Could using Loqbox Save harm my credit score?
Loqbox Save 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 cancel Loqbox Save early, you’re unlikely to see the full benefit. Particularly if you quit in the first few months. Most people who use Loqbox Save see their credit score dip initially, before it goes up. This is totally normal and happens whenever you take out a new line of credit. But, if you cancel early on, you could leave Loqbox with a lower credit score than you started with.
If you miss a Loqbox Save payment, we’ll have to report it to the credit bureaus, which could harm your credit score. But you can always unlock to avoid missing a payment, so this should never happen.