@Anonymous wrote:I have been getting everything ready to apply for a refinance and plan on doing so this week. I have gotten my middle fico score up to 619.....one more point I need for the 620. This middle score is the experian mortgage fico so I am wondering if adding the experian boost would help in this circumstance??
No it will not help. Lenders pay no attention to it. Worse: it allows them to data mine your bank accounts and sell that information to third parties. It has NO benefit what so ever.
Experian Boost generally does NOT help people with scores over 620-640+. It is more for people with low credit scores to give them something that might be scorable.
As a side note... It is highly NOT recommended to turn on during a time you are looking to apply for anything. If one must, do it afterwards while you are gardening the fruits of your labor already.
Most people on this site will tell you how bad it is and that it's just to allow them to data mine your information. This is true.
I myself do have Boost turned on. Gave me -zero- points. A thing to note: It takes at least 3 payments to the same entity before it gets counted. 2 payments? Nope. Has to be 3 or more. A thing to note part 2: Having Boost turned on for several months now, I've recently had the natural gas at my place switched into my name. (Previously it was in my roommate's name). When that third payment kicked in turning Boost on, Experian registered that as a new account, dropping my Experian credit score -20 points. It should go back up shortly after it evens out. But be forewarned to have them register those new accounts can hurt your score.
As yet another side note. Items that do get added to Experian Boost will only reflect on your FICO 8, 9, and newer models. Mortgage and Auto loans will have absolutely no impact as it is not even seen. Also...
Should go without saying, but this ONLY effects your Experian report and does nothing at all to TransUnion or Equifax.
