MyFico Products

[klondike]

So who here uses the MyFico products as part of their plan to improve their credit scores?

I know that the Equifax score you can purchase here is the same as any lender pull correct? And that the other 2 bureaus are not the same scores, but are they worth looking, or is it a waste of money?

I am targeting a new home purchase in the spring and was wondering if it would make sense to use their products? I had previously used Transunions site, but found out it was a total waste of money.

[bigblue7722]

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@klondike wrote:

So who here uses the MyFico products as part of their plan to improve their credit scores?

I know that the Equifax score you can purchase here is the same as any lender pull correct? And that the other 2 bureaus are not the same scores, but are they worth looking, or is it a waste of money?

I am targeting a new home purchase in the spring and was wondering if it would make sense to use their products? I had previously used Transunions site, but found out it was a total waste of money.

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Scorewatch is really good and I think it is worth the money even though how it is set up is really stupid with having to change your target score everytime your score changes. And yes it is the same score lenders look at. The other two scores imo are not worth it at all. Some people including myself go crazy over scores but there is no sense of buying scores that lenders wont use. Your a lot better off taking care of whats on your report and let the score work out by itself. 

[SuperKirby]

i agree with bigblue7722 as well.

The EQ FICO SW from here is the same EQ lenders will use. The TU FICO and EX FICO you can buy are kind of a waste of money because lenders rarely use those scores! IMO of course.

The TU FICO u can buy is the 1998 version and the EX you can buy is the new 2008 version. Lenders typically don't use the old 1998 versions or the new 2008 versions, but as always, YMMV.

You can get the new TU 2008 version for free if you open up a free walmart credit card. This may be a good idea because lenders will eventually use the 2008 versions in the future (i think)

So yes, i subscribe to the myFICO SW but thats all. I don't even have a CMS where i can pull reports (the SW gives you only 2 per year). My scores are not doing anything weird right now, so there is no need for me to look at my reports at all. I just know i have to garden, know where to keep my UTIL, and my scores are slowly climbing.

Credit Karma (TU) and Credit.com (EX) are technically my CMS right now and they're free. I can see my HPs and total accounts which is all i need right now. 

[klondike]

How often can you pull your scores and reports on MyFico?

[Shogun]

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@klondike wrote:

How often can you pull your scores and reports on MyFico?

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As often as you want, but it can get expensive.

[klondike]

I plan on buying a house in the spring. My student rehab is done in february and the other collections will be off by then too. If ScoreWatch only lets have 2 pulls per year, is it still worth it for me to join?

I have a lender who will pull for me to see how much progress I make, but if the other parts of SW like the target score are worth it, I might still join.

[klondike]

Just signed up for scorewatch and pulled my report. My EQ Fico is now 623. When the lender pulled it on 9/05, it was 597. I only see the 1 collection on there now as the 2 other medical dropped off. My question is this, the CBC report that the lender pulled is a trimerge report and I can't tell for sure with it what bureau the items are tied to. Is there a way to tell on a triemerge lender report what bureau each item is tied to?

If not, I guess I will have to have the lender pull another one to make sure the medical dropped off the trimerge.

[llecs]

CBC (or CBCInnovis as what it should say on the tri-merge) is commonly used by mortgage lenders though it can be a bit difficult to read. All three reports are on there along with all 3 FICOs and payment history. Within myFICO, we use acronyms of TU, EQ, and EX for all 3 CRAs. They use XPN for EX, TRU for TU, and EFX for EQ. If you look within each TL on your CR, you'll see something like EFX01 or something like that to signify that Borrower#1 has that TL on Equifax. If applying jointly with a spouse, then it might say "EFX01 EFX02" within that reported TL, for example to signify that both borrowers have that TL on EQ. 

Certainly within the process, get in the practice of pulling your reports from the CRAs directly and monitor via a CMS somewhere. The week leading up to the mortgage app I pulled all 3 reports 2x/day from myFICO and also from the CRAs directly (and a CMS too) for DW and myself. Paranoid I guess.

[azguy13]

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@llecs wrote:

CBC (or CBCInnovis as what it should say on the tri-merge) is commonly used by mortgage lenders though it can be a bit difficult to read. All three reports are on there along with all 3 FICOs and payment history. Within myFICO, we use acronyms of TU, EQ, and EX for all 3 CRAs. They use XPN for EX, TRU for TU, and EFX for EQ. If you look within each TL on your CR, you'll see something like EFX01 or something like that to signify that Borrower#1 has that TL on Equifax. If applying jointly with a spouse, then it might say "EFX01 EFX02" within that reported TL, for example to signify that both borrowers have that TL on EQ. 

Certainly within the process, get in the practice of pulling your reports from the CRAs directly and monitor via a CMS somewhere. The week leading up to the mortgage app I pulled all 3 reports 2x/day from myFICO and also from the CRAs directly (and a CMS too) for DW and myself. Paranoid I guess.

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Wow, that is pricey. Being a Moderator Emeritus must pay well

p.s. I know you guys don't get paid, lol

[llecs]

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@azguy13 wrote:

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@llecs wrote:

CBC (or CBCInnovis as what it should say on the tri-merge) is commonly used by mortgage lenders though it can be a bit difficult to read. All three reports are on there along with all 3 FICOs and payment history. Within myFICO, we use acronyms of TU, EQ, and EX for all 3 CRAs. They use XPN for EX, TRU for TU, and EFX for EQ. If you look within each TL on your CR, you'll see something like EFX01 or something like that to signify that Borrower#1 has that TL on Equifax. If applying jointly with a spouse, then it might say "EFX01 EFX02" within that reported TL, for example to signify that both borrowers have that TL on EQ. 

Certainly within the process, get in the practice of pulling your reports from the CRAs directly and monitor via a CMS somewhere. The week leading up to the mortgage app I pulled all 3 reports 2x/day from myFICO and also from the CRAs directly (and a CMS too) for DW and myself. Paranoid I guess.

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Wow, that is pricey. Being a Moderator Emeritus must pay well

p.s. I know you guys don't get paid, lol

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I look at it this way...either I apply when the conditions are perfect/near-perfect and save money on a rate (didn't apply since we were FHA) and PMI, -OR- we rush through it and risk paying more in the long run. DW thought I was schizo on the reports, but once we finished she didn't care provided we got the home. When I first came on here, I pulled 2-3x/mo from myFICO and daily elsewhere. Leading up to the mortgage I was pulling 2x/day at least. Post mortgage, I maybe purchase a report once a year at best. I don't really care anymore.

And nope, no payments. They only provided private jets, conferences to Hawaii each quarter, corner offices overlooking SanFran Bay, and travel-related perks. Maybe I should have complained.   (just joking just in case anyone is taking that seriously).