Posted by Can a Purple Cow and former wrestler really increase your credit score? Experian boost actually works – mildly – but it can help.
What Is Experian Boost?
The Boosting purple pitch-cow for Experian’s “Experian Boost” promises instant credit score increases. Instant, benefits and credit score are 3 terms that don’t seem to fit together.
However, the boost is real. In fact, I tested this hilariously marketed credit score tool. While no earth shattering score changes took place, my score went up a couple of points – instantly!
How The Boost Boosts
Experian Boost is quite innovative in it’s approach. Ever wondered why that utility bill or Netflix bill you diligently pay every month yields no credit score benefit? After all, why does a credit card pay history impact your credit score but an electric bill you pay on time is no indication of your credit character?
An argument that paying for a necessity like a utility bill a measures a different behavior than paying a movie streaming service bill does That aside, Experian Boost ties your credit report to you bank statement. It scans your financials to see recurring bills to companies like Netflix (for example).
If the Experian Boost cowbots see you never missed a Netflix (or other similar bill) payment you can choose to include that positive history on your credit report which then factors into your credit score. To boot, your new and improved score appears right away before your eyes on the Experian Boost website.
Is Experian Boost Worth It?
First, is Experian Boost “fair”? Not exactly. However it’s “unfairness” favors you. For example, after 3 years of on time Netflix payments pretend you make a 30+ day late payment. No problem. Just log into your Experian Boost account deselect your Netflix account and presto – it disappears from your credit and credit score.
In other words, use Experian Boost when it helps. Cherry pick out bad accounts when it hurts. In addition, mortgage lenders don’t hold Netflix/utility bills added in Experian Boost against your debt to income ratio. Boost truly is a no consequence credit score tool favoring the consumer.
Don’t expect massive credit score changes from Experian Boost. However, a few point boost often makes a difference when applying for a new home loan.