Staircase to adulting

Adulting can be hard, especially when it comes to all things finance! We’ve teamed up with Loqbox, a UK-based credit building provider,  to share the key things that you need to know about borrowing and credit scores… 

On 18 April, you’ll be able to visit our Staircase to Adulting at the Museum of Liverpool between XXX and XXXX. 

The Staircase, designed by local artist Alicia Wooley highlights real‑life financial “steps” young people can take to improve their credit score.

Steps you can take to improve your credit score

1. Before you sign up to any credit, make sure you read the Ts&Cs and fully understand what you’re signing up for. Make sure you can afford the repayments and know what the interest rate you’ll be charged. Use any borrowing responsibly!

2. Try to space out your credit applications and don’t apply for too much credit at one time. Too many applications in a short space of time can lower your credit score as each application marks a ‘hard search’ on your credit file

3. You can check your own credit file and correct any mistakes that appear there. You can do this by checking with one of the 3 main credit reference agencies - Experian, Equifax and Trans Union

4. Register to vote! Getting on the Electoral Roll is one of the easiest ways to improve your credit score as companies use this to verify your address

5. Build credit history. Anything that you do borrow, make sure you make the payments on time!

6. Make a budget (and stick to it!). You can use a budget planner or a spending diary to track your income and expenses

7. Try and build an emergency fund - a good rule of thumb is to try and save 3-6 months worth of essential outgoings in an easy access savings account. Having savings set aside should mean you’re less likely to need to borrow at short notice

8. Be careful with high-cost credit, including payday loans. Make sure you shop around and understand the interest and payments that you’d need to make

9. If you need it, get advice from Citizens Advice. Debt and financial worries can be stressful but we’re here to help if you need us

Our Staircase to Adulting has been designed in collaboration with Loqbox, a credit score building tool. 

Citizens Advice doesn’t endorse or recommend specific tools, products or suppliers. You should conduct your own independent research and compare multiple options to ensure you’re securing the best fit for your needs.