Credit cards play a major role in increasing your debt over time. However, opening a new credit card could be a smart financial decision if you’ve used a credit monitoring service to improve your credit score and have mastered your finances many times.
Then again, choosing the right credit card service for yourself is just as important in ensuring financial stability during a recession. This is where the Experian CreditMatch works to make things easier for you.
So if you’re considering buying a new credit card and using a service to help you, this Experian CreditMatch review will help you make an informed decision.
So let’s get into it!
What is Experian CreditMatch?
Experian is a global consumer credit reporting agency that was founded in 1996. It offers a variety of products and services to help consumers manage their credit health and is one of the major credit reporting agencies in the US.
The Experian CreditMatch is a service that can help you find credit cards and loans that you may be eligible for based on your credit score. The credit scoring system uses information from your credit history and FICO score to determine which credit cards are most likely to be approved.
There are paid versions of Experian CreditMatch, but you don’t need to pay to use the basic service. This is great news for many because CreditMatch is now free for all borrowers. Everyone can now benefit from this valuable service regardless of their financial situation.
Based on our analysis, we recommend not paying for this free service after all. If you choose an Experian partner, they will benefit from the arrangement in the first place. So let’s find out how the service works!
How does the Experian CreditMatch work?
To start, you’ll need to create an account with Experian. Once you have an account, you can access the service. Registering on the Experian website will require information on your previous financial assets and uses; you’ll have your account to use their services after registering.
Your Experian CreditWorks Basic account comes with free-of-charge features, such as credit monitoring, credit alerts, and a free credit score and credit report. You can also monitor your FICO score using this account.
To view the suggested credit cards, navigate to the Credit Card menu item and select “See Your Cards.” CreditMatch will display all the credit cards that it has found for you. This list of credits cards is suggested based on the following features:
Match percentage
Applying for a credit card is not always a desirable option, as rejection is a common occurrence. The CreditMatch percentage helps you decide which credit card to apply for.
The higher your credit score, the more likely you will be approved for a credit card. The percentages are shown on Experian’s website result from an algorithm that analyzes multiple card attributes against your credit profile.
Filters
Different people have different needs when it comes to credit cards. CreditMatch makes it easy to find the best options and categories by sorting through various options.
There are many different types of credit scoring options available in your Experian CreditMatch profile. These options include the best match, cash back, points, balance transfer, and 0% Intro APR. Additionally, travel and low-interest rates are available with no annual fees.
Credit monitoring
Credit monitoring services from Experian CreditMatch can help you boost your chances of being accepted for future offers. You can do several things to boost your credit score over time, such as using less of one card’s credit limit. Making these positive changes is easy and can greatly impact your score.
Who should use the Experian CreditMatch?
If you’re starting out and using credit cards for the first time, using Experian CreditMatch may be your best option. It provides helpful advice on which card is the best for your needs. With different ways to evaluate different credit cards and the peace of mind that will be approved, CreditMatch makes opening a new card easy.
However, suppose you already have good credit. In that case, the credit monitoring features of Experian CreditMatch will be less useful because you’re more likely to be pre-approved for premium cards, which might not be Experian partners.
Pros and cons of using Experian CreditMatch
Like any other service, there are advantages and disadvantages to using Experian CreditMatch. Here’s a list of the perks and drawbacks so you can decide whether you’ll take on this service to decide your next credit card or not.
The advantages:
- CreditMatch is available on your desktop computer and the Experian mobile app. It’s convenient to use and track your credit score along with the card of your choice at any time.
- The great thing about using Experian CreditMatch is that it contains helpful features and is free of charge. There is no significant impact on your credit score from this activity.
- Since Experian CreditMatch uses the FICO 8 score to calculate your score and eligibility, you won’t have to worry about your credit being impacted by hard pulls.
The drawbacks:
- You may not see many great credit card options in your credit report since most of the offers are from companies that work with Experian.
- There are not many premium options available. The more expensive cards don’t tend to be as popular on CreditMatch. For people with good credit, the service is pointless.
- The paid service for CreditMatch is no more valuable than the free service if that’s all you’re signing up for. We suggest you stay on the free side of the deal even if you choose to use it.
Final verdict
While there is always the potential for maxing out your credit card, it’s also worth noting that some credit card rewards and offers come with major perks that, when used responsibly, make opening a new line of credit a no-brainer.
There are various ways to get cash back, balance transfers, and bonus points, so choosing the right credit card when you open it is important. And, of course, use it responsibly to avoid any negative consequences.
If you’re looking for good credit card offers, Experian CreditMatch is a great tool to use. However, if you’re looking for cards with higher credit limits, you may not be interested in this service because it doesn’t show many premium credit card partners.
