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Dangers of Experian Boost to Mortgage Score Report

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Anonymous
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Dangers of Experian Boost to Mortgage Score Report

My actual Experian and Equifax reports are similar (except for Boost items).  On a Residential Mortgage Credit Report, my Experian was hammered by comparison, with notes about number of acounts and balances vs max which appear to be contributed to Experian Boost items.  Score was 752 vs 802.  I realize there are model differences between 2 and 5, and I can't attribute it directly (although it seems to be be based on notes), just wanted to throw it out there, wasn't sure if it was commonly known.  Because it was over 740 I am in top tier and not effected, but this could have been a huge deal in a slighly different senario.

Message 1 of 13
12 REPLIES 12
Anonymous
Not applicable

Re: Dangers of Experian Boost to Mortgage Score Report

And this is why people shouldn't use Experian boost : )

Message 2 of 13
Anonymous
Not applicable

Re: Dangers of Experian Boost to Mortgage Score Report

Is EX Boost something that can be removed once added?  I know nothing about it.  If it can be removed, it would be cool to see the impact on that mortgage score with/without it in place.

Message 3 of 13
Anonymous
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Re: Dangers of Experian Boost to Mortgage Score Report

You can remove it.   If had effected by tier I would have and tryed to rerun it.

Message 4 of 13
Anonymous
Not applicable

Re: Dangers of Experian Boost to Mortgage Score Report

If it's not too much trouble and you can remove it and grab your score again that information could greatly help someone else in the future and potentially prevent them from dropping a tier and thus losing out on a ton of money.

Message 5 of 13
SouthJamaica
Mega Contributor

Re: Dangers of Experian Boost to Mortgage Score Report


@Anonymous wrote:

                  another reason

And this is / why people shouldn't use Experian boost : )


 


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 685 TU 691 EX 683




Message 6 of 13
dustind
New Contributor

Re: Dangers of Experian Boost to Mortgage Score Report

You can unboost on their CCT service website. I think this could also be a way to get mid-day updates to your fico8 score.

Message 7 of 13
Anonymous
Not applicable

Re: Dangers of Experian Boost to Mortgage Score Report

I'll attempt to get score again (I think pulled right before closing) but it will be a couple of weeks.  FICO 8 drops from 786 to 770 with Boost accounts removed.

Message 8 of 13
Focker69
Regular Contributor

Re: Dangers of Experian Boost to Mortgage Score Report

I don't think Experian Boost accounts are factored into the Mortgage Fico scoring formula.... I could be wrong.

Hoping to hit 700 soon!
Message 9 of 13
Anonymous
Not applicable

Re: Dangers of Experian Boost to Mortgage Score Report

@Focker69 

 

The Experian self reported balances showed when both mortgage companies I qualifed through pulled credit.  (they removed from DTI calculations manually).  Showed as Utility Self-Report, Telecom Self-reporte

 

On the Experian report mine was scored 752 (lowest), and the notes Ratio of Balance to Limit on Bank revolving or other rev accts too high and Too many accounts with Balances was on Experian but not the others.  On the self reported accounts they shows as $25 of $25, $100 of $100.

Message 10 of 13
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