The Monese Credit Builder is the first step towards building or improving your financial footprint, with the main focus on improving your repayment history. This is considered a high impact factor by most credit scoring models in the UK.
Each month, your monthly repayments will be reported back to the three major Credit Agencies. As you make more repayments on time, the Credit Scoring models will take these into account and your score will increase.
However, please remember that this is not a quick fix. For example – depending on when you sign up – it could take up to 90 days for the Credit Agencies to update their information on you. It typically takes 3-4 monthly payments before you can see any uplift on your credit score.
Other things you can do to help build your credit score build are:
- Keeping your address up to date
- Registering on the Voters Roll
- Not applying for too many credit products too quickly
- Looking for providers who carry out an eligibility check (soft search) before actually applying