StellarFi reports to the major credit bureaus: Experian®, Equifax®.
Experian Smart Money Digital Checking Account and Debit Card is not a bill management tool.
StellarFi offers $5 credits for every new referral from an existing member.
Experian Smart Money offers a $50 bonus, but only if the direct deposit in the Checking Account amounts to $1,000 within 45 days.
You can also get your paychecks two days before they are due, but that depends on when the direct deposit file reaches them and isn’t always guaranteed.
Your credit score can be the determining factor in whether you’re able to rent a home, get approved for a mortgage, or get a good interest rate on a car loan. Having good credit can save you money in the long run, through access to better interest rates and more favorable borrowing terms. Here are some scenarios in which your credit score makes a difference:
StellarFi is a simple but revolutionary way to build credit. With StellarFi, you can build credit without the downsides of other credit-building products and services. Get started with:
StellarFi is easy to use. You just need a bank account and monthly household bill payments — like your go-to streaming service, utility bill, and rent — to get started.
These are the steps to start building credit with StellarFi:
With StellarFi, your bills are conveniently automated and paid on time, and your bills help you build credit.
StellarFi was built for anyone looking to build credit or improve their credit scores.
Here are some of the best reasons to use StellarFi:
So, what are the downsides? Here are some examples of situations in which StellarFi may not be a good fit:
Experian Smart Money works like StellarFi in that you can use it to pay your bills or any merchants which are reported to the major credit bureaus. The Experian Smart Money Debit Card is linked to your Experian Smart Money Checking Account, where you will need to deposit funds in the checking account in order to make your transactions.
To apply for an Experian Smart Money Checking Account, you need to:
After opening your Checking Account, you will get a virtual Experian Smart Money Debit Card. To use the Debit Card:
Here are some of the benefits of using Experian Smart Money:
Here are some of the drawbacks of using Experian Smart Money:
Your credit history and credit needs are unique. Finding the right solution is not a one-size-fits-all scenario. That’s why it’s important to take an objective look at your options.
Experian Smart Money is a good fit for anyone with no or low credit scores. You don’t need to take on new debt to improve your credit score and use the bills you’re already paying to build it. Plus, the Experian Boost link means that you don’t have to worry about which of your payments qualify to be reported to the credit bureau.
However, not all lenders use Experian credit files, Experian impacts only FICO Score 8. So any lender not reporting to Experian or using FICO Score 8 will not see any change in the borrower’s credit score. Though the $50 bonus with no additional hidden monthly or maintenance fees looks attractive, terms like having $1,000 deposits within 45 days to qualify render the benefit meaningless, if the user cannot make direct deposits of that amount. The promise of getting your paycheck two days earlier is also not guaranteed. So if you are new to credit building, or you’ve only recently landed a job and started saving up, it may not be possible for you to meet these requirements unless you have other sources of income like an inheritance.
The StellarFi Virtual Bill Pay Card is the best option for people across their credit journey, whether you’re building from having low credit or want to boost yourself from “average” to “good.” This is a great fit if you want to make a more significant, long-term impact on your credit by paying the big and small monthly bills you’re already in charge of. The StellarFi Virtual Bill Pay Card also reports up to $25,000 of bill payments whereas the Experian Smart Money limit is not specified. Since the Experian Smart Money feature is not a new line of credit, it does not impact your credit mix in any way, unlike StellarFi that adds to your credit mix because it reports a line of credit. Those with mostly installment accounts on their credit report will see an improved credit mix when they join StellarFi. It’s also a great solution for those who want to manage their bills and view their credit scores and reports in one dashboard.
By comparing credit builders side-by-side, you’re sure to find the right tool, or combination of tools, for your goals.
View your current credit score and access your detailed credit report, just by creating your account.
Make automatic bill payments using your StellarFi Virtual Bill Pay Card. Next, we report on-time payments to all major credit bureaus each month.
See your credit score increase while we build your payment history, optimize your credit utilization, and more.
Enter our “5 Ways to $5k” giveaway through your StellarFi dashboard and get a chance to win $5k in bills paid.
Read full terms here.