Experian Boost

[Anonymous]

I tried searching, but couldn't find a real answer for this, apologies if there's a thread for this elsewhere!

I'm struggling to understand the Experian Boost. I know what it is, but it's just...not...boosting?

I pay all my utilities on time, every time, every month. The same ones. For years. Cell phone, cable/internet, water, electric, etc. I figured at the very least the electric would boost. Nada. I even submitted a ticket on it. Nope, nothing.

My name is on the credit union account, and the bill account is in my name.

Could the issue be the credit union account also has my partner as a joint owner?

Could the issue be the credit union is Navy Federal? Does Boost work better with certain banks?

I'm grasping at straws here!

[Anonymous]

Do you already have a good mix of accounts and history of on time payments? If so, you probably won't get a boost in your score.

Is your issue the fact that these accounts are not being found by the boost? 

Either way, IMO experian boost is kind of useless even if it does boost your score. It will cause all of those bills to be figured into your DTI which hurts more than it helps. 

[CreditobsessedinFL]

I think the general consensus is it's useless, most creditors disregard it. I disconnected it for my daughter. 

[Anonymous]

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@Anonymous wrote:

I tried searching, but couldn't find a real answer for this, apologies if there's a thread for this elsewhere!

I'm struggling to understand the Experian Boost. I know what it is, but it's just...not...boosting?

I pay all my utilities on time, every time, every month. The same ones. For years. Cell phone, cable/internet, water, electric, etc. I figured at the very least the electric would boost. Nada. I even submitted a ticket on it. Nope, nothing.

My name is on the credit union account, and the bill account is in my name.

Could the issue be the credit union account also has my partner as a joint owner?

Could the issue be the credit union is Navy Federal? Does Boost work better with certain banks?

I'm grasping at straws here!

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Yeah, I saw some troubleshooting stuff on the Experian website regarding joint accounts. I truly think it is a ploy to access your bank accounts and view your spending patterns and take that data and share with creditors. I believe the understanding is it is more of a boost that does little for you.

[M_Smart007]

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@CreditobsessedinFL wrote:

I think the general consensus is it's useless, most creditors disregard it. I disconnected it for my daughter. 

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+1 This  ^^^^^^^^^^^^

[ridgebackpilot]

Anyone with a relatively thick credit file won't get a boost from Experian Boost. I certainly didn't.

And I agree that no one should give a credit bureau access to their banking information. Could do a lot more harm than good.

Experian Boost is for those with thin files who have good records of paying their utility bills on time...it's not going to help anyone else.

[Anonymous]

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@Anonymous wrote:

I tried searching, but couldn't find a real answer for this, apologies if there's a thread for this elsewhere!

I'm struggling to understand the Experian Boost. I know what it is, but it's just...not...boosting?

I pay all my utilities on time, every time, every month. The same ones. For years. Cell phone, cable/internet, water, electric, etc. I figured at the very least the electric would boost. Nada. I even submitted a ticket on it. Nope, nothing.

My name is on the credit union account, and the bill account is in my name.

Could the issue be the credit union account also has my partner as a joint owner?

Could the issue be the credit union is Navy Federal? Does Boost work better with certain banks?

I'm grasping at straws here!

---

Late to the party here but here are my two cents.  Boost is essentially a feel good tool and nothing more.

If you look at scores that Experian connected lenders use: you will notice your boosted score is disregarded.  For eg; my American Express score has never ever been the same as my Experian.  It's always 8 points behind and that was the score boost I got when I linked all my accounts.  

I recently disconnected my boost and saw an 8 pt drop.  And I'm ok with that.  Sure I want to see a higher score but what's the point if it's not universally accepted as a standard? 

I'm sure some lenders take it into account.  None of mine care for it.  

Hopefully this helped a bit. 

[Iusedtolurk]

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@Anonymous wrote:

I tried searching, but couldn't find a real answer for this, apologies if there's a thread for this elsewhere!

I'm struggling to understand the Experian Boost. I know what it is, but it's just...not...boosting?

I pay all my utilities on time, every time, every month. The same ones. For years. Cell phone, cable/internet, water, electric, etc. I figured at the very least the electric would boost. Nada. I even submitted a ticket on it. Nope, nothing.

My name is on the credit union account, and the bill account is in my name.

Could the issue be the credit union account also has my partner as a joint owner?

Could the issue be the credit union is Navy Federal? Does Boost work better with certain banks?

I'm grasping at straws here!

---

Imho if experian had a credit card experian boost may help you have a better score with them but since they don't experian boost only serves a purpose of you feeling better about a score with a few more points on it.

Digging through your bank account for all your deposits, bills and spending patterns seems way to invasive to me to allow a credit reporting agency to have that kind of access for a measly few points that creditors probably ignore.

[Trudy]

I'm of the same thought that it's too much info to give up although CB have lots of info, but not your personal banking accounts.  Also I believe it may be a feel good because from those I know, few, who have used it they have been denied and the score provided was not the Boosted score.  So it seems to support most lenders don't see those points and your score without the Boost is what they use.

However, I know one person who applied for credit through a furniture rental store who used the Boost score.  But the interest didn't seem to support a "better" score.  I guess just the approval for that type of lender.  But consider the lender they probably would have been approved anyway.  I don't know.  Just my 19 cents.

I personally dont' think there's  quick fix other than than the hard work to fix past missteps, not repeating those missteps and time.  I personally was not willing to provide that extra personal information but I understand their targeted market.  

[DisputeQueen]

I input all of my normal utilities and it did boost my score a little bit, which was great.  But to be honest it's stupid.  It says my score is 624, but when I just went to go buy a car it says my score is 594 there.  I feel like it give you a false sense of having a better score than you really do because the companies that I wanted to have a better score didn't see the boost.

I am actually going to remove my acounts now.