Scores you get from TransUnion and other bureaus aren't true FICO scores. Some call them FAKO scores. However, they aren't useless. When your FAKOs change significantly, then it becomes worthwhile to pull your FICO scores from MyFico.
I received an actual Score Watch Alert via email today. It notified me that one of my credit card balances increased over 20% (roughly $1800 to over $2200). While true, it increased 14-17 days ago making this alert obsolete. Why does it take so long to get an Alert about it?
In addition, I paid off over 90% of the balance on this same card on Friday 3/30/07 ($2200). On Wednesday 4/11/06 I paid off the remaining balance in total (200).
So by MYFICO's standards I should be getting 2 further emails. The next one on about 4/14-4/17 stating that this credit card balance decreased by over 90%. And on about 4/25-4/28 I should get a third and final email stating that this credit card balance decreased 100% and has a $0 balance.
I do believe MYFICO presents their service to be a timely and accurate service do they not? I find this service totally deficient. 10-14 days for a credit alert is horrible!
I will keep this thread updated as the remaining alerts arrive so that YOU, my fellow paying customers, can see what kind of service we are PAYING for.
You have to keep in mind how credit balance data flows. The credit reporting agencies do not have access to realtime data re your card balances.
The credit card companies usually only report your balance to the credit bureaus once a month. So if the reporting date is on the 25th, and you pay off a balance or charge up a balance on the 1st, you probably won't get an alert until the end of the month.
The myFICO isn't intended to be a realtime or near realtime monitoring or your credit card activity. If that's what you're interested in, your should contact your credit card company and see if there is an alert function available there. myFICO's alerts can only be as timely as the data your credit card company provides to the credit reporting agencies.
Having said all that, it would be nice if there was an alert for a balance decrease as well as increase; that would help users gain a better idea of when a score increase is due to a utilization decrease.
- - - - in a credit-scoring postnuclear Stone Age...
fsume93 I too wondered the same thing about the differences in the scores. I have done a little research and this is what I came up with. First off, FICO scores range from 300 to 850 and Vantage range from 500 to 990-- big difference. Now if you have a 623 on your FICO and a 673 on your Vantage notice that on your fico you are closer to 700 (which is considered good for FICO), but Vantage you are closer to the bottom. A 700 on Vantage is only considered ok versus good on FICO. Another difference is the way they calculate. Now FICO, we know, uses 35,30,15,10,10. Now for Vantage their calculations are different, they use 32% payment, 23 utilization, 15 credit available, 13 length and depth, 10 recently opened credit, and 7 for something else (I forgot). Now if FICO used a grading system like Vantage a 720 would be considered a C or B- for Vantage, but in some cases an A in FICO. So just because your score is higher in Vantage it does not mean that it is better. Your goal on Vantage is supposed to be to get as close to 990 as possible, versus getting closer to 850 on FICO. If you ask me, I would rather try to get closer to 850 than 990 any day-- that is like a 140 point difference.
If at first you don't succeed... hang up and try again!!
I subscribed to MyFico on 3/13/07 and have received 3 alerts re Equifax score(1st no change, 2nd score down 8 points, 3rd score up 20 points). I also subscribe to Truecredit and Experian through consumerinfo.com. I noticed that Truecredit shows substantially lower scores for Equifax and Experian but I hope it is correct for TransUnion. I also now make 2 payments on each of my 3 credit cards per month on line. The first payment is right after the bill is received and I time the 2nd payment to hit 3 or 4 days before bill cut off and reporting date to credit bureaus. This brings my reported balance down to 10% - 25% of each credit limit.
I understand what you are talking about with credit flows but Myfico's own words on this website state very clearly that they give timely up to date info. The fact of the matter is what they are implying isnt even possible because of the nature of how creditors report your data (once a month).
Seems as though the 3 credit cards I have balances on all report about the same time every month so my score really wont change any other time of the month.
I agree. It is VERY MISLEADING. I thought I could get regular updates at anytime. When I had the free trial, I was getting emailed alerts daily. After the trial was over and I PAID for it, I barely heard a thing! When I send in an emailed question, I get a "stock" answer. I am EXTREMELY disappointed. Customer service is horrible. I will not be renewing!
It started off good then the alerts stopped. I thought is was strange, so I bought a full report. low and behold my score had fallen 22 points I did not get an alert. SO I was there thinking I had good credit when i actually did not! Apart from the fact that things are updated monthly, I'm disappointed because i did not get an alert even though my score changed.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.