Are you getting frustrated that you always get denied credit card applications because you have a low credit score? Do you want to find different ways to improve your credit score? If that is the case, you should try out Experian Boost.
Experian Boost is a free feature that allows you to connect different accounts such as your streaming, mobile, and even utility accounts to your Experian credit report. If you continue to pay these accounts on time, it will also add up to your FICO or credit score. By linking all of your bills and accounts and making on-time payments, you can get the credit score that you need in no time.
If you want to learn more about what Experian Boost is all about and how to use it, check out the article below so you can improve your credit score as quickly and easily as possible.
How Does Experian Boost Work?
When you think of your utility, mobile, streaming, or even your rent payments, you don’t normally think that it would affect your credit score.
No matter how often you pay on time with these payments, it will not matter your credit score. But what happens when it does? The Experian Boost works by incorporating all of your bill payments under your name into your credit score and your Experian credit file.
This means that if you have a positive payment history with all of your bills, you can increase your credit score. This allows your credit score to exponentially increase with all of your on-time payments.
Keep in mind that Experian Boost only considers positive payments on your accounts so late payments will not be considered or lower your credit score.
When Is It Good to Use Experian Boost
Experian Boost is not for everyone. If you already have a very good or even excellent credit score, there is no need for you to apply the boost on your account to further increase your credit score. This tool is a lot more useful for those that have bad credit to mediocre or even average credit scores.
There are still things to consider before using the Boost but it is very meaningful for those who just happen to have an average credit score but is great with on-time payments in other bills apart from credit cards and loans.
It is the most ideal option to take for those who already have positive behaviors but need to increase their credit scores as fast as possible. If you’re planning on acquiring a new card and you want to increase your credit score fast, the Experian Boost is your best option.
How to Use Experian Boost
To use the Experian Boost, you will need to create an online account at the website or download the Experian mobile app.
You will need to provide personal information such as your name, age, address, the last four digits of your Social Security number, and many other details to create the account. There will also be security questions to confirm your identity.
Once you have an account, connect the bank account that you use to pay your monthly bills. Choose the accounts and the corresponding bills that have the best or most positive payment history that you want to add to Experian Boost so that it will improve your credit score.
You can then submit it and it will automatically see the improvement of your credit score right away. You can continue to use it every time you pay a bill using your account so it will add to your credit score until you reach your goal.
How Much Does It Cost
Using the Experian Boost is free. When you sign up and use your account to improve your credit score, you are automatically entitled to the services that Experian offers through the Experian membership.
You don’t need to pay for any of the services and you even get to receive additional services and features such as free credit monitoring and free FICO score. There are also no charges for maintaining your account and even if you choose to disconnect your account, you will not pay a single cent for the service.
If you pay any of your bills that are connected to your account, there is also no extra charge for the transaction. This highly encourages you to pay your bills on time so you can always get the credit score that you need.
Advantages of Experian Boost
Using Experian Boost to improve your credit score by incorporating other bills into your credit account is very innovative.
Before, you only have to pay your credit card bills and loans to help increase your credit score which is quite limiting to a lot of people. One false move and your credit score take a nosedive.
With the way Experian Boost is set up, you can drastically improve your credit score almost immediately now that it incorporates other bills that you normally pay every month. These bills include landline and mobile phones, internet, cable TV, utilities and now even streaming subscriptions are taken into consideration.
With so many accounts being taken into consideration, there is no doubt that your credit score will rise exponentially.
Downsides of Using Experian Boost
While Experian Boost is targeted mostly at people who have positive payment histories with their monthly bills, there are also downsides to using it.
Experian Boost also has its limitations. You can only use it to increase your credit score to help you land a credit card. It cannot be used to help you get a mortgage loan or any other loan for that matter.
Make sure that you set your expectations correctly when using the Experian Boost as you might anticipate increasing your credit score for a home loan and wonder why you still get rejected.
Conclusion
Improving your credit score is now much easier and more accessible thanks to the Experian Boost. If you are tired of getting denied credit cards because you have low or average credit scores, it is time for you to use Experian Boost so you don’t have to wait several months just to try again and have the same outcome. Use this free feature to potentially increase your chances of improving your credit score.