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I am looking to build my credit score to have a better chance of qualifying for a home loan. I've seen a few credit building tools out there but am wondering if anyone has used Experian Boost or Extra Credit. If so, what are your major takeaways from using them? And is one better than other? Experian Boost is free but Extra Credit has a few features I thought were interesting, like ID insurance and credit repair discounts for one fee. Is it worth getting one or both of these?

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    Pay someone $24.99 a month to monitor your credit score! Why not use the money to pay down loans, or save towards the home loan?
    – Simon B
    Commented Nov 9, 2021 at 19:13
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    Consider this: Who is it that reports your credit score? Who is it who wants to get paid for increasing your score? See the problem?
    – jwh20
    Commented Nov 9, 2021 at 21:22

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For home loans, Boost has a couple issues:

  • Your lender may pull from one of the other bureaus and never see the boosted score at all.
  • Your mortgage lender likely doesn't use the FICO 8/9 scores Boost has an effect on; most mortgages use an older, different model for scoring.
  • Lenders may require you to turn it off to get a more accurate (for their purposes) picture of your credit history/score.
  • The lines of credit Boost adds for your cell phone, utility, etc. bills will all be brand-new and may drag you average age of credit down, harming your score.
  • The new lines of credit may impact your debt-to-income negatively.

Personally, I'd look for more impactful places to affect your credit score. Getting overall credit utilization down under 30, 10, and 1% will move it quite a bit.

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