Experian Boost ---- Thoughts

[sarge12]

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@Anonymous wrote:

I thought there was one about "The age of your oldest account..." but can't remember exactly.  I've never seen it personally, but am trying to remember back to TT's list of Fico negative reason statements.

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I personally do not care very much about fico reason codes, they have not really been the cause of any kind of denial for me in a long time. I do wish that the standard reason for rejecting my CLI requests were not a thing. "Your use of the existing credit limit on our card is too low" That one popped up so many times that I stopped even requesting any CLI. I actually only responded to this to say good evening to you BBS. I hope you are well.

[Anonymous]

Dinosaur Lol, well Dinosaur was already taken, 😉and Birdman without a number was taken so I was lucky enough to throw a number behind it and it worked!

No, I’ve just always had a love for birds so I figured, why not! 🤔

[SouthJamaica]

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@ForeverGardening wrote:

I called Experian this morning and the Robo Lady mentioned a new program called Experian Boost that will be rolling out in 2019.

A quick google search and I found this on their website. What's your thoughts??

"Through Boost, consumers can grant Experian permission to connect to their online bank accounts to identify utility and telecommunications payments. After a consumer verifies the data and confirms they want it added to their Experian credit file, an updated FICO® Score is delivered in real time. The whole process takes about five minutes, and the resulting credit score boost is immediate.

One of the most exciting things about Experian Boost is that it's a free tool designed to help those consumers who struggle most with building credit. According to Experian research, 75% of consumers with FICO® Scores below 680 saw an improvement in their credit scores with Experian Boost. And 10% of consumers who previously had a "thin file" (not enough credit history) became scoreable after taking advantage of Experian Boost.

What's more, the risk predictiveness of "boosted" credit scores—that is, its ability to allow lenders to accurately assess risk—remained the same."

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My thoughts about Experian Boost are simple -- you'd have to be nuts to give Experian (or anyone) access to your checking account.

[Anonymous]

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@sarge12 wrote:

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I personally do not care very much about fico reason codes, they have not really been the cause of any kind of denial for me in a long time. I do wish that the standard reason for rejecting my CLI requests were not a thing. "Your use of the existing credit limit on our card is too low" That one popped up so many times that I stopped even requesting any CLI. I actually only responded to this to say good evening to you BBS. I hope you are well.

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You also Sarge!  Good to see you around more often lately on the forum. 

Fico reason codes on a clean/thick/aged file are usually going to only be pointing to Fico score limiting factors and generally not denial reasons for credit products or CLIs.  When you're talking scores in the 800's, the important things like payment history and amounts owed are going to be in check by default. 

[Anonymous]

My experience with this was an 8ish point gain, my wife gained 10. The banking stuff being through a third party I think is a good thing, as some budgeting tools I use utilize the same third-party service, so my risk doesn't jump from it.

They get more data on me, but I can always turn it off later when I no longer want them to have access to my actual spending. A secondary bank account just for this purpose isn't a bad idea though, that's pretty much win/win (especially with a signup bonus).

[Kchristophe11]

Omg How did you build up such access to credit from where you were. I've never seen available ctedit that high.

[Kchristophe11]

Were youbapproved for both your AMEX cards with your current scores?

[Kchristophe11]

What were your scores when you got your AMEX and Savor?

[Anonymous]

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@Jnbmom wrote:

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@Anonymous wrote:

I still caution people about giving access to their bank account(s) with this.  Definitely to each their own.

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+1

Yes I so much agree, just thinking about a credit bureau having access to my bank account is very uneasy. 

Now if they worked it out with the actual utility /cell phone companies I could see, but no way in hell are they getting access to my bank account! !!!

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Com'mon Mom, this gives just a little bit more information that might be available through a "hack" ... have to feed the hackers

[mitchblue]

Anyone remember the Equifax Data Breach? It can easily happens to Experian and you want them to have access you your bank accounts?