New Credit Score Programs

[CreditBob]

Soon both Fico ultra & boost through Experian will be released. So I sent both an email to see that if you use both of them will your Fico score go up more? or will one conflict with the other? The one email was sent to the VP over Fico scoring. I will post an update when I hear back. If it turns out to be true then getting more points would be very helpful.

Here are two of the questions that I sent. If you pay for three months at one time to have a credit balance, to which I actually did this, would it count in the payment history? And  to verify that situation would we allow you to go into the utility account of that bill to verify three months being paid upfront? If a creditor for utilities or telecommunications is not on the list can a consumer submit one? Or will you disclose a complete list of those companies that you would allow to be part of the scoring process?

I think that anytime a new scoring product is coming out that all situations or scenarios have been account for so that it is fair & equal for all consumers. So if any other members have feedback or thoughts, please respond & post it.

[CreditBob]

It will be nice to see what changes will happen with Experian Boost. I have signed up and are doing everything that I can to prepare.

[Anonymous]

My [limited] experience with ultra/boost is that they're more of a gimmick than anything else.

[CreditBob]

Let's wait and see what happens. These products have not even launched. It is also important for all if us to provide feedback, suggestions, ideas, of concerns in regards to these new scoring models so that Experian & FICO can immediately address them.

[Anonymous]

Here is an article from Forbes that was posted yesterday about both of these new scoring methods:

2 New Ways To Raise Your Credit Score

(At Experian only, on both, as the article explains.)

"But with UltraFICO, you can let FICO also look at your checking, savings and money market account bank balances, to show lenders that you are someone with savings and the money to make loan and credit card payments."

"UltraFICO is only scheduled to be launched at Experian, though, so if you apply for a loan or credit card with a lender who uses Equifax and/or TransUnion FICO scores, you won’t be able to use it."

[CreditBob]

As these new scoring models are launched all of us will get a better idea in regards to our own personal situation. Personally, what ever happens to my score I will be sharing the information. For now I will be in contact with Experian today or tomorrow to ask more specific questions. And I am aware that others most likely have the same questions, such as which utilities and other creditors count towards the program. I wish that there was a complete list. The best thing is for all of us to give Experian feedback.