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canadaam
Posts: 81
Registered: ‎08-11-2010

USAA Credit Monitoring Service

I currently subscribe to USAA"s Premium Credit Monitoring Service. In the process of rebuilding my credit so I'm obsessive about my credit report. Is it worth it to stick with USAA's service or should I purchase a subscription to myFico. USAA only charges me $12.95 a month. They alert me anytime there is a new inquiry, credit score change, personal information change, etc.

 

Thoughts???


Starting Score (Aug 2010): EX637 EQ641 TU 650 (FAKO)
Current Score (Sep 2010): EX664 TU663 EQ677 (FAKO) // TU FICO® 651 EQ FICO® 657
Goal Score: 720

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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: USAA Credit Monitoring Service

For monitoring your reports, the USAA service is fine.

 

Just realize that any scores are FAKO's, and just as importantly (if not more), any advice given is based on FAKO formulas and frequently bad.

 

So it's great for keeping an eye on your progress. If you start thinking about what the next good move would be, etc., either bounce it off the forums here or pull a myFICO score report for the feedback.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Contributor
canadaam
Posts: 81
Registered: ‎08-11-2010

Re: USAA Credit Monitoring Service

Are FAKO's generally higher or lower than your actual score? Or is it usually just off the mark completely either way...


Starting Score (Aug 2010): EX637 EQ641 TU 650 (FAKO)
Current Score (Sep 2010): EX664 TU663 EQ677 (FAKO) // TU FICO® 651 EQ FICO® 657
Goal Score: 720

Take the FICO Fitness Challenge
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: USAA Credit Monitoring Service

 


canadaam wrote:

Are FAKO's generally higher or lower than your actual score? Or is it usually just off the mark completely either way...


 

No predictable correlation in either direction. My TrueCredit FAKO's were higher for EQ, way lower for EX, and either way for TU. My Experian FAKO's are generally higher.

 

One of the problems is that different FAKO formulas use different score ranges. So FICO scores run from 300 -850, while some FAKO's go up to 950 and others down below 300. (I think some do. I've given up trying to keep track of them.)

 

The other problem is that factors on your reports carry different weights with different formulas. So you can't even just convert scores to account for the score range, like converting Fahrenheit to Celsius/ Centigrade. That accounts for the different range of scores, but not for the different weighting.

 

Anyway, the important thing about building and rebuilding credit is working to see improvement on your credit reports. Rising scores are great, too, but they're just reflecting the hard work (and time) that are helping the underlying reports. So that's why the score monitoring services are useful, once you learn to ignore the scoring and the advice.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: USAA Credit Monitoring Service

MVV has helped my overheated brain by reminding me that Vantage scores go up to 990. I googled (which I should have done in the first place! :smileyvery-happy:), and they start at 501.

 

PLUS scores are 330 - 830.

 

TransRisk scores (used by CreditKarma, btw) mimic the FICO classic score range, but the scores sure don't mimic FICO classic scores.

 

So as you can see, it's not apples to apples, or even apples to oranges. It's more like apples to carburetors.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: USAA Credit Monitoring Service

[ Edited ]

 


haulingthescoreup wrote:

 

 

No predictable correlation in either direction. My TrueCredit FAKO's were higher for EQ, way lower for EX, and either way for TU. My Experian FAKO's are generally higher.

 

One of the problems is that different FAKO formulas use different score ranges. So FICO scores run from 300 -850, while some FAKO's go up to 950 and others down below 300. (I think some do. I've given up trying to keep track of them.)

 

The other problem is that factors on your reports carry different weights with different formulas. So you can't even just convert scores to account for the score range, like converting Fahrenheit to Celsius/ Centigrade. That accounts for the different range of scores, but not for the different weighting.

 

Anyway, the important thing about building and rebuilding credit is working to see improvement on your credit reports. Rising scores are great, too, but they're just reflecting the hard work (and time) that are helping the underlying reports. So that's why the score monitoring services are useful, once you learn to ignore the scoring and the advice.


VantageScores actually go up to 990. Other than that your post was just about perfect.  :smileyhappy:

 

ETA: My correction was out typed by HTSU!!

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


 

Contributor
canadaam
Posts: 81
Registered: ‎08-11-2010

Re: USAA Credit Monitoring Service

What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

 

I think. I may be wrong.


Starting Score (Aug 2010): EX637 EQ641 TU 650 (FAKO)
Current Score (Sep 2010): EX664 TU663 EQ677 (FAKO) // TU FICO® 651 EQ FICO® 657
Goal Score: 720

Take the FICO Fitness Challenge
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: USAA Credit Monitoring Service

Beacon 5.0 = the Equifax FICO score that you buy here.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009

Re: USAA Credit Monitoring Service


canadaam wrote:

What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

 

I think. I may be wrong.


USAA's credit monitoring service does not use Beacon or any type of FICO score.  They use the Experian score -- I believed it is called "Plus" for all three.

IAALBNYL
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: USAA Credit Monitoring Service

 


O6 wrote:

canadaam wrote:

What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

 

I think. I may be wrong.


USAA's credit monitoring service does not use Beacon or any type of FICO score.  They use the Experian score -- I believed it is called "Plus" for all three.


 

Whoa! :smileysurprised: Thanks for the catch!

 

USAA pulls a Beacon score for almost all applications. When they started offering the three-bureau monitoring service, I sent a semi-crabby message to USAA, pointing out that it seemed a bit hypocritical to enthuse about the FAKO's on their monitoring service, while pulling a FICO EQ when it counts.

 

Never heard back from them. :smileyvery-happy:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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