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Should I pay for FICO based on FAKO?

Frequent Contributor

Should I pay for FICO based on FAKO?

My USAA monitoring service went up to 629 from 602, and my Credit Sesame went up to 634. I paid one card off, last reported balance was 489/500, and paid one to 2% util at 9/500. I have the scorewatch, but it usually doesnt alert me to anything, whether there's been a change or not until friday or saturday.

 

I don't really want to pay $40 for my EQ and TU for my FICO scores if they haven't changed...we're scheduled for a credit repull 9/26 for a mortgage..


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Message 1 of 4
3 REPLIES
Frequent Contributor

Re: Should I pay for FICO based on FAKO?

So I paid...for both. I had my scorewatch set to alert me if my score raised one point. It went up 20. Scorewatch is crap, getting rid of it now!


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Message 2 of 4
Valued Contributor

Re: Should I pay for FICO based on FAKO?

lol.  its a not a real-time monitor.  scores are monitored every 7-10 days for changes.  

EDIT: if you set your target score to the same as your current score, you will probably get an update within 48 hours, which is faster, but still not real-time.  It saves a ton of money for some people who don't need to be constantly pulling reports the day a change might have occured.  But there are, of course, other people are happy to constantly pay $40 so they don't have to wait a day or two.  I am older and more patient now than I was when I was 18.  I certainly will continue waiting for my SW alerts.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 3 of 4
Valued Contributor

Re: Should I pay for FICO based on FAKO?


JPersat wrote:

So I paid...for both. I had my scorewatch set to alert me if my score raised one point. It went up 20. Scorewatch is crap, getting rid of it now!


NONESENSE. It could be a bunch better but you probably want to keep it and skip TU products here.

 

Your score is calculated when an alert is tripped based upon your settings or every 7-10 days. Scorewatch is worth it for the 2 credit reports and discounted FICO reports.

 

It is rarely worth it to pay for a TU FICO since it is FICO 98.

 

Also, always set SW for an alert at your current score, not a point above or below. That will ensure the most alerts but you can't expect it to show you every little change.

Message 4 of 4