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Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Good Product and Customer Support

As most reading my posts know, I despise the whole credit reporting/FICO system. But I'll give praise where praise is due, and I must say I've been impressed with the customer service and support I've received from the MyFICO reps. I would in fact recommend the ScoreWatch product to anyone who has a realistic chance of improving their credit score (especially young people just starting out, or someone with a minor blemish or two). The product was quite valuable to me in sizing up my credit situation (in my case, it's beyond repair, but even negative information is useful information).

There are three young people I know that I'm going to recommend this product to. Hopefully they will be more fortunate than I was, and not make the same mistakes I did.
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in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

I could kiss you NWM:smileyvery-happy:

I could kiss you NWM:smileyvery-happy:
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Overall I have been impressed with the quality of the pro...

[ Edited ]
Overall I have been impressed with the quality of the product itself. I'm probably going to cancel it in a week or two, because it's of no use to someone in MY situation. But I'd recommend it for anyone with good credit who wants to keep it that way, or with a short credit history or a few dings who is trying to come up in the world. But if your credit history is cratered, ScoreWatch won't really do you any good beyond the initial assessment. Kind of like having weather reports on the polar plateau of Antarctica...you can just sum it up in one word: COLD. Not going to ever get warm, so don't bother staring at the thermometer. Unless you're the kind of person who slows down and rubbernecks at car crashes...

Message Edited by TheNewWorldMan on 03-29-2007 02:33 PM
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New Visitor
lynnlynn
Posts: 1
Registered: ‎04-18-2007
0

Re: Good Product and Customer Support

I have not found the service by phone worth anything.  The reason for a drop in score ( to 779) was displayed, paraphrasing the wording, to be no more than coincidental to the same day that Equifax reported a change in one of my credit card balances from zero to $261.  Nobody could tell me if my score would go back up after the $261 was paid in full, as it always is, automatically by direct draft from a checking account.  I believe that customer service should be able to tell me, without any doubt, the cause of any change in score, and what conditions will cause it to return to previous value.  I learned nothing at all from my phone call.
 
I forgot what the yearly cost of the alert service is, but I think that it is something like $89.  I doubt that I will be renewing, as it does not tell me SPECIFICALLY how to resore my score.  $89 is more than the service is worth for me. 
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: Good Product and Customer Support

For me, MyFico is good only when I need to pull my scores and find out where I'm at. Day to day, week to week monitoring, TU's TrueCredit is a better service, IMHO.
Established Member
Nuggy
Posts: 18
Registered: ‎03-15-2007
0

Re: Good Product and Customer Support



lynnlynn wrote:
I believe that customer service should be able to tell me, without any doubt, the cause of any change in score, and what conditions will cause it to return to previous value.
... as it does not tell me SPECIFICALLY how to resore my score.





1) ScoreWatch is not a credit repair service... this is why you are not given any tips on how to bring your score up. The recent class action against myFico is an excellent example of how they currently - if not quite before - specifically shy away from any suggestion that this is anything other than a MONITORING service. They tell you what changed, not how to make it better.

2) They tell you your score change, and they do give you suggestions as to why, but this is nothing more than general data you might already have been alerted to. I would theorize that they have the capability, if they wanted to, to give you exact itemized lists of every event and how it affected your score on a daily basis... but that they don't, because FICO is a proprietary product. If such detail were given, it would be relatively easy to extrapolate the formulas, and FICO understandably wouldn't want that to happen.

Personally I think these forums are a far better resource for credit education and assistance than anything myFICO would have the resources to provide on their own.
New Contributor
MikeToreno
Posts: 51
Registered: ‎04-18-2007
0

Re: Good Product and Customer Support


lynnlynn wrote:
I doubt that I will be renewing, as it does not tell me SPECIFICALLY how to resore my score. $89 is more than the service is worth for me.

I would say that your conclusion is correct, but your concern is misplaced, at any rate for someone in your situation. You say that your score dropped to 779 from an even HIGHER score! Probably the reason was indeed because of that small balance, and probably the score will go back up once the card shows a zero balance again. The "problem," such as it is, is that a score higher than 779 is a sky-high score, reflecting very close adherence to whatever standards they set for credit, and any deviation from "perfection" is going to cause some slight decrease. But these decreases aren't going to bring your score down out of the sky-high range, and they aren't going to affect your ability to get the very best credit terms. I agree with your decision not to keep the product, not because it isn't useful in appropriate cases, but because your score is so high that nothing you are likely to do is going to affect your score enough to make a difference in the credit you are able to get.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Good Product and Customer Support

Here Here! I to have been very impressed with MyFico and its products.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Good Product and Customer Support



lynnlynn wrote:
I have not found the service by phone worth anything.  The reason for a drop in score ( to 779) was displayed, paraphrasing the wording, to be no more than coincidental to the same day that Equifax reported a change in one of my credit card balances from zero to $261.  Nobody could tell me if my score would go back up after the $261 was paid in full, as it always is, automatically by direct draft from a checking account.  I believe that customer service should be able to tell me, without any doubt, the cause of any change in score, and what conditions will cause it to return to previous value.  I learned nothing at all from my phone call.
 
I forgot what the yearly cost of the alert service is, but I think that it is something like $89.  I doubt that I will be renewing, as it does not tell me SPECIFICALLY how to resore my score.  $89 is more than the service is worth for me. 



I wish I could complain my score dropped to 779!! :smileyhappy:
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Good Product and Customer Support

Yeah, really. I doubt mine is going to get that high anytime short of the Second Coming.
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