topic Re: Experian Boost in Rebuilding Your Credit

Experian Boost

Anonymous — Sun, 10 Mar 2019 17:07:59 GMT

I was reviewing my credit report with Experian and noticed Experian Boost is offered. Your FICO Score will get an instant boost by adding your utility and phone payment history to your Experian credit file.

Has anyone used this feature?

Re: Experian Boost

mmajer4211 — Sun, 10 Mar 2019 17:32:40 GMT

@Anonymous wrote:
I was reviewing my credit report with Experian and noticed Experian Boost is offered. Your FICO Score will get an instant boost by adding your utility and phone payment history to your Experian credit file.

Has anyone used this feature?

I did it on Friday. Instant 20 point increase. It will be different based on each persons profile though.

Re: Experian Boost

Anonymous — Sun, 10 Mar 2019 23:55:12 GMT

I learn something on here everyday!!! Saw this post...gave it a try and gained 7 points. That's awesome! Thanks!!!!

Re: Experian Boost

Wizard10 — Mon, 11 Mar 2019 00:47:23 GMT

@mmajer4211 wrote:
@Anonymous wrote:
I was reviewing my credit report with Experian and noticed Experian Boost is offered. Your FICO Score will get an instant boost by adding your utility and phone payment history to your Experian credit file.

Has anyone used this feature?
I did it on Friday. Instant 20 point increase. It will be different based on each persons profile though.

Did you get 20 pts across 3B or only on Experian? And are the pts legit meaning creditors will look at this and say all is well?

Re: Experian Boost

Anonymous — Mon, 11 Mar 2019 01:07:27 GMT

If Experian Boost actually increases your FICO 8 score that lenders can see, I have to wonder if this will change the habits of some lenders that only pull Experian FICO 8 for lending decisions. Will they move the a different Experian FICO flavor like Bankcard, mortage, etc? Will they start double pulling Experian and another report?

While I’m sure many will disagree, I don’t think utilities should be on a credit report and this seems to muddy the Experian FICO 8 model a bit.

Re: Experian Boost

Hockeypnc1 — Mon, 11 Mar 2019 01:29:39 GMT

I posted this same question a while back

It did not increase my score, but it did find two positive tradelines, my T-mobile bill and my electric bill.

Re: Experian Boost

Anonymous — Mon, 11 Mar 2019 01:35:31 GMT

@Hockeypnc1 wrote:
I posted this same question a while back
It did not increase my score, but it did find two positive tradelines, my T-mobile bill and my electric bill.

At the least, I see it leading to more disappointed denials: I had XXX Ex score and did not get approved! It’s just leading to an inflated score and false sense of hope for some, especially those in the rebuilding stage. This increased score from adding utility tradelines isn’t erasing the derogatories, however. Lenders will still deny because of their presence.

Re: Experian Boost

Anonymous — Mon, 11 Mar 2019 03:13:11 GMT

I did it awhile back and got a boost. I believe it may have been a 20 point increase. It is just for experian fico 8 only. The FICO 8 score from transunion and experian remain unaffected. It shows up on your credit report as self reported. It doesn't erase any late payments you have but it does add to accounts that "are on time" assuming you use a bill that you have a clean record for. I did end up removing that feature wtihin 24hrs though as I ultimately decided against it.

With regards to the above post, it isn't the presence of derogatories that will prevent you from getting a good card per se, but more when it occured. i.e. if it's been more than a year or year and a half since your last late payment (derog), then you have a greater chance of getting approved than if your most recent late payment was 6 months prior. (Even with lenders such as Chase, Amex or BOA). You may not be accepted under the best conditions ie higher APR or lower starting line though.

Just wanted to clarify that so anyone new to the boards isn't under the impression that you can't get a good credit card until you have a clean credit report. It's all about timing and strategy.

Re: Experian Boost

NeverGivinUp — Mon, 11 Mar 2019 03:42:25 GMT

I actually enrolled in Experian Boost for my husband & I yesterday. He got a 3 pt. boost and I got a 10 pt. boost. Odd really since it's a joint checking showing the same information for both of us. No complaints though, we'll take what we can get.

