How Can I Cancel MyFICO Service?

[Anonymous]

From where I sit, this product isn't doing me any good. 

Today I got a letter from my bank indicating that they were not going to convert my secured card to unsecured after all.  This is spite of the fact I have made every payment on time.  Why?  Because my overall credit score isn't high enough.

So, I told them, let me make sure I understand you correctly...I'm trying to raise my credit score, I've paid my bill on time every month, yet you won't give me a credit line increase because my score is too low?  How on Earth can I ever raise my score if I can never get a credit line increase? 

So I'm really not seeing where monitoring my FICO is doing me any good, since obviously it's something I have no control over.  It's crappy, and it's going to remain crappy forever even if I do pay all my bills on time going forward.

How do I cancel this service?

[Anonymous]

New World man there are meny things that go into raising your Fico score.  I have found the Scorewatch service very useful.  What reason are you given when you pull your scorepower for you scores being what they are?  It could be something as simple as usng too much of yuor avail credit.  I know, we all think that as long as we pay faithfully the rewards will come.  Rick isfactored in many different ways.  Maybe if your issuer isn't being cooperative, you should try applying for something else.

My scores stayed in  the high 5s forever (we're talking years here) due to the low limit from my initial card never increasing and too much of a balance being reported on their reporting date.  Once I got frustrate and opened other cards, utililzation went down and I saw the first creep in my score.  Following the reccommendations of score watch I've raise my score 100 points since about May of last year.

A lot of lenders have different criteria.  What card are you talking about and what are your current limits.  I have one card that has had a 300.00 limit since 2003 when I opened it.  I won't close it because it is my oldest open revolving credit line.  I use the heck out of it cause the interest rate is great keeping it under 30% even if that means multiple payments some months. however, I'm letting it cool off for the remainder of the year to see if non-use will spur them into action.

If you stoll want to cancel there should be a number under the contact us tab

Message Edited by Brammy on 03-24-2007 09:59 PM

[Anonymous]

If you click on the support tab when you're logged in, there's some frequently asked questions. One is about canceling ScoreWatch.

In the case of where you're at, maybe it makes more sense to get all three reports quarterly instead.

It takes a long time to crawl out of a credit hole. My FICO score started in the 480s. It took me 16 months to get my scores above 600. Now, more than a year later, my lowest score is 619 and I'm still nowhere close to 700 on the highest.

That said, there are a number of ways you can raise your score:

1) Pay the bills on time.
2) For your revolving accounts, make sure your utilization is paid down at the time the account reports each month. That can affect your score.
3) If you have charged-off credit cards, that will affect your utilization, and therefore your score.
4) Many creditors will not unsecure you until you qualify for one of their prime cards (e.g. Wells Fargo).

That's all there is to it. A credit limit increase isn't necessary for a score increase.

How long have you had the secured card? A lot of banks like 12-18 months of secured history first.

I've had one secured card for more than two years and they haven't unsecured it yet. It's supposed to be reviewed next month (wish me luck). I now have much bigger cards that are unsecured, but it's just that I want to qualify on their terms. Sure, I could close it. I'm not going to (well, not until the annual fee comes due).

I've had another secured card for two years; I just qualified for one of their prime cards, so I'm happy there.

It takes time. There's been a lot of times that I wanted to give up, and several times I nearly did.

Recently, I applied for a card on a lark, one I'd been rejected for four times over the last two years. I finally got it.

There's still one more card I crave, if only because I had one once upon a time and closed it and now I don't qualify for it. When I get that, I'll feel complete.

Victories do happen, they just don't happen as quickly as we'd like.

[Anonymous]

What really ticks me off is it's only four charge-offs totaling less than a thousand dollars (one is paid, the most recent one). I know people who have many thousands in chargeoffs yet have a FICO in the upper 600s (mine has been trapped around 575 since time out of mind...every time it starts to rise one of the collection agencies re-reports a charge-off to knock it back down again). The credit card is a secured card from BofA. I've had it nine months now. I was told when I got it that I'd be eligible for conversion to unsecured status in nine months. I've never made a payment late. Obviously they lied. They just want to keep me down. I even asked them if I could have a credit line increase and keep the $99 for now, but they said now. Monday morning I'm going to call their customer care and keep escalating until I reach someone I can cuss out big-time for this. The reason I am going to cancel ScoreWatch is it really makes no sense for me to have it, since obviously my credit score is something I have no control over. Once it's reduced, the corporations will see it STAYS reduced forever. The whole point of me getting ScoreWatch was to try and improve my FICO so I can buy a home. Obviously it's gonna snow in Death Valley on the Fourth of July before that happens, so why waste my money? I have a fiance in a foreign country...I'll just give the U.S. credit system the finger and we'll buy a house and settle in her country.

