Experian Boost helps build credit from scratch. It takes your utility and other bill payments to boost your score. Learn more below about how to use Experian Boost effectively to help build your credit.
Your payment history is the most important part of your credit history. It makes up approximately 35 percent of your score. Including reports of on-time payments can increase your credit score.
· Other factors that influence your credit score include:
· The amount of credit you have (the total sum of all your credit lines) – 30 percent
· Credit history (how long you have had open lines of credit) – 15 percent
· Credit mix (types of credit lines you carry, such as credit cards and student loans) – 10 percent
· New credit (how many recently opened accounts you have) – 10 percent
Experian Boost uses accounts not normally factored into your credit history. Some bills it uses include the following:
· Utility bills
· Trash pickup
· Telephone and cell phone bills
· Netflix and streaming services
Typically, late payments decrease your credit score. However, Experian Boost only uses positive records, meaning a late payment will not lower your score.
Not all financial items can improve your credit. Your salary, for instance, could be a million dollars, but your paycheck does not count towards your credit history. A high salary, though, could make you appear like a safer account holder when applying for a secured credit card to build credit.
Likewise, certain payments will not influence your credit score. Child and family support payments are court-ordered and do not positively affect your credit history.
Experian Boost is a completely free service. Experience claims that users, on average, increase their scores by 13 points.
Keep in mind that the service will only boost your Experian and FICO scores. Your Equifax and Transunion credit score may stay the same.