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Why credit score is important in the UK

Improve your UK credit score

Secure your financial future and start building your credit history hassle and interest-free, with no credit checks or the need to apply for a high-interest credit card and payday loans. The Monese Credit Builder is available on all plans for customers in the UK for just £2.50 a month (Rep APR 9.10%)*.

*Representative Example: The loan as a part of Credit Builder is a 0% interest loan, but the £2.50/month subscription fee relates to a 9.10% APR as the cost of your Credit Builder. Based on a loan amount of £600.

Build your credit today

Why your credit score matters

Your credit history is your financial footprint in the UK and what helps determine your credit score. Essentially, it’s what’ll put you on the financial map and radar of UK credit agencies. Why is this important? Newcomers to the UK with no credit history will quickly find that a lack of it will make it difficult to rent a flat, buy a car or even get a mobile contract. And much like trying to open a bank account as a foreign national, getting a credit card to build bad credit or to start building history and improving your credit score can throw people into quite a loophole. It can be difficult to obtain due to lack of documents – and yes, even credit history. That’s where our easy Credit Builder can help.

The history of credit

Build credit today while saving for tomorrow

The way our Credit Builder is set up, you’ll be saving while building your credit history and improving your credit score all at the same time. After a year of monthly repayments on your interest-free Credit Builder loan, you’ll have 12 months of successful repayment history recorded with the credit agencies, plus 12 months of savings ready to spend!

Improve your credit history

Improve your score where it counts

With our no credit check Credit Builder, rest easy knowing that your monthly repayments are reported to all three of the UK’s main credit agencies: Experian, Equifax and TransUnion, where you’ll start seeing a difference in your credit score. You’ll eventually be able to get a loan, rent a home, start your small business or buy any other big-ticket items with your higher score. With an improved credit score thanks to our Credit Builder, you’ll be eligible for a wider range of better value loans, credit and rates in the future.

Improve your record

How to build and get started

  • Step 1

    Step 1:

    Open your app to start building. Head to the ‘Explore’ tab and select ‘Credit Builder’ to easily set up and start building your credit history and score.

  • Step 2

    Step 2:

    Decide how much you want to save. Choose a fixed repayment amount you can realistically afford to pay back each month, between £30 to £100.

  • Step 3

    Step 3:

    Make your repayments and save. Make your repayments each month for a year to pay off your interest-free Credit Builder loan. We’ll report your repayments to the 3 agencies.

  • Step 4

    Step 4:

    Unlock your savings. After 12 months of a successful repayment history built up, your personal Credit Builder pot will be unlocked, ready to spend!

Unlock access
Unlock access

Unlock access to other Monese credit products

With the savings you’re building, you’ll be able to unlock and access other credit products down the line.

Secure your financial future today

Start your new life in the UK with your best foot forward. Download our app to start on your credit journey in the UK and build your financial footprint.

Secure your financial future (1)

Credit Builder Help

  • What’s a credit score vs credit history?

  • How can I access Credit Builder?

  • How Credit Builder works

  • How much can I borrow on my Credit Builder?

  • What happens if I miss a Credit Builder repayment?

  • If my loan is interest-free, why does it have an Annual Percentage Rate (APR)?

  • Where can I see more videos?

This service is arranged by Monese Finance Ltd. Monese Finance Ltd is a broker and not a lender, and is an appointed representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (FRN:574048). The credit builder loan is provided by Monese Credit Limited which is authorised and regulated by the Financial Conduct Authority (FRN:787052).