[MM1234]

Score watch will not help you raise your score. Its only designed to help keep you informed of any changes to your score.

[yoreljm]

Message Edited by yoreljm on 04-20-2007 11:12 PM

[yoreljm]

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TheNewWorldMan wrote:
What really ticks me off is it's only four charge-offs totaling less than a thousand dollars (one is paid, the most recent one). I know people who have many thousands in chargeoffs yet have a FICO in the upper 600s (mine has been trapped around 575 since time out of mind...every time it starts to rise one of the collection agencies re-reports a charge-off to knock it back down again). The credit card is a secured card from BofA. I've had it nine months now. I was told when I got it that I'd be eligible for conversion to unsecured status in nine months. I've never made a payment late. Obviously they lied. They just want to keep me down. I even asked them if I could have a credit line increase and keep the $99 for now, but they said now. Monday morning I'm going to call their customer care and keep escalating until I reach someone I can cuss out big-time for this. The reason I am going to cancel ScoreWatch is it really makes no sense for me to have it, since obviously my credit score is something I have no control over. Once it's reduced, the corporations will see it STAYS reduced forever. The whole point of me getting ScoreWatch was to try and improve my FICO so I can buy a home. Obviously it's gonna snow in Death Valley on the Fourth of July before that happens, so why waste my money? I have a fiance in a foreign country...I'll just give the U.S. credit system the finger and we'll buy a house and settle in her country.

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While you are saying its only four tiny charge offs, creditors should not be acting like that, the creditors are probably saying "wow, he did not pay his bills even though they not even $1000 worth...Can you imagine what he would do with a $2000 credit line? We would be the 5th creditor that he stiffs! Denied!"

[Anonymous]

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@yoreljm wrote:

While you are saying its only four tiny charge offs, creditors should not be acting like that, the creditors are probably saying "wow, he did not pay his bills even though they not even $1000 worth...Can you imagine what he would do with a $2000 credit line? We would be the 5th creditor that he stiffs! Denied!"

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Perhaps.

My main gripes with the credit scoring system aren't that it merely reports the occasions on which I didn't pay my bills. That's fair enough. My complaints are:

1. You get royally dinged for having an account charge off or go into collections, but you get NO improvement WHATSOEVER for paying a charge-off, and in fact often take ANOTHER ding for PAYING a charge-off. That's just plain wrong. Paying a collection or charge off should do something to diminish the damage it does to your FICO. (Until they change that aspect of credit scoring, I flat-out REFUSE to pay any of my charge-offs.)

2. A collection agency can endlessly re-report old debts. I also think that is wrong. A defaulted debt should be reportable once. Report it, and be done with it.

3. Collection agencies can get away with not reporting any information...they can just stick an account on your credit report with no original creditor listed, no balance, no number to call, NOTHING. I had two accounts stuck on my credit report a couple weeks ago from an "NCO FINANCIAL/22" What the hell is "NCO FINANCIAL/22?" There's no information there for followup, not even a phone number. Any listing should have to show the date of the original debt, the creditor (with complete contact information), and the balance owed. (Yes, I know I can dispute it...but why should I have to? Since they're essentially accusing me of not paying a bill, since this isn't the Soviet Union or Red China, isn't the burden of proving a charge supposed to rest with the accuser, not the accused? Shouldn't they have to present full information to the CRA along with evidence to get a debt reported?

[Anonymous]

i ms edited would like to cancel, this service..

Edited to remove personal info. - llecs, myFICO moderator

[llecs]

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@Anonymous wrote:

i ms edited would like to cancel, this service..

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I would give them a call:

Phone:
1-800-319-4433
Mon - Fri 6am to 6pm Pacific Time
Sat - Sun 7am to 4pm Pacific Time