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Regular Contributor
GoldenloveNY
Posts: 243
Registered: ‎02-29-2012
0

Anyone uses FICO Score Watch/Quarterly Monitoring?

Anyone thinks it's a good idea to have both services? I am new to credit (only 10 months with cap 1 secured, Amex ZYNC, and Discover Student), and I am not sure what to do. For those new to credit, you think these services are essential?

Zync from American Express- NPSL
Amex BCE- $1,000
Discover IT- $1,500
Bank of America 1-2-3 Rewards-$1,000
Chase Freedom- $500
Capital One- $500
Contributor
Elcid89
Posts: 567
Registered: ‎10-04-2012
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Re: Anyone uses FICO Score Watch/Quarterly Monitoring?

I personally consider them to be wasted money, but it's a question of your own value judgment.

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?


GoldenloveNY wrote:

Anyone thinks it's a good idea to have both services? I am new to credit (only 10 months with cap 1 secured, Amex ZYNC, and Discover Student), and I am not sure what to do. For those new to credit, you think these services are essential?


 

Essential? No. But I'm a bit obsessive about watching my scores change, so I do use ScoreWatch. There are plenty of things that I spend money on for things that I enjoy but aren't essential, and this is one of them.

 

What IS essential is being responsible with your cards. Use them, keep your balances within reasonable limits, and never, EVER be late with a payment. If you do these things, you scores will stay in good shape.

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Established Contributor
calihlove75
Posts: 791
Registered: ‎05-16-2012
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Re: Anyone uses FICO Score Watch/Quarterly Monitoring?


GoldenloveNY wrote:

Anyone thinks it's a good idea to have both services? I am new to credit (only 10 months with cap 1 secured, Amex ZYNC, and Discover Student), and I am not sure what to do. For those new to credit, you think these services are essential?


It just depends. If you plan on purchasing the TU fico here every three months than the quarterly monitoring is basically a discounted 'layaway' for the report..haha. If not probably not worth it since it does not give alerts. Personally now that I have the Walmart Discover free monthly fico, I will wait until it updates here in November to see the point difference than cancel the Quarterly monitor and just rely on the Walmart fico.I will save 5 bucks a month.

 

Now the scorewatch, once you get past the fact that changes are not an instant alert it seems VERY useful in keeping up with your score.  I seem to get updates to my score about 4-7 days after the change actually occurs. I will keep this.

 

I just canceled my last two  daily pull memberships. I was getting totally obsessed with my credit reports to the point if I received an alert text, I would rush to the nearest computer. It got exhausting. I have nothing negative on my reports but inquiries. At one point, I was spending close to $100 a month to monitor everything. Ridiculous, I know. I am obessive by nature.

100% Ficos: EX 762, TU 767, EQ 762 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-1/0~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $9500~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $16,100~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?

I use both.  Im doing a major rebuild.  My scores initially were around 540's.  Im now between 680 and 700 depending on the score (not bad for 4 months of work:smileyhappy: ).  I use both of them for a couple of reasons:

 

1. I like the alerts I get from SW (they can be a little slow at times but it gives me a good way of tracking things)

2. The SW alerts give me hard numbers of where my score is and with the tweeking Im doing to utilization and new accounts I can see how things impact my score.

3. Both SW and TU quarterly give me the ability to track my changes over time.

4. Since Im working toward refi (and earlier in my rebuild when I was getting items removed), the discount on score reports makes the products worth it.  Once Im done with refi, I'll reevaluate which services I use.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Frequent Contributor
tonyaether
Posts: 341
Registered: ‎06-04-2011
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?

I personally don't think they are essential. If you don't want to see your FICO that often they can be unneccessary. I use both. I purchase scorewatch directly from EQ and I use the Quarterly monitoring here at myfico as well. It can be worth it but it will depend on how obsessive you are about knowing your score. Some here pull once per month and if that is you it saves you money. With the quarterly monitoring it still saves if you pull monthly because you get an automatic 20% discount if you pull on the months in between your including reports. Once you know how much you will want to see you score, you can make the better decision on what works for you. I am going to swich up in the near future. I may nix the quarterly monitoring because I don't pull as often as I did before. But I think I will keep scorewatch. I have had it for about 8 years now.

Current Scores: 08/2013 EQ - 779(FICO), TU98 - 783(FICO ), TU08-818(Walmart FICO),EX PLUS-775 (FAKO) Credit Sesame - 804 (FAKO)
Wallet: Barclays Plat. Rewards MC $8.9k,Amex BCP $9.1k, CitiForward Signature $11k, Chase Freedom $3k,Target Visa $1.5k, Walmart Discover 7.5k, Delta Gold Skymiles Amex $2k
GOAL: 800 ACROSS THE BOARD!!!!
New Contributor
melbaro
Posts: 89
Registered: ‎08-03-2012
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?

SW is sounding more intruiging. I was under the impression they only offered two pulls a year. How are you getting frequent score updates?

Established Contributor
calihlove75
Posts: 791
Registered: ‎05-16-2012
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?


melbaro wrote:

SW is sounding more intruiging. I was under the impression they only offered two pulls a year. How are you getting frequent score updates?


They do give you the two full reports each year, but they also send alerts for changes to your fico score. So for example, if you add a new account it will alert you of the new account and the new score.

100% Ficos: EX 762, TU 767, EQ 762 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-1/0~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $9500~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $16,100~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?

You set your alert settings and anytime these settings are meet u get SW alert with current score. I set mine to alert if score goes up 1 pt and when balances change by more than $100.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Regular Contributor
Whereis750
Posts: 187
Registered: ‎06-17-2011
0

Re: Anyone uses FICO Score Watch/Quarterly Monitoring?

[ Edited ]

I have both SW and Quarterly Monitoring. SW keeps watch on Equifax and Quarterly Monitoring reviews your TU. The score they give are FICO so the info is useful. But for alerts and all 3 reports I use, and highly recommend, USAA Credit monitoring Premium. The alerts have been instant for me and you can upgrade to daily pulls of all 3 reports for around $22 per mth. Call in for a discounted rate. 


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