Build Credit While Self-Employed
Two years of accounts shouldn't be the only thing that matters. Start building credit history now.
Key takeaways
- Self-employed workers face higher credit barriers despite earning well
- Personal credit and business credit are separate — Wollit builds your personal score
- Most mortgage lenders want 2–3 years of accounts, so start building credit now
- Tax-efficient accounting can reduce your "on paper" earnings and hurt applications
- Consistent payment history offsets lender concerns about self-employment
Why self-employment makes credit harder
You took the leap. Built something. Maybe you're earning more than you ever did employed.
Lenders don't care.
What lenders see:
- No employer to verify income
- Tax efficiency that reduces “on paper” earnings
- Business expenses that make you look like you earn less
- The word “self-employed” (which makes them nervous)
The result:
- Mortgage applications require 2–3 years of accounts
- Credit card limits are lower
- Loan rates are higher
- Some lenders won't consider you at all
Personal vs business credit
Important distinction: your personal credit score and business credit are different. When you apply for a mortgage, lenders check your personal credit. When you apply for business finance, they might check both.
- Personal mortgages
- Personal loans and credit cards
- Car finance in your name
- Rental applications
- Register with business credit agencies
- Pay suppliers on time
- File accounts promptly
Wollit focuses on building your personal credit \u2014 the foundation for major life purchases.
Getting mortgage-ready
Self-employed mortgage applications typically require:
Start building credit now. By the time you have 2\u20133 years of accounts, you\u2019ll also have 2\u20133 years of payment history.
The self-employed credit toolkit
Building credit while self-employed requires a different approach.
Payment reporting
Your Wollit subscription is reported to Experian, Equifax, and TransUnion monthly. This builds consistent personal credit history, separate from your business.
Rent reporting
If you rent (personally, not through your business), those payments can build your credit too. Report to Experian and Equifax.
Affordability boost
Open Banking shows your real income — bank deposits, not just what’s on your tax return. Helps lenders see the full picture.
What members say
Works on its own once set up
The app works on its own once it's been set up and this process is easy and straightforward... You'll see nice improvements on your Credit Score. Customer service is spot on.
Aniello CaiazzaLive tracking what affects your score
Great live tracking of things wrong with your credit score and things you're doing right! Slow and steady increase. Highly recommend.
JakeSteady improvement each month
After a couple of months your score will start to improve, and continue to do so. It's a steady improvement and puts you in a far better position than before. A great investment.
Andrew TimlinFAQs
How many years self-employed do I need for a mortgage?
Does business debt affect my personal credit?
Can I use business income for personal credit applications?
Should I separate business and personal finances?
I just went self-employed. When should I start building credit?
Tools & resources
Understand where you stand and what to focus on.
Related resources
- Gig workers — build credit on irregular income
- First-time buyers — get mortgage-ready with a strong credit score
- Credit building for renters — turn your rent into credit history
- Renting in England — average rent data for 290+ areas
Build Credit While You Build Your Business
Don't wait until you need a mortgage. Start building now.
Get Started£9.99/month. No credit check. Cancel anytime.