Re: Experian Boost

800FICOGoal — Mon, 11 Mar 2019 07:36:45 GMT

@Anonymous wrote:
It is just for experian fico 8 only. The FICO 8 score from transunion and experian remain unaffected.

This is just one of the reasons, why I feel Boost isnt worth the effort.

Re: Experian Boost

GApeachy — Mon, 11 Mar 2019 10:21:25 GMT

I tried it, just curious to see, and not only could it not find my personal bank accts. it couldn't find any bills. (i do not exist)

Re: Experian Boost

mmajer4211 — Mon, 11 Mar 2019 11:34:03 GMT

@Wizard10 wrote:
@mmajer4211 wrote:
@Anonymous wrote:
I was reviewing my credit report with Experian and noticed Experian Boost is offered. Your FICO Score will get an instant boost by adding your utility and phone payment history to your Experian credit file.

Has anyone used this feature?
I did it on Friday. Instant 20 point increase. It will be different based on each persons profile though.
Did you get 20 pts across 3B or only on Experian? And are the pts legit meaning creditors will look at this and say all is well?

Just on Experian. It does not count towards other 2. I believe the points are legit. That's what it states.

Re: Experian Boost

mmajer4211 — Mon, 11 Mar 2019 11:39:01 GMT

@800FICOGoal wrote:
@Anonymous wrote:
It is just for experian fico 8 only. The FICO 8 score from transunion and experian remain unaffected.
This is just one of the reasons, why I feel Boost isnt worth the effort.

The "effort" to do this is almost completely effortless. Takes 5 minutes. If 5 minutes of my time equates to an extra 20 points on my Experian Fico 8 then I'm all for it.

Re: Experian Boost

Five6Two — Wed, 13 Mar 2019 16:59:46 GMT

I went ahead and tried this out - added 4 self-reported accounts with over 50 payments but still no boost to my score...at least my positive payment history has improved.

Re: Experian Boost

Anonymous — Thu, 14 Mar 2019 16:51:38 GMT

Since my CU was not listed I opted out. I believe that utilities/cell phones/other monthly charges should be included. If you don't pay it will be listed. I know someone that pays more for cable then another friend's monthly car payment. My gas/electric used to post, but stopped a few years ago. It was posted as other or loan on the CR. When it stopped reporting my score dropped. Why are secured debts (i.e. mortgage/auto loan) counted?

Re: Experian Boost

Anonymous — Thu, 14 Mar 2019 19:15:09 GMT

I feel like it's rather gimmicky imo...

Lenders will still see any derogatories on my file. They will still see all the same things that were there before. A point increase wont remove the 2 collections that are still just hanging out because they wont PFD....

However if your on the edge of "Fair" and "Good" credit I can see how it might make someone feel better about thier credit situation.. But for me I'm not giving them any more information to sell... IMO of course.

Re: Experian Boost

Anonymous — Wed, 20 Mar 2019 17:05:16 GMT

I don't see the value of this. My FICO8 score is already >760, which is good enough for any credit card, and this "boost" wouldn't help the only score I care about--the mortgage scores.

In exchange for getting this higher score on a single version of FICO, I am giving Experian permission to track a whole lot of additional data about me, and why would I want them to?

Re: Experian Boost

sws53 — Wed, 03 Apr 2019 13:29:32 GMT

I have tried it. While it does increase your credit score a few points, it also raises your debt to income ratio. Therefore could affect your ability to purchase a home. It raised my dti from 36% to 41%. Most lenders want it to be 35%.
Something to consider when purchasing a home or auto.

Re: Experian Boost

Anonymous — Wed, 03 Apr 2019 14:54:30 GMT

I tried it. It picked up three years of my electricity and phone bill, but didn't do anything to my score

Re: Experian Boost

Anonymous — Thu, 23 May 2019 23:44:20 GMT

Yep, I did it but it didn’t change anything. Also, DO NOT DO THIS before a mortgage application. They count it as your debt and it put my DTI really high because my utilities are high.