Announcement

Collapse
No announcement yet.

Experian Boost (and similar programs) - what are people's thoughts on this?

Collapse

Unconfigured Ad Widget

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Experian Boost (and similar programs) - what are people's thoughts on this?

    I just learned about this a few days ago and it looks like the other credit bureaus might have similar features. Basically you give them access to your checking account and based on various aspects of your history (positive balances, utility bills paid, etc) your score can get a boost. Sounds super invasive and perverse to me, as if we aren't already unwillingly handing over too much personal data to unaccountable corporations, but I'm recovering from a bankruptcy and I'm desperate to improve my score this year. What are people's thoughts on this? I've got a checking and savings account that are about one year old now, never overdrafted, balances have generally been pretty low but they're increasing with my new job. Is this something I might benefit from?

    #2
    What do you mean to give them access to your checking account? I am cynical don't want to give anyone access to my checking/bank account.

    Comment


      #3
      My impression is that this is for those who have no credit history. If you have any kind of history (good or bad) on your reports I don’t think this will do much for you.

      Comment


        #4
        My take on this is that it's for people trying to build an otherwise thin file. If you have NSF (insufficient funds) charges anytime on your bank statement, that's going to be bad. I would rather recommend a secured credit card or a share secured loan from a credit union (CU). The best thing, is to become an authorized user on a reliable person's credit card which is well aged (greater than 5 years), has a high credit limit, a perfect payment history, and they never use more than 9% of their credit line.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment

        Unconfigured Ad Widget

        Collapse
        Working...
        X