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MyFico credit monitoring

Contributor

Re: MyFico credit monitoring


CreditGuyInDixie wrote:

Hey VS.  One thing you may want to try is timing your quarterly MF report in such a way that your profile is stable and optimized at the time the quarterly scores are generated.  Do that a few times and you may find that the FICO 8 classic can be used as a fairly accurate predictor of your other scores.  E.g. maybe the EQ FICO 8 Classic tends to always be 10 points lower than your EQ FICO 8 Bankcard score (say).

 

Once you have figured that out, you may discover that the FICO 8 classic is good enough.


That is a good idea and I might do that.  I'm not all that worried about my other scores right now.  Though I plan to either refi or buy a house in a year if I can.  I'm also trying to rebuild my score right now.  I have some disputes out now.  Once those are done I plan to pull my annual credit report.  I wish another place showed me when things will drop off without having to pull that.



Equifax - 644
TransUnion - 641
Experian - 639
Regular Contributor

Re: MyFico credit monitoring

So ebates had or has a five dollar off coupon, and perhaps use that then cancel at month end, then pay again using the coupon again. I did this three or four times in a row as I had some accounts reporting balances incorrectly, and it took several months to get straightened out. Much better value.

 

I just don't think monthly it's worth it to me, because even though the fico 8 scores update, the forecasting still goes from the original pull date. When you have wrong balances in the wrong over 10K range, the changes are big enough to require another pull. 

 

I do however recommend CCT monthly. Call during trial and they will reduce to 15 dollars per month for one year. Monthly 3B scores and daily Experian updates. I tried their trial like 10 times, so I thought it only fair to pay them some money a bit to even the Karma. So far, I am pleased with the value. They are quick to report all hard pulls on every CRB daily, if that matters. 


Current Score: EQ753 TU769 EX778
Goal Score: 800's once again


Note to self: Garden. Must garden till 3rd Qtr, 2018
Contributor

Re: MyFico credit monitoring


zipperhead wrote:

So ebates had or has a five dollar off coupon, and perhaps use that then cancel at month end, then pay again using the coupon again. I did this three or four times in a row as I had some accounts reporting balances incorrectly, and it took several months to get straightened out. Much better value.

 

I just don't think monthly it's worth it to me, because even though the fico 8 scores update, the forecasting still goes from the original pull date. When you have wrong balances in the wrong over 10K range, the changes are big enough to require another pull. 

 

I do however recommend CCT monthly. Call during trial and they will reduce to 15 dollars per month for one year. Monthly 3B scores and daily Experian updates. I tried their trial like 10 times, so I thought it only fair to pay them some money a bit to even the Karma. So far, I am pleased with the value. They are quick to report all hard pulls on every CRB daily, if that matters. 


Didn't realize they offer daily for Experian.  That would be nice.

 

I think MyFICO could be better if say they offered weekly or daily updates of Fico 8 and still offered quarterly of the others.



Equifax - 644
TransUnion - 641
Experian - 639
Community Leader
Senior Contributor

Re: MyFico credit monitoring

Well, the myFICO product does give frequent updates of your FICO 8 classic score.  Every time an "alertable" event happens (e.g. a balance change reported to the credit bureau, an inquiry, etc.) you get an update of your score.

Contributor

Re: MyFico credit monitoring


CreditGuyInDixie wrote:

Well, the myFICO product does give frequent updates of your FICO 8 classic score.  Every time an "alertable" event happens (e.g. a balance change reported to the credit bureau, an inquiry, etc.) you get an update of your score.


That is true so at a minimum you should get a FICO 8 score every 30 days.  Now I have a few cards and they cut the statement at different times so I guess I can get multiple updates a month Smiley Happy



Equifax - 644
TransUnion - 641
Experian - 639
Regular Contributor

Re: MyFico credit monitoring


CreditGuyInDixie wrote:

Well, the myFICO product does give frequent updates of your FICO 8 classic score.  Every time an "alertable" event happens (e.g. a balance change reported to the credit bureau, an inquiry, etc.) you get an update of your score.


True, but I've found that their are many events that happen and that move your score significantly, yet do not alert. The CCT subscription seems much more real time. I still love the myfico interface, and its value is extremely high near the day when it was pulled, but the worth fades rapidly, for me. CCT does not have the full date data, however. Credit karma for that. As someone mentioned earlier, you can probably get by on 20 dollars a year or so. This is especially true when you have the proper mix of credit cards and/or credit unions.


Current Score: EQ753 TU769 EX778
Goal Score: 800's once again


Note to self: Garden. Must garden till 3rd Qtr, 2018
Senior Contributor

Re: MyFico credit monitoring


VoltaicShock wrote:



That is true so at a minimum you should get a FICO 8 score every 30 days.  Now I have a few cards and they cut the statement at different times so I guess I can get multiple updates a month Smiley Happy


Right.  It would also seem that the more cards that one has, the more they could generate these scoring updates.  Also with multiple Chase cards, one could receive multiple updates per month from each card.  To do this one would allow their first Chase card to report a balance early in the month, then later in the month pay it to $0 where Chase would re-report the $0 balance.  Doing this with 2 different Chase cards could yield score updates 4X per month just from those 2 trade lines. 

Contributor

Re: MyFico credit monitoring


BrutalBodyShots wrote:

VoltaicShock wrote:



That is true so at a minimum you should get a FICO 8 score every 30 days.  Now I have a few cards and they cut the statement at different times so I guess I can get multiple updates a month Smiley Happy


Right.  It would also seem that the more cards that one has, the more they could generate these scoring updates.  Also with multiple Chase cards, one could receive multiple updates per month from each card.  To do this one would allow their first Chase card to report a balance early in the month, then later in the month pay it to $0 where Chase would re-report the $0 balance.  Doing this with 2 different Chase cards could yield score updates 4X per month just from those 2 trade lines. 


Yep!  I think one of my other cards does this when I make payments mid cycle.  I just need to double check this.



Equifax - 644
TransUnion - 641
Experian - 639
Community Leader
Senior Contributor

Re: MyFico credit monitoring


VoltaicShock wrote:

BrutalBodyShots wrote:

VoltaicShock wrote:



That is true so at a minimum you should get a FICO 8 score every 30 days.  Now I have a few cards and they cut the statement at different times so I guess I can get multiple updates a month Smiley Happy


Right.  It would also seem that the more cards that one has, the more they could generate these scoring updates.  Also with multiple Chase cards, one could receive multiple updates per month from each card.  To do this one would allow their first Chase card to report a balance early in the month, then later in the month pay it to $0 where Chase would re-report the $0 balance.  Doing this with 2 different Chase cards could yield score updates 4X per month just from those 2 trade lines. 


Yep!  I think one of my other cards does this when I make payments mid cycle.  I just need to double check this.


Interesting observation about Chase.  Thus there are two ways to generate many alerts: creating mid-cycle updates and also just spreading the due dates of your cards throughout the month.

 

What you guys may discover is that, once you have several cards, you may also have several free FICO scores.  And once you have those, you may begin to doubt the need to pay $30 per month for the myFICO service.  That was my experience.  Remember you can already get a free FICO 8 Experian score monthly without a credit card.  (And then there are Amex cards and the Chase Slate that provides them.)  For TU you have a boatload of options: Bank of America, Barclays, Discover, Walmart, etc.  For EQ there is Citi and some free apps.  And there is always the occasional $1 trial at CCT.

 

Of course some people love the MF service which is fine.  Anything that makes people happy is a good thing, as long as you are not Jeff Dahmer.