Question about Experian Credit Boost

[Zombie13]

Hi folks.
Have you used Experian Credit Boost? Has it improved your credit score? Do the other credit bureaus offer a similar credit improvement tool?
We have two payments remaining in our BK; looks like we provide a few months worth of utility bills (electric, cable, internet, etc.) to the app, to demonstrate we are current on those bills for the past 3-6 months. We're thinking, we should consider using the app once we get the discharge, to optimize the boost. What do you think?
Thanks

[shipo]

Credit Boost is a scam!

Here are a few points:

• Experian requires you to give them all manner of access to your financial world which they in turn can mine and sell; all this in exchange for a few points on your Experian FICO 8.
• I know of no lenders which will accept "boosted" FICO 8 numbers; if unboosted numbers are not provided, then the credit report is ignored.
• Some lenders, when they seen boosted scores, will ask you to remove your credit boost, and then reapply, often with another Hard Pull against your credit.

[justbroke]

Well stated shipo.

Zombie13, you're probably better off just building credit tradelines the old fashion way. shipo has a very good guide and I highly recommend the share-secured loan (SSL). It works wonders.

[Zombie13]

@shipo: Thanks! Woah holy cow good to know.
I thought, once boosted, that was it: FICO 8 Boosted == FICO 8... apparently not.

justbroke : yep, sounds like a good plan. Yes, we have read shipo's imperative read.

So, SSL (Share-Secured Loan) - we will need to look that up; we have not heard of it.

Thanks!

[justbroke]

shipo 's plan includes the SSL and, I think, a couple of bank from which to obtain it. I know personally that PenFed or Alliant are two credit unions that make it very easy, including the ability to pay it down to 8% and then not make a single payment for the rest of the life of the loan. I recommend getting at least a 36-month loan; otherwise you'd lose the open installment tradeline quicker.

[Zombie13]

Got it. And I should add: we have heard of an SSL but we have not read up on it. Minor clarification there.

[shipo]

The last time I checked, PenFed, Navy Federal, Alliant, and DCU all bubbled to the top of the SSL list; I went with PenFed and couldn't be happier with the result.

[justbroke]

PenFed gave me two high-limit credit cards, and I've been a customer for more than 4 years! Did the SSL there too! The nice thing about PenFed is that they now have a national credit union charter, so anyone can join. Navy Federal is still restricted membership (I'm at NavyFed too). I think Alliant has a backdoor way of joining, which they allow you to do as part of the application process.

Like shipo, I think I like PenFed. I'm thinking about getting a mortgage through them.

[shipo]

Agreed; my father (Navy), myself (USMC), and my son (Navy) all served, so NFCU was certainly an option for me, however, when I started comparing things, PenFed won out with better auto loan and mortgage rates versus to Navy, so I joined PenFed. As justbroke also stated, they are pretty BK friendly when it comes to credit card approvals; my first high(ish) limit unsecured card, all of $6,000, was granted by PenFed almost exactly a year after my Chapter 13 discharge.