Wollit offers tools, features, and information that can benefit everyone. However, like any credit product, Wollit's comes with risk, and depending on your reasons for using Wollit, there are some circumstances where Wollit may not be the best choice for you.
For example, if you are using the Credit Builder Service to help improve your credit score but you end your plan early, you could end up with a lower credit score than you started with. Another example is if your primary goal of using Wollit is to secure new credit, but you have certain markers on your credit file. In this situation lenders may still not lend to you even if Wollit helps improve your credit score.
These markers include:
- Going through bankruptcy
- Being subject to an IVA or debt management plan in the last 12 months
- Having any late debt or bill payments
- Having one or more CCJs in the last 12 months
If any of these markers apply to you and your main goal in using Wollit is to get new credit, please think carefully about whether Wollit is the right choice for you.