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Jiageng N

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Review of the Loqbox, Credit building:

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Game changer for credit building

I signed up for Loqbox Save 12 months ago because I had basically no credit history. As a renter who’s never had a credit card or loan, I was completely invisible to the credit reference agencies. Loqbox felt like a low-risk way to change that without taking on debt. The set-up was very straightforward. I chose to save £20 a week, which came out by direct debit. The money goes into a locked account that you can’t touch until the plan ends – that’s the biggest thing to be aware of. It does feel a bit strange to have your own money locked away for a year, but honestly that was the discipline I needed. After about 6 months I started seeing a real difference on my Experian and ClearScore reports. By month 12 my score had jumped over 90 points. When the plan finished, Loqbox gave me the option to take the full balance back to my bank account, which I did. The transfer took 2-3 working days – no fuss at all. I also tried Loqbox Rent later, which costs £2.50 a month. That helped report my rental payments to Experian and Equifax, giving my profile another positive boost. It does what it says on the tin. The good bits include: completely free credit building (the Save plan is free, no interest or hidden charges), reporting to all three major credit reference agencies, a very easy automated setup, customer service that replied within a day when I had a question about unlocking the money early, and no credit check to join. Room for improvement: your money is locked away for 12 months; if you unlock early, you lose the credit history you’ve built and there’s a £30 fee to release the savings. No interest is earned on your savings – Loqbox makes money by promoting financial offers, so expect some marketing emails (you can opt out). The rent reporting tool has a monthly fee and isn’t integrated with all letting platforms, so you may need to manually submit proof. Would I recommend Loqbox? Absolutely – if you’re patient and can commit to the full 12 months, it’s one of the most straightforward ways to build or rebuild your credit profile without borrowing money. Just make sure you can afford to lock the cash away before you start. Reviewed on: 19th July 2026

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