Credit Boosting FYI

Only Experian can raise your FICO® Score* instantly! is what they claim.

I did some digging to see how it works and it does to a degree but there are better ways to get your score up. Nothing is instant and it takes work and credit management. Making sure card balances are kept down if your card balance stays high that can affect your score and a big hitter is missed payments. My advisor has seen credit levels drop 35 points just from one missed payment. anyways back to BOOST…

Experian Boost works for some people. According to Griffin, about two out of three users see their FICO 8 scores increase (around 10 points on average). People who have fewer than five accounts on their credit reports may see a larger jump (closer to 19 points on average) * which matches what I’m finding in reviews searches.

Catch-22: If you have little or no credit history, you may find it difficult or expensive to get a loan or credit card that can help you establish or improve your credit score.

However, if you consistently keep up with your utility and mobile phone bills, a new credit score-building program called Experian Boost can add that information, known as alternative credit data, to your credit report. It could result in a higher credit score, making you seem like less of a risk to creditors. For it to work, though, the creditor you’re applying with must rely on Experian data to evaluate your application.

Experian Boost tracks monthly payments to utility companies, for example, in the same way it tracks whether consumers pay traditional credit accounts on time, says Rod Griffin, director of public education at Experian.

There is one important difference: Credit reporting bureaus put positive and negative information about loan and credit card payments in credit reports, while Experian Boost only reports the positive.

About FICO Scores
The most widely used credit scores are FICO Scores, the credit scores created by Fair Isaac Corporation. 90% of top lenders use FICO Scores to help them make billions of credit-related decisions every year. FICO Scores are calculated based only on information in a consumer’s credit report maintained by the credit bureaus, Experian, Equifax and TransUnion.
By comparing this information to the patterns in hundreds of thousands of past credit reports, FICO Scores estimate your level of future credit risk, or how likely you are to repay a loan on time.

Credit Score Ranges Rating Description
<580 Poor This credit score is well below the average score of U.S. consumers and demonstrates to lenders that the borrower may be a risk.

580-669 Fair This credit score is below the average score of U.S. consumers, though many lenders will approve loans with this score.

670-739 Good This credit score is near or slightly above the average of U.S. consumers and most lenders consider this a good score.

740-799 Very Good This credit score is above the average of U.S. consumers and demonstrates to lenders that the borrower is very dependable.

800+ Exceptional This credit score is well above the average score of U.S. consumers and clearly demonstrates to lenders that the borrower is an exceptionally low risk.

Tactics to Improve Your Credit Score

1.     Become More Frequent with Payments

2.     Don’t Close Unused Credit Cards

3.     Pay Bills on Time at Any Cost

4.     Keep Old Debt on the Report

5.     Apply Carefully

6.     Track Progress with Credit Monitoring

7.     Fatten Up Your Thin Credit File – Your Credit Score Depends On It

Full details for these suggestion are available here at the source story:

I personally have no decided to use it because I closely monster my credit reports these day. I have been working hard the past 6 months to fix it. I just don’t see the need to boost it for just ONE report. Maybe as I get the number higher I may consider it. My finical adviser suggest I don’t but he is strongly against giving 3rd party companies access to my bank information at any level. I have always had shitty credit but it was my own fault. My work to date over 6 months has raised my credit score by 137 points.

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