topic Re: When Experian Is Pulled For Applications, Are Boosts Ignored? in Credit Card Applications

When Experian Is Pulled For Applications, Are Boosts Ignored?

daveg38 — Thu, 10 Dec 2020 12:59:31 GMT

I was curious about how credit card applications are affected by Experian Boosts.

I recently got one boost with two more pending, upping me 10 points with a possible 10-20 points forthcoming.

When American Express and Discover (which has been wanting me to unfreeze Experian for a prequal) see boosts, do they adjust your FICO 8 down, do they welcome the boosts, or deny you if boosted?

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

GApeachy — Thu, 10 Dec 2020 13:05:11 GMT

Idk the answer but I wonder if Boost boosts your bankcard scores and other scores as well. Have you checked all of your other scores to see?

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

daveg38 — Thu, 10 Dec 2020 13:14:36 GMT

My report isn't due for an update yet, but I imagine that miscellaneous accounts not identified as a bankcard would not boost your FICO Bankcard 8/9 score.

I may be the sacrificial lamb here and do a prequal with Discover to see if they generate a FICO 9/Bankcard 9.

Edit: I tried the prequal, they had nothing. Used my current boosted FICO 8 (not bankcard).

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

M_Smart007 — Thu, 10 Dec 2020 15:57:34 GMT

@daveg38 wrote:
I was curious about how credit card applications are affected by Experian Boosts.

I recently got one boost with two more pending, upping me 10 points with a possible 10-20 points forthcoming.

When American Express and Discover (which has been wanting me to unfreeze Experian for a prequal) see boosts, do they adjust your FICO 8 down, do they welcome the boosts, or deny you if boosted?

Just a wild guess, I believe that some or most algorithms discount the EX boost score.

I have no proof of this and could be wrong. (I am willing to be corrected)

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

M_Smart007 — Thu, 10 Dec 2020 15:59:23 GMT

I think if you fill out the BBVA pre-qaulify, they give you your EX score?

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

daveg38 — Thu, 10 Dec 2020 17:33:02 GMT

@M_Smart007 wrote:
@daveg38 wrote:
I was curious about how credit card applications are affected by Experian Boosts.

I recently got one boost with two more pending, upping me 10 points with a possible 10-20 points forthcoming.

When American Express and Discover (which has been wanting me to unfreeze Experian for a prequal) see boosts, do they adjust your FICO 8 down, do they welcome the boosts, or deny you if boosted?
Just a wild guess, I believe that some or most algorithms discount the EX boost score.
I have no proof of this and could be wrong. (I am willing to be corrected)

When I did the Discover prequal, they quoted my boosted FICO 8 score, but score was not the reason for denial/no prequal offer (still have a CO with them in their system, although it's been paid in full).

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

OmarGB9 — Fri, 11 Dec 2020 03:13:16 GMT

@daveg38 wrote:
@M_Smart007 wrote:
@daveg38 wrote:
I was curious about how credit card applications are affected by Experian Boosts.

I recently got one boost with two more pending, upping me 10 points with a possible 10-20 points forthcoming.

When American Express and Discover (which has been wanting me to unfreeze Experian for a prequal) see boosts, do they adjust your FICO 8 down, do they welcome the boosts, or deny you if boosted?
Just a wild guess, I believe that some or most algorithms discount the EX boost score.
I have no proof of this and could be wrong. (I am willing to be corrected)
When I did the Discover prequal, they quoted my boosted FICO 8 score, but score was not the reason for denial/no prequal offer (still have a CO with them in their system, although it's been paid in full).

They used EX for you? They used EQ for my prequal. Denied prequal for same reason though.

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

Remedios — Fri, 11 Dec 2020 03:42:26 GMT

Lenders have the option of pulling the score with boost implemented, most choose not to.

Boost is simply a feature offered by Experian, but for most lenders offers little to no value.

Person is very likely to continue paying rent while defaulting on cards, or paying utilities since life without electricity would be very hard, but when things get rough, card payments are the first ones to be ignored.

Boost has limited but beneficial use for those with little to no credit, since there is nothing else to show how they would handle their obligations.

There isn't a single major lender that is pulling *boosted* score that I know of.

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

Remedios — Fri, 11 Dec 2020 03:56:02 GMT

@daveg38 to answer your question, they don't pull the version with the boost.

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

daveg38 — Fri, 11 Dec 2020 10:52:30 GMT

@Remedios wrote:
@daveg38 to answer your question, they don't pull the version with the boost.

As stated above, Discover pulled my boosted EX FICO 8 as evidenced by the score they presented me at the bottom of the prequal denial.

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

Anonymous — Sun, 13 Dec 2020 04:38:07 GMT

Isn't boost more or less an algorithm modification? Maybe I understand it incorrectly and someone can better explain it.

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

Anonymous — Sun, 13 Dec 2020 05:17:34 GMT

From what I've seen across DPs and reports:

Experian boost will only help Experian's FICO 8 score, not other versions. It will not help your FICO 2 via Experian or any other flavor.

Lenders will pull the report with these boost (AKA self-reported) accounts, and also use the FICO 8 boosted score. This can backfire if you do something that is velocity sensitive like Chase and you report 5 utility bills with only a handful of months worth of payment history.

If you're doing something like mortgage, and these accounts are on your report, you may be asked to remove them for another more accurate pull.

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

Anonymous — Sun, 13 Dec 2020 08:05:21 GMT

@Anonymous wrote:
From what I've seen across DPs and reports:

Experian boost will only help Experian's FICO 8 score, not other versions. It will not help your FICO 2 via Experian or any other flavor.

Lenders will pull the report with these boost (AKA self-reported) accounts, and also use the FICO 8 boosted score. This can backfire if you do something that is velocity sensitive like Chase and you report 5 utility bills with only a handful of months worth of payment history.

If you're doing something like mortgage, and these accounts are on your report, you may be asked to remove them for another more accurate pull.

Plus they also include any self reported accounts into your DTI, which can be troublesome if you have a high DTI or lots of SLs

Re: When Experian Is Pulled For Applications, Are Boosts Ignored?

GApeachy — Sun, 13 Dec 2020 11:04:27 GMT

@Anonymous wrote:
Lenders will pull the report with these boost (AKA self-reported) accounts,

Thanks @Anonymous , I had been wondering what "Self Reported" was all about.