Monitoring Credit & Score for the Cheapos

[SolidSnake]

Sorry but I am going to hijack this thread for a second since I can't figure out how to start a new one. My question is related to the MyFico products.

After spending a good 4 hours on the forums, I have learned the difference in FICO vs. FAKOs, and the fact that there is no service currently offered which gives the consumers all three reports + 2 FICO scores in one package. I have had Amex Credit Secure service for a few months - I am happy with it so far. I know their scores aren't FICO. And this is where my quesion arises:

If I want to monitor all three reports + 2 available FICO scores while trying not to break the bank - You think I can go with Equifax Three-in-One Credit Monitoring w/ 4 FICO Scores  which is mentioned under "Equifax related products" in the General CMS guide thread:

Equifax (EQ)-related products:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/m-p/662549...

I can substitute the Equifax service for the Amex Credit Secure and apply for a Walmart Discover card which monitors the TransUnion score on a monthly basis. This will give me the two scores (one on a monthly basis and one on a quaterly basis, but still more useful than the FAKO scores) as well as credit report monitoring (I know I can't pull it up twice a month like Credit Secure - but I am willing to lose that if I gain real FICO scores). One thing I find wierd is that the Equifax Three in one service is not under their products and services page - unless you have the link from that thread - you may never find out that they even offer this service. Between the Equifax credit monitroring and free credit reports offered by annualcreditreport.com I think i would have a good idea of where I stand.

Any Suggestions? I am willing to keep Credit Secure if there is a cheaper alternative for getting Equifax Score Watch. 

Thank in advance. 

[llecs]

OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".

There's isn't a one-size-fits-all with regards to monitoring your credit. Some have quite a bit happening and pulling fresh reports everyday is almost necessary. Others are cruising along and knowing what's on their reports isn't all that important. It's a YMMV thing.

What you suggested works; it depends on your goals. I subscribe to the 3-in-1 w/ the 4 FICOs and that comes in handy in monitoring pulling my EQ FICO whenever needed. I wouldn't use Amex's CS for the scores, but I've used a similar product for the reports and it seems to work well.

The 3-in-1 w/ the 4 FICO scores was on their page at one point. I noticed they dumped it when they introduced their own product called Credit Complete (or whatever it is now). That new product sells scores but they aren't FICO scores. I suspect that Equifax hid the links to their FICO-related products so as to get everyone to focus on their FAKOs (which is more profitable for them).

[SolidSnake]

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@llecs wrote:

OP, I split your post to form a new one here. I had to edit the title, but changed nothing else. If you'd like to change the title, click "Options" and then "Edit Message".

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Thanks for doing that. I just saw the walmart offer in the mail yesterday and hoped on my computer and before I knew it, hours went by while I was researching FAKOS vs. FICOS, different CMSes,  etc. I was in a hurry so didn't bother looking up how to start a new thread. Now If you could also tell me how to quote, that would be nice .Nevermind. Just figured it out. 

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@llecs wrote:

There's isn't a one-size-fits-all with regards to monitoring your credit. Some have quite a bit happening and pulling fresh reports everyday is almost necessary. Others are cruising along and knowing what's on their reports isn't all that important. It's a YMMV thing.

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I don't think I need to pull everyday - last time I pulled my report was probably more than a month ago (even that was probably just out of boredom). I don't have much going on, other than a new app every six months or so. I do have a baddie from AT&T which I am trying to get rid of.  

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@llecs wrote:

What you suggested works; it depends on your goals. I subscribe to the 3-in-1 w/ the 4 FICOs and that comes in handy in monitoring pulling my EQ FICO whenever needed. I wouldn't use Amex's CS for the scores, but I've used a similar product for the reports and it seems to work well.

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Well, my FAKO scores from AMEX CS are pretty decent (in the 700s) but most people here keep saying that they don't matter...however, I have been receiving a lot of credit offers lately so I am hoping that my FICO isn't too different from the FAKO. So I don't even know if I am going to set up a goal, yet. First I should try to at least get a picture of where I stand. I am not planning on making any large purchases in near future (contemplating whether I should buy a new car or save cash and buy a used one). 

About the EQ CMS - do they send you alerts and updates via email if new accounts show up on your report? Thats one of the most useful features of AMEX CS. And the EQ CMS product page says you get a "profile" based on all three reports...which means you don't actually get to see the reports themselves...bummer. What does the profile look like? Can it be a good substitue for an actual report from all three bureaus? 

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@llecs wrote:

The 3-in-1 w/ the 4 FICO scores was on their page at one point. I noticed they dumped it when they introduced their own product called Credit Complete (or whatever it is now). That new product sells scores but they aren't FICO scores. I suspect that Equifax hid the links to their FICO-related products so as to get everyone to focus on their FAKOs (which is more profitable for them).

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Interesting...now it makes mores sense on why would they hide such a good product!

Edited because I am a NOOB.

[RobertEG]

In my opinion, the more important factor is monitoring of your CR as opposed to frequent monitoring of your actual score.  If you know the basics of credit scoring, once you have a FICO score based on a complete CR, then score updates are really not necessary until significant changes occur in your CR.

In my opinion, one should always first secure their CR from each CRA by using the free, annual CRs available through annualcreditreport.com.  Staggering them every four months, one from each CRA, will enable you to periodically monitor for unauthorized reporting and any reporting of scoring significance, while not costing you a penny

If and when significant changes in your CR occur for which you want to see the FICO impact, then is when scores should be purchased.

You can, of course, sign up for one of the CR monitoring services, but in my opinion, the weekly/monthly regular purchase of associatedf scores is usually not a necessity..