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New Credit Programs

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Contributor

New Credit Programs

I added Self Lender a couple of months ago which is also an installment account. In addition I added my cell phone bill using the new Experian Boost program. This is also classified as an installment trade line. According to Myfico customer service the age of the account will also bring the score up. The only balance showing on the boost is only the payment am making each month. 

 

I am just trying to see what happens to the score and pass on what I have learned. With the Experian boost the score has increased 11 points.

3 REPLIES 3
Community Leader
Super Contributor

Re: New Credit Programs

Are you asking a particular question?  If so, you may want to be more specific about what that is.

 

Alternatively you may simply be telling the community what you are doing, without necessarily seeking advice, which is fine too.

Message 2 of 4
New Contributor

Re: New Credit Programs

I was looking at the Experian Boost and debating whether or not it would actually mean anything.  The multiple disclaimers about it possibly not meaning anything if the lender does not factor it is pushed me away.  I figured that it would not reflect on any pull that meant anything.  And if that is actually the case IMO the "boost" could give one a false impression of where they actually are at.  Not that we "really" know anyway. 

 

Now I would love to see the utilities added across the board and become an actual factor in a credit score.  If Verizon can report that I don't pay then they should report that I do pay. 

My long rebuilding road. I am currently gardening.
Filed Chapter 7 in December 2017
I AM NOT checking any scores until January 2019
TU: 558 EF: 558 EX: 608 as of 09 Oct 2018
Vantage Scores TU: 695 EQ: 691 EX: 687
FICO 8 Exp 657 (22 Sept 2018)
FICO 9 Exp 695 (03 Oct 2018)
FICO 9 EQ 662 (11 Sept 2018)
FICO 8 TU 628 (28 Aug 2018)
*CC's:
QuickSilver One (Oct 2018) $3000
QuickSilver (PC from Platinum) (Apr 2018) $500
Secured USAA Amex (Apr 2018) $1250
Secured Discover IT (June 2018) $500
Ollo Platinum MC $800 (Nov 2018)
*Loans
AMPLIFY CU Auto Loan (72 mo) $36,744 (Oct 2018) 4.79%
Inquiries: TU-11, EQ-9, EX-9 (Most of HPs were from Auto Purchase)
Message 3 of 4
Community Leader
Senior Contributor

Re: New Credit Programs

On your report, look at the details for your Verizon account, and check for "loan type." It'll probably say something like "other." I think that credit monitoring software has a tough time trying to figure out where to place a utility bill.

 

My gas and electric bill used to report to EX and TU. On Experian, myFICO plopped the account into the installment category, even though the loan type was "other." TU placed the account into an "other" category. This account dropped off of both reports recently, and neither score changed. Had it been an installment loan, it would have been my only one, and I'd have seen FICO 8 score drops.

Message 4 of 4