Any recurring payments you have such as subscription services that renew every month or year like Netflix, Amazon Prime, or Spotify are good to put on your credit card, especially an older one that you no longer use as much.
It means regular debit payments over the last 12 months related to subscriptions to digital entertainment services can now contribute to credit scores and be factored into mortgage applications to the Society.
You sure can! Video streaming services like Netflix®, Disney+™, HBO™ and Hulu™ are all eligible for Boost. Just make sure the accounts are in your name and the bills have 3 payments in the last 6 months (including 1 payment within the last 3 months).
You will need at least three months of payment history within the past six months for the account to be added to your credit report. And don't worry if you've made a late payment or two: Experian Boost only adds on-time payments to your report.
If you're careful with your spending habits and can make payments on time, monthly subscriptions can be a helpful way to build your credit score as they can be another way to show that you are responsible with your money and able to pay off your bills on time.
You can build your credit instantly with apps like Experian Boost. But to see a substantial difference in your score, you'll need to actively pay down debts and take on other methods of credit building for several months.
Your payment history carries the most weight in factors that affect your credit score, because it reveals whether you have a history of repaying funds that are loaned to you.
We don't necessarily like the price tag on the monthly subscription of Netflix, but you do get what you pay for (and it still maintains the title of best streaming service). You get access to over 6,000 titles, giving you hours of bingeable entertainment.
On average, Netflix uses approximately 1GB of data every four hours. This is when Netflix is in its default data usage mode, meant to balance data usage with video quality. So if you do the math (or if we do), that means you can stream approximately 16 hour-long episodes of your favorite show with 4 GB of data.
The time it takes to increase a credit score from 500 to 700 might range from a few months to a few years. Your credit score will increase based on your spending pattern and repayment history. If you do not have a credit card yet, you have a chance to build your credit score.
Experian Boost will add in a range of payments via Open Banking, including money earnt and spent, as well as council tax payments, savings and investments, and subscription payments to Netflix, Spotify, and Amazon Prime, to credit scores.
