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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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credit score boost
has anyone done this?
i only just started looking into this. from what i gather, you have experian connect with your bank to confirm that you're making utility and cell phone bill payments on time. this then gets added to your credit history and you get a bump in your score.
is it worth it if you already have a good credit score/history?
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Posted 8/25/20 10:58 AM  |
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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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credit score boost
Dont.do.it. LOL
Not only did it not raise my score. It added all the bills to my credit report and I went thru hell to have them removed. Everyone I called to refinance said they add to the debt to income ratio and they advise they be removed.
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| Posted 8/31/20 6:04 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: credit score boost
Posted by longislemom
Dont.do.it. LOL
Not only did it not raise my score. It added all the bills to my credit report and I went thru hell to have them removed. Everyone I called to refinance said they add to the debt to income ratio and they advise they be removed.
That's interesting, so I work in the mortgage industry and I've been seeing utilities added to reports and didn't know it was from Boost. However, we do NOT have to add utilities to your liabilities for qualifying since it's an assumed liability anyway. We do not include them, just ignore.
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| Posted 9/1/20 8:27 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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credit score boost
thanks for the info.
once i started to read a little bit more about it, i started to think it wasn't the best idea for me.
currently, my credit score (across all three reporting agencies) is an average of about 730. i'll just keep chipping away at my last three debts (one revolving credit line and two auto loans).
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| Posted 9/1/20 3:04 PM |
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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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Re: credit score boost
Posted by Deeluvsvinny
Posted by longislemom
Dont.do.it. LOL
Not only did it not raise my score. It added all the bills to my credit report and I went thru hell to have them removed. Everyone I called to refinance said they add to the debt to income ratio and they advise they be removed.
That's interesting, so I work in the mortgage industry and I've been seeing utilities added to reports and didn't know it was from Boost. However, we do NOT have to add utilities to your liabilities for qualifying since it's an assumed liability anyway. We do not include them, just ignore.
Dee thats interesting thanks. Im not sure why the mortgage lady (BFCU) included them and advised she had to include them since they were on my report and that they worked against me. Thankfully they are all off now.
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| Posted 9/1/20 6:00 PM |
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longislemom
LIF Adult
Member since 8/06 912 total posts
Name:
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Re: credit score boost
Posted by MarathonKnitter
thanks for the info.
once i started to read a little bit more about it, i started to think it wasn't the best idea for me.
currently, my credit score (across all three reporting agencies) is an average of about 730. i'll just keep chipping away at my last three debts (one revolving credit line and two auto loans).
yep. you are smart. it definitely is a horrible idea for experian to even have come up with that if you ask me.
chipping away at the debt is a great idea and its what Im doing now myself. currently I am only using cash for everything...groceries, fast food, etc. If I cant find the cash...im not buying.
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| Posted 9/1/20 6:03 PM |
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