What is Experian Boost: how it will improve credit score
Updated: Feb 16
Excellent Credit score -- Getty Images
What is Credit Score?
Credit Score is a number anywhere from 300 to 850. Everyone is a consumer and have a credit score. A good credit score means you are a creditworthy consumer. Having a good credit score will help you save money and improve your financial outlook in your life. Credit scores are the same as the FICO score which lenders use to calculate your credit risk.
Based on your credit score you fall under one of the categories from bad to excellent credit score.
Excellent: 800 to 850
Very Good: 740 to 799
Good: 670 to 739
Fair: 580 to 669
Poor: 300 to 579
Why you should improve your Credit score?
Some of the benefits of having a good credit score are:
1) Get low-interest rates.
With a good credit score, you get low-interest rates on loans and credit cards. The less interest rate you have the pay less on your credit or loan (car loan, home loan, etc...) which helps you save money in the long run.
2) Eligibility for higher credit limits
Having a good credit score will make you eligible for getting higher credit card limits and banks will be comfortable lending you more money since your creditworthiness is high which means you are more likely to pay back the money without any issues.
3) Easy approval
Easily get approved when applying for a new apartment. Credit score is one of the important items in the landlord's list when they check if you have no issues paying rents in the past. That gives them the green signal and lets you rent an apartment with quick approvals since you have a good credit score.
It helps to have a good credit score in the following situations:
Shopping for a personal loan
Buying or leasing a car
Shopping for a home loan or refinance
Shopping for a credit card.
4) No security deposit
When you have a good credit score, you are not required to pay a deposit when it comes to buying a new phone contract or signing any such contract. Same thing for utilities. You don't have to pay for a security deposit for utilities if you have a good credit score.
What is Experian Boost?
Experian Boost is a free service that helps people who want to improve their credit score. You might be having a low credit score because you just started spending and have no credit history. Maybe you had financial setbacks and you want to rebuild your credit.
Experian Boost can improve your credit score!
Now, you can use Experian Boost to boost your credit score. I will show you how. How can I sign-up for this free Experian Boost?
Simply go to their website and sign up for a free account. You can improve your credit score using the free Experian Boost product from Experian.
Experian Boost review:
Once you sign up, Experian considers all your phone, utility, Netflix bills payments towards your Experian credit score! It also scans your bank transactions and counts in all your payments towards Experian credit score (not other credit score companies).
Don't worry about missed payments. One or two missed payments are not reported by Boost. The only caveat is that you should give permission for Experian Boost to connect to your bank account so that it can access and track your positive transactions to boost your score. This is worth it in my personal opinion because it is secure and you get the ease of Experian Boost to take care of following your positive transactions. It then confirms with you whether these transactions are indeed your payments. Once you confirm, it updates your FICO score as soon as near real-time!
Experian Boost offer the following benefits:
Increases your FICO® Score
Free Experian Credit Report and FICO® Score
Experian Credit Monitoring and Alerts
Credit Cards and Loans Matched for You
Report and Score Refreshed Every 30 Days on Sign In
Free Dark Web Surveillance Report
FICO Score Monitoring with Experian Data
With all these features that come to you for free, Experian Boost is certainly a product worth trying. After all, improving your credit should be a no-hassle and quick just like this.
How is Boost different from others?
Unlike Credit Karma which says credit score and credit monitoring and others for free, it does not help you improve your credit score quickly and seamlessly as Experion Boost. Try this product today and see your credit score improve in no time.
If you have a low or average credit score, Experian Boost will help you boost that to a good or better credit score. It takes a few weeks or months in the beginning but going from low/average to good credit score if the first step. All along the way, you will also learn how to spend money wisely and how not to miss any payments. Learn these and other money-saving tips and tricks in these other money-saving posts: