Credit Building > Does Revolut affect credit score?

Does Revolut affect credit score?

Wollit Team1 minute read · Updated 16th September 2024

Recently, digital banking has become very popular, and one of the most well-known options is Revolut. However, let's have a look at whether it can actually affect your credit score.

What is Revolut?

Revolut is a fintech company that provides various financial services. These include:

Currency exchange: You can easily exchange money between different currencies.
Budgeting tools: Helps you keep track of your spending.
Cryptocurrency trading: Allows you to buy and sell cryptocurrencies.
Stock trading.
And outside of the UK, even full banking services like loans.

Revolut started as an e-money service but has recently become a fully licenced bank in the UK. This means that some of the things you can do on Revolut can impact your credit score.

How can using Revolut affect my credit score?

The short answer is that simply using a Revolut account does not directly affect your credit score in the UK. When you open a Revolut account, they do not perform credit checks. This means that having a Revolut account doesn’t impact your credit file.

Also, although Revolut has a banking license, it does not currently offer credit products like loans or overdrafts in the UK. These kinds of products are some of the main ones that do impact your credit score, and Revolut hasn’t yet rolled them out in the UK.

Can I use Revolut to improve my credit history?

No, and this is because Revolut doesn’t yet offer credit products in the UK – like overdraft or loans.

However, while Revolut doesn’t directly improve your credit score, it can help you in other ways:

Using Revolut can help you create a banking history, which is useful when you want to open traditional credit accounts later.
Revolut has budgeting tools that can help you manage your money better. Paying your bills on time is crucial for a good credit score.
And as Revolut expands its services, you may eventually have access to credit products that could help build your credit history.

If you’re looking for a way to improve your credit score, you should consider signing up to a specialised credit-building tool. One such tool is Wollit.

Wollit is an app that reports your monthly subscription as loan repayment, helping you build a history of timely repayments without the risk of getting hit with high-interest charges or going over your card limit. It can even report your monthly rent payment to Experian, adding another line in your credit report that shows lenders you're responsible and pay your bills on time.