Good morning everyone, happy Friday! I’m sure most of you have seen the Experian Boost commercials on TV or online, but how many of you have actually checked to see if it would boost your Experian credit score? According to the Experian Boost small print, the average credit score increase is 13 points (which is not a lot), but it’s better than nothing. Speaking of nothing, some customers may not see any score increase at all (which is what happened to me). The last thing to keep in mind is that this will not improve your Equifax or TransUnion credit scores and some financial institutions may use a different FICO score or model. Your credit score will not increase 100 points with Experian Boost, so keep your expectations in check.
The entire process took about 10 minutes and involved logging into my Experian account and linking my financial institutions that I use to pay recurring bills (like Netflix, phone and utilities). After you link your financial accounts to Experian, Experian Boost will scan your accounts and recent statements to find recurring bills. Once they find recurring bills, you will be asked if you want to add those recurring bills to your credit report, which may or may not increase your credit score. In this post, I will walk you through all the steps. To get started, go to the Experian Boost page and sign in or create an account by clicking the Start Your Boost button.
The following screenshots were taken on an iPhone, but the process should be almost the same for all mobile devices and desktop web browsers. As you can see, my Experian credit score was 814 on October 11. Scroll down until you see the Experian Boost section and click the Start Your Free Boost button.
Find your financial institution and link your account to Experian. Since I have a Wells Fargo checking account, I decided to link Wells Fargo to Experian. The flow may vary slightly by the financial institution you use, but the steps should be pretty similar to this. Sign into your account…
Select all the accounts you want to link to Experian, agree to the terms and conditions, and click the Connect Account Information button.
The linking process will take 30-60 seconds and then you will be asked if you want to link another financial institution to Experian. Since I use my Chase Ink Plus Credit Card to pay my AT&T and Comcast bills, I decided to link Chase to Experian.
I repeated the same steps as above. I signed into my Chase account, selected all my accounts, and clicked the Continue button.
After I finished linking Chase to Experian, I clicked the No button since I didn’t have any other accounts that I wanted to link to Experian. The Experian Boost process began by looking through my accounts for qualifying recurring bills like phone, internet, electricity, and water. The scanning process took about 2 minutes and provided helpful info on my credit score and how my credit score worked.
After 2 minutes, Experian Boost said they found a boost for me, so I clicked the Continue button. Experian Boost identified a Comcast recurring bill and an AT&T recurring bill. Even though Experian Boost found 9 payments to Comcast, I didn’t qualify to use that since I did not have 3 consecutive months of payments (sometimes I make purchases with other credit, debit, and VGCs to pay or prepay my Comcast bill). Luckily, my AT&T purchases qualified. I checked the box and clicked the Add 1 to Boost button.
Experian Boost worked their magic to increase my score. Actually, my credit score did not increase from 814. It is strange that it says my “credit has improved by adding more payment history and accounts to your credit file,” but that did not result in an increased credit score. Since my credit score was so high already, I don’t think there was much room for Experian Boost to raise my credit score.
Back on my Experian account page, it shows that my credit score was “Boosted” but my credit score is the same as before. Since my Wells Fargo and Chase accounts are linked to Experian, Experian Boost will routinely check those accounts to see if I qualify for my Comcast boost or any other boosts.
Long story short, I spent around 10 minutes trying to boost my Experian credit score with Experian Boost, but my credit score did not increase. There is a chance that down the road, Experian Boost will increase my credit score, but only time will tell. If you have any questions about Experian Boost, please leave a comment below. Have a great weekend everyone!