Why boost my credit score? would it help getting a mortgage?

jarv81178

hi, so I missed a payment on my mortgage last mortgage last year in March and I have status 1 for 4 months so have to wait until August to get a mortgage.
I just saw an advert on TV for Experian credit score boost and wondered if that would help?

Grumpy_chap

How do you think that boosting your credit score will help you get a mortgage?
Any prospective lender can see the actual data behind your credit file and use their own scoring algorithm from that raw data, plus other data held by the lender.
The credit score is something that only you can see and I can only imagine that Experian are offering the "boost" product for free as a trial and will then make it a chargeable service once people feel they have to have it.  I understand the "boost" product is chargeable in USA.
To increase your chances of getting a mortgage, focus on managing accounts to the very best of your ability.

ManyWays

Lenders don't use the Experian calculated number at all. I think this is a marketing play by Experian who make a lot of money selling data to companies. In Boost you have to give them access to your bank account. I don't think they will sell it as your data, that would be illegal, but they will anonymise it and be able to say eg 23% of people in your postcode have more than 2 credit cards. It will make them money and there is no indication at all it will help you.

DCFC79

jarv81178 said:

hi, so I missed a payment on my mortgage last mortgage last year in March and I have status 1 for 4 months so have to wait until August to get a mortgage.
I just saw an advert on TV for Experian credit score boost and wondered if that would help?

Your score is only seen by and only you, your history is what is really important here, lenders etc see when your apply for a mortgage, apply for a loan etc.

As long as the data on your file is correct/upto date.

Dr_Crypto

I know the view on here is that the scores are meaningless, but if that is so why are Experian allowed to sell the boost product? 

[Deleted User]

Because there's nothing illegal in promoting it, on the same way that a newspaper can run horoscopes, or fortune tellers can peddle their wares.

Sotts

I got the boost for free plus also have my rent payments reported.    A lot of lenders dont use the boosted score though.
Im really excited that over the last 2 years my score has gone from really poor up to good.      I had a lot of defaults which have been clear for 3 years, no late payments in 3 years.
Its been really hard but I'm really pleased 

finalfantasist

Sotts said:

Im really excited that over the last 2 years my score has gone from really poor up to good. 

takes all sorts I guess.

MattMattMattUK

Sotts said:

A lot of lenders dont use the boosted score though.

No lenders use the score at all, let alone the "boosted", they look at the credit record.

Grumpy_chap

Sotts said:

Im really excited that over the last 2 years my score has gone from really poor up to good.     

I had a lot of defaults which have been clear for 3 years, no late payments in 3 years.
Its been really hard but I'm really pleased 

Don't be excited about the score.

Do focus on the data in the report file.

Congratulations in getting your credit under control - you can deserve to be pleased for that.

AAGG1234

I done the boost thinking it would do something. I think only 9 lenders who are signed up to open banking (most of main high street banks) can see you have used it. But again, after learning from people on here, credit scores aren’t worth paper it’s written on.