Experian Boost Review: Potentially Useful if You Have Limited Credit History
Review
Updated
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Experian Boost is a service offered by the Experian credit bureau that can help people with thin credit files increase their Experian credits scores. No more, no less. If you have good credit already, or zero credit at all, this service probably won't help you.
Read our complete review for the full story on how it works and who can benefit.
Typically, credit scores are based almost entirely on credit lines like loans and credit cards. You could pay your power bill and cellphone service on time every month for decades and still not have good credit -- or any credit score at all.
Experian Boost is trying to change that by using your banking history to track all of those utility payments and service bills that have gone unrecognized. That positive bill payment history then gets factored into your Experian credit reports, potentially boosting your credit scores.
Here's how to use Experian Boost:
Your Experian credit scores will update as soon as you complete your sign-up for Experian Boost. According to the company, the average user received an increase of 13 points to their FICO® Score 8.
Unfortunately, only select rent payments are included; you need to pay rent online to an eligible property management company for the data to be accessible by Experian. But Experian Boost can find and include a variety of other bills, such as home utilities and communication services:
Yes, you read that last one right. Several major streaming services work with Experian Boost, including Netflix, Max, Hulu, and Disney+.
Positive payment history going back up to two years can be included. However, you'll need to have made at least three payments to the account within the last six months, and at least one payment in the last three months.
According to Experian, the average user sees a credit score improvement of 13 points. You'll get the best results from Experian Boost if you have limited or troubled credit history:
However, as credit scores increase, the benefits of Experian Boost decrease. People who already have a good credit score will likely see little to no benefit.
Arguably, the best thing about Experian Boost is that there isn't any risk to your credit scores because Experian Boost only ever uses positive payment history.
That bill you paid a week late last summer? It's not going to haunt you here.
Anything negative gets left behind. Since Experian Boost is only adding positive payment history, there's no risk of something negative biting your score in the figurative behind.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for CIT Platinum Savings
On CIT's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10% APY for balances of $5,000 or more
Rate info
4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
|
Earn a bonus of at least $225 after a one-time deposit of $25,000+.
Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
|
Open Account for CIT Platinum Savings
On CIT's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
3.70%
Rate info
3.70% annual percentage yield as of April 10, 2025. Terms apply.
Min. to earn: $0
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
SoFi disclosure:
¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.
Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Experian Boost is intended for people with limited credit who can benefit from extra payment history. Experian says Boost improved the scores of 75% of people with a FICO® Score below 680.
If your credit score is higher than this already, then your potential benefit from Experian Boost is much lower.
At the other end of the spectrum, Experian Boost won't work if you have zero credit, so you'll still need to meet minimum FICO® Score requirements:
One thing to note is that Experian Boost only works with your Experian credit report and scores. You have credit reports from the two other consumer credit bureaus: TransUnion and Equifax.
Experian Boost data won't have any impact on your other credit reports or scores. It's hard to predict which credit bureau a lender will query. If a lender pulls your credit history and score from TransUnion or Equifax, the Experian Boost data will not help you.
On the plus side, Experian Boost data will apply to most credit scoring models that use your Experian credit report. This includes your basic FICO® Score, as well as more specific scores like FICO® Bankcard Scores and FICO® Auto Scores.
There is no fee to use Experian Boost. It's a free service offered by Experian.
Online opinions of Experian Boost are about as mixed as I expected given that the target demographic is very specific. The people who had good results were positive about the service, and I saw posts from folks saying they had significant (20-plus points) score improvements.
Many of the negative comments considered it a waste of time and effort. Others criticized the limited scope (it only works for Experian scores) and were skeptical about the data privacy.
Even if it doesn't help your credit score, Experian Boost won't hurt your score. There are two reasons for this:
In other words, the absolute worst thing Experian Boost can do to your credit is nothing.
If you can say "yes" to all three, Experian Boost could help. If not, then it likely won't do you all that much good. Either way, it won't do you any harm, so you can always give it a try if you think it might be useful.
No matter how well Experian Boost works for you, it isn't a complete solution for building or repairing your credit. Even with this tool, you won't go from having no credit score to having an excellent credit score just from paying your utility bills on time.
The best way to build your credit history is to use credit responsibly over time.
You need credit to build credit, though. If you're struggling to get started, there are a few methods you can use.
Credit cards are often the easiest type of credit to get, so long as you get the right kind for your credit situation. Stick with no annual fee options to keep things simple.
Credit-builder loans are specifically designed for people who need to establish credit or rebuild bad credit. Unlike a regular personal loan, a credit-builder loan doesn't give you money upfront. Instead, when you take out a credit-building loan, the money goes into a locked savings account.
Then, you'll make monthly loan payments (including interest) for the length of the loan term. As long as you pay the loan in full, you'll get access to the money in the account at the end of the loan term. The loan -- and your payments -- will be reported to the credit bureaus every month. If you make your payments on time, you'll build credit and improve your credit scores.
If you're added as an authorized user to an existing account in good standing, that positive payment history could help boost your own credit score. If you have no or limited credit, this could be the fastest way to boost your score.
Authorized users are sort of like invited guests, but for credit cards. The user gets a card with their name on it, linked to the account. They can make purchases as if the account is their own -- but it isn't.
The other side of the coin is that the authorized user could cause problems for the account owner. If the user overspends, the primary cardholder is the one who pays -- literally. The account owner is the one who is legally and financially responsible for paying the debt.
How well Experian Boost works will depend on your existing credit history. If you have limited credit history, you could see a substantial impact from Boost. However, if you already have good credit, you will likely see a much smaller -- or no -- impact.
Most major utility and communication companies are recognized by Experian Boost. However, if a bill isn't recognized, you have options. Boost will take you through a Q&A form to identify the reason the account isn't recognized. If you still believe the account should qualify, you can submit the account information to Experian for internal review.
There is generally no way to predict which credit bureau a lender will use when it checks your credit history. Lenders could use any of the three major bureaus, or any combination of bureaus. Some lenders may even use all three credit bureaus when checking your credit.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
