between paydays, buying kids stuff and the wife buys sewing bits from there, so I may see if I can get the Amazon card to help me out abit... I'm guessing Ill be given a date to pay the balance which will then look good to the credit score
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Yep. Simple as that. For every grand they'll bung you a tenner voucher. They'll tell you early and often when your direct debit comes out.
 
d_brennen said:
Well sure, if you're talking mortgage etc. If you wander into a used car dealer and want a 10k used car, they'll be going off the nebulous "score" though. A proven record of paying back credit really helps here
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They can't see your score. They all have their own method of scoring, but they can't see your score with any of the 3 UK credit reference agencies.

So what do lenders in the UK base their criteria on? 3 things;
  • Your application form details (which the credit reference agencies don’t have, things such as salary/income).
  • Any past dealings you’ve had with that lender (which the credit reference agencies might not know about, if the account was closed more than 6 years old for example).
  • The information contained in your credit reference files (which the credit rating agencies do know about).
 
As already mention, having £0 debt or credit usage isn't going to build a credit rating up. Get a credit card or two and use them for general spends and pay them off by DD and your rating will improve.

Oh and by the way, credit score numbers are meaningless.
 
I still don't have a credit score, none of the companies seem to think I exist. And before people ask, yes
  • I've lived in this country all my life and am on the electoral roll
  • I've had credit cards before
  • I've taken out, and paid off, a mortgage
  • I've bought a few items on 0% APR before
 
dLockers said:
If you're taking finance from a used car dealer you have a bigger issue than credit score. Their rates are atrocious and the product is designed to thrive on the 'poor'.
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Depends on what you're looking at, what you have available cash and credit wise. Last car I bought (~£9K) I just put on one of my cards, they were desperate to get me on their finance. At the time it made financial sense as was 0% purchase, cheaper than a loan.

Car dealers do a credit check for finance and your "score" with one of the agencies may not be what they see, it's still a reasonable benchmark. If you have other no other means to get a reasonable vehicle (I'm fond of £1k bangers, the wife not so much), then it's an option.
 
d_brennen said:
Depends on what you're looking at, what you have available cash and credit wise. Last car I bought (~£9K) I just put on one of my cards, they were desperate to get me on their finance. At the time it made financial sense as was 0% purchase, cheaper than a loan.

Car dealers do a credit check for finance and your "score" with one of the agencies may not be what they see, it's still a reasonable benchmark. If you have other no other means to get a reasonable vehicle (I'm fond of £1k bangers, the wife not so much), then it's an option.
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Edit: 0% on a used car? Never unless it's priced into the car
 
d_brennen said:
No, but not everyone has that option, score or no score :p
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Well to get 10k at 0% you need something half decent. And if 0% is the same price as cash it is almost always the best option - stick the cash in savings and get paid to spend (kinda :cry:)
 
Credit scores are meaningless, ignore them.

The only thing credit reports are good for is checking what credit you do have is recorded accurately.

‘Building credit’ is a bit of a myth and isn’t what lending decisions are based on in reality.

Your income matched against how much you want to borrow, any defaults and your other known credit commitments are basically the deciding factors for proper lines of credit like mortgages, credit cards and loans. That is the simplified, there are a few other things are factored in like residency etc. but nothing you can have a meaningful impact on other than registering to vote.

Things like mobile and utility contracts are effectively looking at does this person exist and have they previously defaulted.

The two only ways to increase your attractiveness for credit is to increase your income or reduce your debt/committed repayments.

Why are you concerned about your credit score?

Outside of credit that if difficult to avoid like mortgages, very large purchases (e.g. cars - assuming the amount spent is sensible for your disposable income), utility contracts and taking advantage of reward credit cards (paying them off in full monthly!!!!), avoiding all un-necessary debt is generally the way to go.
 
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