Re: Quarterly monitoring seems useless to me now
10-09-2012 08:55 AM
quarterly monitoring has been suspect for me when it reported a TransUnion FICO of 731 but a week later I got a denail of credit based on a ... wait for it ... 671 TransUnion FICO . So that quarterly report was pretty much worthless.
I probably am done with quarterly when my current subscription runs out. Will then get my free credit reports each year. At this point (rebuilding credit from a bad streak in 2007-08), my credit is shored up to the point that quarterly reporting -- even if it's reliable, which based on my experience above, I don't believe it to be -- doesn't really add value.
I do use Credit Karma, and it seems much more sensitive to underlying factors that the monitoring service. For instance, when my studnet loans were sold to another servicer, CK picked that up pretty much immediately, showing an immediate credi jump. When a 2-yr hard inquiry aged off, CK reported that within a couple of days, again with the bump.
So your choice is to go from a TU FICO that is one major revision earlier than most lenders use to a score that no lender of any kind uses for anything?
Without knowing what kind of lender quoted your 671 TU FICO, we have no way to even guess which TU FICO they used.
CK is great for monitoring changes to your reports for free but you are wasting your time to look at the scores.
I think Scorewatch is a much better choice than TU Quarterly since it gives you the exact EQ FICO used for virtually all mortgage applications and many other credit apps.