Experian Boost

[DaYooper]

Sorry to revive this, but I thought I would add one more datapoint here. At some point, your boosted and unboosted score will match. I don't know what number that would be, or if it depends on what scorecard you're in. However I suspect it's close to, or somewhere above 740.

To start, my score was boosted 14 points last year when I activated it (696 to 710)

My EX8 score was sitting at 738 for 6 weeks between October and January, despite paying off one credit card, lowering my utilization from  43% to 33%, increasing my CL by $10,000, lowering my DTI, and maintaining on-time payments.

My EX8 score has been sitting at 784 for the last 7 weeks, despite having one 30-day late coming off, having a $50 medical collection fall off (two months EE), getting a $4000 CLI, paying off one more credit card, and maintaining on-time payments.

I turned off Boost 5 days ago, and my score stayed at 784 -- NO CHANGE.

[Anonymous]

I had a question about the boost from experian. What can it be used for and is it worth to use. And I'm guessing it just boosts the one bureau l. Correct. Still learning how everything turns here. Thanks

[Anonymous]

It only affects EX, and lenders tend to discount it from consideration. Some thoughts:

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Experian-Boost-Testing-if-it-actually-he...

[Horseshoez]

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@Anonymous wrote:

I had a question about the boost from experian. What can it be used for and is it worth to use. And I'm guessing it just boosts the one bureau l. Correct. Still learning how everything turns here. Thanks

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The other thing to consider is do you REALLY want Experian to have access to your bank account?  I took one look at how Boost worked and said, "Oh hell no!"

[tricie17]

@Horseshoez I doubt if Experian will hurt a bank account if they had that information. After all banks are or should have security controls in place to protect people information where some are better than others and we as a society, epecially if you deal with securing your business of any kind, have placed our accounts in other outside entities. 

[Horseshoez]

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@tricie17 wrote:

@Horseshoez I doubt if Experian will hurt a bank account if they had that information. After all banks are or should have security controls in place to protect people information where some are better than others and we as a society, epecially if you deal with securing your business of any kind, have placed our accounts in other outside entities. 

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LOL, in this day and age of extreme hacking, the fewer the number of connection points, the safer your data is.  The same rule applies in my mind to these new HP free cards which reach into your bank account; just say no.

[tricie17]

Experian deals with utilities such as electric, internet etc and rental payments, netflix and maybe some others. Only your Experian report will be impacted.

[Horseshoez]

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@tricie17 wrote:

Experian deals with utilities such as electric, internet etc and rental payments, netflix and maybe some others. Only your Experian report will be impacted.

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Rendering the whole Boost scam worthless anyway.

[OmarGB9]

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@tricie17 wrote:

Experian deals with utilities such as electric, internet etc and rental payments, netflix and maybe some others. Only your Experian report will be impacted.

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Yes, but the way they access those things is via access to your bank account, which in turn lets them see your spending habits, and they most likely sell all of that info to third parties. Not to mention if they experience a hack like the EQ one, then your bank info would be exposed.

[NichelleN]

I run most of my utilities and monthly charges through credit cards as long as there is no additional fee to do so. I finally signed up for Boost using those credit cards and Experian located the accounts and 'boosted' my score adding 0 additional points. I have a pretty thick file so I guess it didn't matter. I then promptly disconnected Boost/