Re: Credit Monitoring Service (CMS) Guide[ Edited ]
08-10-2010 12:50 PM - edited 08-10-2010 12:53 PM
Been reading the forum for a while now and first time posting:
I'm interested in ScoreWatch by MyFICO.com but I was wondering if the monthly fee is for each person? I'd assume it is, but it'd be nice to check both my wife's and my score. I currently use CreditKarma and Quizzle but I know those are FAKOs and I would like to see my real credit score in hopes of building it up as much as possible for a future car loan. My wife is new on the credit scene as well, so any details I can get for her credit line would be great.
Welcome to the forums!
Yes, the service is per person, vs. per couple, though that would be neat if they did a volume (2) discount. It's a great service and have used it for my wife and myself nonstop since finding this forum 3 years ago. There are a couple of things to note about it if you subscribe:
1) It monitors EQ only.
2) It offers two types of e-mailed alerts: credit alerts (e.g. new inquiries, new accounts, increased balances, etc.) and score alerts. The credit alerts come pretty quickly, within a day or two of the event, but score alerts only happen if nothing else triggered a credit alert and it only monitors your score once every 7-10 days. For credit alerts, the SW Guide defines what will and what will not trigger an alert. For example, if a collection falls off, you won't get an alert. But you'll get a score alert if that baddie's drop resulted in a score change.
3) You'll only get score alerts if you set your "Target Score" within your account's settings to MATCH EXACTLY your latest score. For example, if you set your ambitions high to achieve an 840 EQ FICO score and change your "Target Score" as such, you'll never receive any score alerts unless you hit 840. Many of us, myself included, never received any alerts because we didn't set our target score to the right score (we set it too high or too low). If you set it to match your EQ FICO, then anytime your score goes up or down, you'll get alerted. And as you get alerted, or if you pull a new report, be sure to immediately go back into your settings to change the target score to match that score. It's a manual process, and a bit tedious, but worth the effort.
4) If your goal is to track frequent report changes, then SW is a great product as you get $5 off all future EQ report purchases.
5) Finally, as always, google "myFICO discount code" first before subscribing.
Don't let the above scare you off. There are some tricks to making it work better and the above is my takeaway of SW.
Oh...ETA...and #6 - Sometimes you get a credit alert with a score change. Don't assume that the alert had anything to do with the score change, though it certainly could. As an example, I got a SW alert via e-mail that my score went up 20 points because I added a new inquiry. No, the inquiry didn't increase my score but a baddie fell off that SW didn't pick up on that resulted in the score increase.