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New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

I'm Canceling MyFico Also | Here's Why

I have score watch with alerts, two power reports, etc.

 

When I first got this product, I enjoyed it and it seemed timely.  My credit situation is unique.

 

i was always an 800 credit score and then I finished paying off a car 4 years back.  From there, my credit only continued with one credit card through my business.  I didn't know that even though that credit card had me as a guarantor, that it wasn't on my credit because it was through my company tax id.  Long story short, my credit simply vanished.  Not a bad credit score, a non exist one.

 

First thing I did is go and get a BofA credit card.  MyFico.com got the alert and my credit went from nonexistent straight up to 756 or so.  Then, with my first card balance of around $500, my score dropped to 718 or so.  Then, once that bill got paid, (I pay all my bills in full each month), my score shot up to 770.

 

All good, right?  Wrong.

 

At the same time I go the BofA card, I was also becoming an authorized user account on my wife's Target card.  She's an 800 score and the account has a perfect history going back 1.5 years.  I was told this would help my credit jump back up quickly.  I communicated with Equifax to make sure this account showed on my credit report.  By around early November, Equifax confirmed that the account now shows on my credit report.  I've called them other times since just to confirm.

 

Great.  The final step was to see this account show up with MyFico.  I waited, waited...  and am still waiting!   I contacted MyFico about this around early-to-mid November.  They told me to give it 30 days.  I gave it 30 days and nothing happened.  Then, they said to give it another 10 days.  I did that.  Nothing.  Here we are in early January, still nothing.  Now back in early November, I got this weird alert that my name had changed on my credit report, (from middle initial to full middle name), but not the actual Target account.

 

At this point, I simply don't believe that MyFico has an accurate relationship with Equifax.  In my case, it's simply not possible.  I would appreciate this MyFico product if it actually worked.  I like the website and the alerts...  when they actually work.  At this point, I should also mention that I've received no further BofA alerts or credit score changes in weeks as I build balances and then pay them each month.

 

So, I'm simply going to buy a product direct from Equifax.  There's no reason to use a second hand product.

 

I called to cancel just now and the supervisor had a really sour attitude.  I explained why I'm cancelling and all she would say is, "why don't you use your second power report"?  I told her that that's irrelevant.  First, I was saving that for when I get a mortgage in the near future.  Second, if credit alerts actually work and are accurate, why should I have to use that?  She had no answer and just kept trying to change subjects and blame the victim.  I finally said, "Look, your product isn't accurate and I'd like to cancel.  Can I cancel and get a refund or not?"

 

She said she'd cancel going forward but wouldn't give a refund.  I said that's fine.  Then, she sarcastically wished me the most wonderful, greatest weekend ever...  as if I had been rude, which I hadn't.  As I started to ask what confirmation I might get about cancelation, she hung up on me.  Very rude.  How dare I be dissatisfied with this product.  I hadn't raised my voice, shown any anger or frustration...   nothing.  But I got attitude in response.

 

So anyway, once again.  I like this website and the whole alert system in concept.  I just wish it were accurate and timely.  It's simply not so it's a waste to have this product.  If any moderator would like to respond, I'm open to it.  But because my Target account doesn't show up at this site, how on earth could my FICO score be accurate here?  Impossible. 

 

The funny part is...   the first person I spoke to said, "well, maybe Equifax isn't getting us the information?"  Um, isn't that the whole purpose of this product, that it gets up-to-date info from Equifax?

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: I'm Canceling MyFico Also | Here's Why

You shouldn't have received an alert for the Target AU. The alerts for new accounts are for new accounts, as opposed to 1.5 year old accts. I'm assuming though that the TL had that age. SW looks at the open date when monitoring for new accounts and I think it compares the last pull in relation to the open date, which would have been 1.5 yrs ago.

 

Now if your target score was set EXACTLY to your current score, then there's a chance for a score change when it reported and therefore an alert. If your score hit 800 in the past, I would guess a score drop with an added Target Card. I'm assuming you have a length of history and an already good mix of credit, and therefore AAoA could drop with the newer TL. Buy if you got any alert whatsoever since that date, then you already know your new score. I doubt it would have helped your credit though, unless you didn't have any CCs.

 

IMO, nobody should rely on SW as their primary monitoring product for the sole reason that it monitors EQ only. You can have accts change on TU and EX but not EQ. The only reason I kept it was because I didn't want to pay $19.95 for a new EQ FICO. I'd rather use that 30% discount. But for $15/mo or whatever the price it, it is also expensive to use as a CMS. For the same price I can get a CMS and pull all 3 reports daily.

 

 

 

 

 

 

New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Re: I'm Canceling MyFico Also | Here's Why

Hey Ilecs,

 

Thanks for your considerate response.  Here's my response:

 

1) Shouldn't the Target AU increase my recent history and hence my overall credit score?  The only thing hurting my recent credit history was a lack of activity.  Four years of nothing while previous to that, I did nothing but pay bills on time my entire life without delinquencies.  The Target AU would have given me 1.5 more years of recent history.

2) Why were you able to explain this and MyFico customer service never could?  I've talked to upwards of four people and not a one of them said that the Target card wouldn't show up here.  Are you sure the account isn't supposed to make it here?

 

Thanks again for providing more information than anyone from customer service could, including a supervisor.

 

 

Blogger
HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: I'm Canceling MyFico Also | Here's Why


llecs wrote:

 

 

But for $15/mo or whatever the price it, it is also expensive to use as a CMS. For the same price I can get a CMS and pull all 3 reports daily.

 


The annual subscription costs $100 per year. But you're right, having a CMS that allows daily pulls from all 3 CRA's would be helpful as well.

