Best way to monitor scores and activity

[Tideturner]

I know that I am at myfico and most will say that is the best way, and from what I read I must agree for the real fico score. 

However, what in am not understanding is the posts that I read in which people are talking about a 5 pt. increase, or a 5 pt decrease, etc. it seems that people are seeing instant, or at least frequent, change in their scores and information.

this is the option that I cannot find info on. I don't mind paying a reasonable fee to have updatable, random access to see my, and my wife's, reports as we go through trying to clean up a few things. Or am I stuck paying $20 every time I want to check each report?

thanks

[Revelate]

Welcome to the forums!

It really depends what you're looking for.

Generally speaking to get a report you're going to pay something; however, if you just want to monitor general activity, the free services at Credit Karma and Credit Sesame don't do a poor job, though CS has gotten slightly shabby in my estimation recently in terms of monitoring quality but it's functional.

There are also a few credit cards and credit unions which offer free monthly FICO scores and I do personally subscribe to a couple of those.

Beyond that if you want something more sophisticated, either a full report on a regular basis, or incremental FICO score changes more frequently than once a month, it typically does cost money though you can obtain a free report from an application decision, but I wouldn't go out of my way to get denied for an application just to get a credit report.  Personally I'll spend the $10 or whatever or $18ish if I want a score along with it.  For me that doesn't happen that often.

[takeshi74]

You can also use one of the CMS's in the CMS thread if you want to look at your reports more frequently.  Scores will probably be FAKO's though.

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@Tideturner wrote:

However, what in am not understanding is the posts that I read in which people are talking about a 5 pt. increase, or a 5 pt decrease, etc. it seems that people are seeing instant, or at least frequent, change in their scores and information. 

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A change doesn't really indicate anything regarding frequency.  Many are relying on free FICO's as mentioned above or one of the free CMS's -- also mentioned above.  CK updates weekly.  CS updates monthly.

[bobebob]

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@Tideturner wrote:

I know that I am at myfico and most will say that is the best way, and from what I read I must agree for the real fico score. 

However, what in am not understanding is the posts that I read in which people are talking about a 5 pt. increase, or a 5 pt decrease, etc. it seems that people are seeing instant, or at least frequent, change in their scores and information.

this is the option that I cannot find info on. I don't mind paying a reasonable fee to have updatable, random access to see my, and my wife's, reports as we go through trying to clean up a few things. Or am I stuck paying $20 every time I want to check each report?

thanks

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The service from MyFICO that you are refering to is "Scorewatch". 

Under specific conditions, it updates you when there is a change in your score.  I have to say "specific conditions"  because it doesn't just go ahead and notify you of any change.

For a full discussion of when Scorewatch notifies you click on this Message: http://ficoforums.myfico.com/t5/myFICO-Product-Feedback/Positive-score-changes-not-updated-by-SW/m-p...  Fair warning though: I did get a little ranty.

The short version is: if something causes your score to drop, you generally get a notification.

You only get a notification when your score goes up depending on your settings on Scorewatch:

 - When score reaches a target score you set. (hint: re-set to current score whenever it changes)

 - When new score qualifies you for a better rate on a loan type you choose in settings.

 - Account balance changes. ($5 and 5% are the minimum settings)

 - New activity on accounts. (3 months minimum setting)

Granted, it would be way simpler if they just sent you an automatic notification every time your score changed in any direction.  But that is apparently too much to ask for.

The up-side is that any change to your credit report likely to result from fraud or identity theft is like to generate at least a small decrease in your CS.  So you will get a timely notification you can act on before things get too out-of-hand.