Experian Boost and Cash App serve two distinct purposes. First, if you want to improve your credit score instantly, Experian Boost is worth considering. But if you’re looking for an online payment solution that lets you send money to others nationwide in real-time without incurring steep fees or penalties, Cash App could work.
In this guide, you’ll learn more about each tool and if they work together.
What Is CashApp?
Cash App is a peer-to-peer payment app that makes sending or managing your money easy. There are also investing capabilities, and you can get a Cash App debit card to spend anywhere Visa debit cards are accepted.
How Does Cash App Work?
Consumers use CashApp for these primary purposes:
- Sending money: Sign up for Cash App, create a unique $cashtag and send money for free to other Cash App users nationwide.
- Spending money: Get a fee-free, customizable Cash Card that can be used everywhere Visa is accepted.
- Banking: You can also use your Cash App account to receive direct deposits from your employer. Even better, you could get paid up to two days early and make fee-free withdrawals if your incoming deposits are greater than $300 per month.
- Investing: You can also use Cash App to invest in bitcoin and stocks. All you need is $1 to get started.
Does Using Cash App Affect Your Credit Scores and Reports?
Your credit score won’t be impacted when you sign up for a Cash App account. But if you use the Buy Now Pay Later feature (available in select markets) that allows you to make purchases and repay over time, your credit score could be affected when you apply. Furthermore, late or missed payments could also ding your credit score.
What Is Experian Boost, And How Does It Work?
Experian Boost is a service that uses alternative credit data, including payment history from participating service providers, to raise your credit score. Here’s how it works:
- Step 1: Link the bank accounts you use to pay bills.
- Step 2: Select the payments and bills you want to appear in your Experian credit profile. See what bills qualify for Experian Boost.
- Step 3: Watch as your credit score may improve right away.
The average user sees an increase of 12 points in their FICO Score of 8. But you may or may not see any improvement in your credit scores, depending on your credit profile.
In fact, the users who get the best results are generally credit newbies or individuals with lower credit ratings who are working towards rebuilding their scores with positive information. If you’ve had credit history for some time, though, and your accounts are in good standing, Experian Boost may not have that much of an impact.
Still, you may want to try the free tool to access a host of other perks. Experian Boost is offered for free as a part of the CreditWorks Basic membership that also includes:
- Your free Experian FICO Score and credit report with updates every 30 days
- Experian credit report and FICO Score monitoring
- Access to a loan and credit card matching tool to help you find the best offers
- A free one-time dark web scan and a report that reveals if your information is on the dark web and tips to protect it from cyber-thieves
- A complimentary personal privacy scan to identify people finder sites that house your personal information
So, consider signing up today. It only takes a few minutes of your time, and you’re not required to put a credit card on file to get started.
Does Experian Boost Work With Cash App?
No, Experian Boost does not work with Cash App at this time.
How to Sign Up for Experian Boost
Visit Experian.com or download the mobile app to sign up. You’ll be prompted to enter your name, physical address, email address and a unique password to establish an online account.
Next, you’ll log into the online dashboard using the credentials you created and connect the account(s) you want to use with Experian Boost. They should reflect qualifying payments made to service providers in the last three months.
Select the payments you want to be added to your Experian credit profile, and Experian will handle the rest. If your credit score does increase when the positive payment history is added to your credit profile, you will see results right away.