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: I'm Canceling MyFico Also | Here's Why


CreditPhoenix wrote:

Hey Ilecs,

 

Thanks for your considerate response.  Here's my response:

 

1) Shouldn't the Target AU increase my recent history and hence my overall credit score?  The only thing hurting my recent credit history was a lack of activity.  Four years of nothing while previous to that, I did nothing but pay bills on time my entire life without delinquencies.  The Target AU would have given me 1.5 more years of recent history.

2) Why were you able to explain this and MyFico customer service never could?  I've talked to upwards of four people and not a one of them said that the Target card wouldn't show up here.  Are you sure the account isn't supposed to make it here?

 

Thanks again for providing more information than anyone from customer service could, including a supervisor.

 

 


1) I posted my assumption based on your prior posted scores. You mentioned high 700s/800 which is indicative of a very solid mix of credit, a flawless payment history, low util, and especially a lengthly credit history and a solid AAoA. Personally I hit 777 on EQ with 12 yrs and a 3-4 yr AAoA with a perfect history and you're a notch above that. So, adding the Target CC at only 1.5 years wasn't necessary. I'd argue that you did have a much higher AAoA than 1.5 year and therefore adding the Target CC actually hurt your AAoA and maybe your FICO score. 

 

The recent credit history comment doesn't mean that you need to add newer credit; it means that some of your accounts aren't updating regularly or are being used. Ideally, use each of your CCs at least once every 3-4 months and that comment should go away. Also, did you have all $0 balances reporting at that time?

 

2) IMO, never trust a credit-related CSR because they have no clue about FICO scoring, not even FICO-related CSRs.

 

The account would be on here. If EQ said it was showing, and you saw it on any credit report, then if you purchased a new EQ FICO report the Target CC would be showing. It just wouldn't result in an alert once it reports because the open date is 1.5 yrs old.

Moderator
webhopper
Posts: 7,230
Registered: ‎09-16-2011

Re: I'm Canceling MyFico Also | Here's Why

[ Edited ]

Hi creditphoenix!

Keep in mind that the forum moderators and users here have dedicated years if not decades to studying every facet of the score... not because they are paid to but because they like to be informed on something that effects their life in such a big way as this 3 digit number.

I use creditsecure by American express as a daily 3 bureau report pulled and I pull myFico reports about 2 times per year to get scores and reports.

Usually I save the Fico reports for pulling right before a big purchase to make Sure my score is optimized for the application. I don't use scorewatch or quarterly monitoring and I prefer to buy the size orman kit for 3 reports. I am sorry you had a poor experience calling customer service but unfortunately call center workers are usually less informed than folks who dedicate as much time to Fico as our lovely mods! Even a good training program for new employees could never teach them as much as some guys that post here every day! I hope you continue to use the forum as a resource and best of luck to you in the future!


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New Member
CreditPhoenix
Posts: 8
Registered: ‎09-22-2012

Re: I'm Canceling MyFico Also | Here's Why

Hey Ilecs,

 

Thanks again for just fantastic information.  You've helped me more than anyone at MyFico has by a long shot.

 

To be fair to the guy who advised me to do the Target AU account, this was before I was approved for my CC.  So, he was giving me a way to get active again after a four year credit dormancy.  But I ended up getting approved for the CC well before the Target card became active.  And subsequently, as you said, the Target AU card actually dropped me about 6 points instead of helping me.  

 

I think the bad advice I got with that was...   that the Target AU was going to help the length of my credit history.  I believe now that even though I was dormant for four years or so... that once I was active again with the CC, my credit length was considered a strength.  I've had credit for upwards of 18-19 years.

 

Regarding your question about $0 accounts.  I closed all my old accounts.  I recall that at one point in time, it helped your score to have as few credit lines open as possible because it exposes you to potential debt.  I believe that changed over time.  But that explains why I only had one CC going through the 4 year period.  (This was the biz CC that I wrongly thought was keeping me active as personal guarantor.) 

 

I'm going to look into the Equifax/Experian/TU products and decide what's best for me.  If it turns out that the Target AU card was a unique situation and MyFico really is the best product, maybe I'll come back.  But keep in mind how many times I was told that the Target card would show up here and didn't.  

Blogger
HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: I'm Canceling MyFico Also | Here's Why


llecs wrote:

 

The account would be on here. If EQ said it was showing, and you saw it on any credit report, then if you purchased a new EQ FICO report the Target CC would be showing. It just wouldn't result in an alert once it reports because the open date is 1.5 yrs old.


I can confirm this. When I added my roommate to my account as an AU, he did not get an alert for the new account. 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: I'm Canceling MyFico Also | Here's Why


CreditPhoenix wrote:

 

Regarding your question about $0 accounts.  I closed all my old accounts.  I recall that at one point in time, it helped your score to have as few credit lines open as possible because it exposes you to potential debt.  I believe that changed over time.  But that explains why I only had one CC going through the 4 year period.  (This was the biz CC that I wrongly thought was keeping me active as personal guarantor.) 


:smileysurprised:  If ever in the position again, don't close the old accounts. Keep them open for as long as possible. Once you close the accounts they will still report, but the clock starts ticking for their demise. Within 10 years they will disappear forever. If they are your oldest or among your oldest accounts then once deleted your score can take a significant beating. 

 

The only time FICO sits up and notices the number of accounts is when you have 30 or more. Even then any ding is minor. Conversely, having too few (e.g. having only 1 or 2) means a lack of a good mix of credit and that can produce a significant ding.

New Contributor
dalleanne
Posts: 51
Registered: ‎07-26-2009

Re: I'm Canceling MyFico Also | Here's Why

Hi CreditPhoenix,

just wondering, were any of your closed credit cards an American Express card? If you had an 18yr old account then you could open another card with them and ask them to back date it. I just opened one a few weeks ago and it shows me as being a member since 2008 because that's when I got my first Blue Sky card.

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