Try Experian Boost – It’s Free.
It seems some folks having some problems with the shopping cart trick. It’s either not working for them or it’s simply not coming up or when they do punch in the last four of their Social Security number, they’re just not getting the free credit. I have had so many questions about the shopping cart trick that I think the next few episodes are going to be devoted to what you need to do when the shopping trip trick doesn’t work for you. In this episode we are going to go over Experian Boost.
To Access the Course Material:
Click HERE for the Ultimate Credit Repair Course! >
To Access the Free Webinar:
Click HERE to Watch the FREE Webinar! >
To Access the FREE LIST:
Click HERE to Get The FREE Shopping Cart Trick LIST! >
Tips, Tricks and Tactics
The simple fact is: the shopping cart trick is never intended to be used alone. If you credit bad or nonexistent then there’s other things, you’re simply going to have to do to establish a good credit score.
There’s a couple of cards out there that I can’t say are guaranteed to give you credit but many of my students had really good luck with them. Try Horizon Gold card and Luxe Signature Card. Let me know how your results are.
Above and beyond that, there are several things you need to be doing while you’re trying to get these cards through the shopping cart trick.
First of all, and really the most importantly, if you’ve got bad marks on your credit, we need to prepare your existing credit report. Even a soft pull is going to know how really bad or good, your credit score is. Think of it this way, your credit score may be some number between 350 and 850 but the soft pull could be said to determine whether your credit is good, bad, or ugly. If it’s ugly the soft pool still is not going to work. Let’s get it not ugly, right?
In my credit repair course, I go into great detail about repairing your credit, I’ve got all the letters you will ever need to file Disputes, and I’m even to teach you some budgeting skills.
After that there’s some specific tactics that you can do, that I guarantee will produce results. Some of them include secured credit cards and cards or loans backed by a CD or savings account which really is just a different form of a secured card. Experian offers a service called credit boost which adds a new way to strengthen your credit report.
Experian Boost- Raising Scores Right
In 2018 Experian rolled out a new free product they call Experian boost. The idea behind it is to give folks with a thin credit file meaning they don’t have much credit or those who had some mistakes in the past a little bump up in their credit score so they can start establishing a good score or reestablishing one after a financial event of some sort.
They advertise that they will only count the good stuff and not count late payments against you. That remains to be seen. However, what I do know about the program is that they will scan your bank accounts and look for things like utility bills and cell phone bills, and start adding that into your overall credit score.
Within six months of rollout Experian reported that two out of three people benefited with raised scores.
How Does it Work?
Here is how it works. When the lender checks your credit they typically pull your score and view report from one of the three credit bureaus; Experian, Equifax, and TransUnion. Now you guys watch my videos you know that there are many different FICO scores not to mention the newer vantage score as well. The most common one is the FICO 8, Followed by the vantage score 3.
Experian reports that if your lender is using FICO 8, FICO 9, VantageScore 3 or VantageScore 4, then they will see an enhanced score based on Experian boost.
Also, since Experian continues monitoring your connected bank accounts each month, you also have a strong chance to lengthen your positive payment history. This means your score could continue to improve over time. However, the opposite is true as well. If you decide you no longer want to use ExperianBoost, you can disconnect your bank accounts. This will remove your entire payment history for those bills from your report, which means your credit scores could and likely will drop.
Caveats and Risks
I would be remiss in my duties as your teacher to not say this: I do want to put a caveat in here and explain a few risks. A potential con of using boost could be that you may have to do a little explaining. What I mean by that is since not all lenders are familiar with boost, they may make the mistake of considering your utility and cell phone payments as part of your debt load which is not usually the way that lenders do your calculations.
And I mentioned the fact that once you’re in, you need to stay in because if you leave Experian boost those utility bills will stop being on your credit report and of course that will likely cause a drop in your score.
It’s also important to note that it will not work if you pay your utility bills with a credit card. It only works with bills paid through a bank account. That being said, I teach in my course in the budgeting section that is many bills as possible should be on some sort of auto pay so that you’re never late. If you set those up on auto pay within your bank account this program could potentially help you a bunch.
Since Experian Boost is a free service, you won’t lose any money simply by trying it out. And based on what I teach you guys already know that it’s always going to be a better alternative than a credit repair company.
One risk to using Experian Boost: You have to grant Experian access to your bank accounts. The connection is read-only and encrypted, but if you’re cautious about privacy Then you need to know ahead of time that there’s always the possibility of getting hacked. Of course, in his teenage there’s always a possibility of being hacked no matter what you do so to me the risk is worth the rewards that you have to make that decision for yourself.
Add It To Your Toolbox
If you’d like to give it a try, here is the web address. https://www.experian.com/consumer-products/score-boost.html. You can get to it even on your phone’s browser most times depending on what software you’re using on your phone.
However, I want to mention that this is not to do all end-all of credit repair and credit building. If you’ve got bad marks on your credit you need to get them cleaned up and that’s what my credit repair course is all about.
There’s still the shopping cart trick, CD and savings account loans, secured credit cards, and other services like UltraFICO which I will handle in a later episode. Remember tycoon theory from the last episode, don’t put all your eggs in one basket unless you really like scrambled eggs!
To Access the Course Material:
Click HERE for the Ultimate Credit Repair Course! >
To Access the Free Webinar:
Click HERE to Watch the FREE Webinar! >
To Access the FREE LIST:
Click HERE to Get The FREE Shopping Cart Trick LIST! >
