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Member
tlbrown23
Posts: 14
Registered: ‎06-20-2013
0

MyFICO score watch is USELESS and score simulator is WRONG

Well I am about to say goodbye to all my myFICO products. I also have equifax credit monitoring which I have had for years but I am more interested in FICO scores so that is why I signed up for SW. My account balances have decreased significantly twice and SW sent no alerts (equifax alerted me every time). The simulator told me that if I paid $200 toward my CCs my score would go up to min. 638, my score only went up to 611 (no other things changed). Plus, I am still having to pay $19.95 for scores. So I am finding both products to be a waste of money so I will continue to use equifax monitoring and just buy FICO scores here when I need them.

Started Credit Journey June 2012 with EQ score of 562 (not fico)
Current Fico Scores 6/25/13: EX 617, EQ 596, TU 653
Current Goal: Middle score of 640
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: MyFICO score watch is USELESS and score simulator is WRONG


tlbrown23 wrote:

Well I am about to say goodbye to all my myFICO products. I also have equifax credit monitoring which I have had for years but I am more interested in FICO scores so that is why I signed up for SW. My account balances have decreased significantly twice and SW sent no alerts (equifax alerted me every time). The simulator told me that if I paid $200 toward my CCs my score would go up to min. 638, my score only went up to 611 (no other things changed). Plus, I am still having to pay $19.95 for scores. So I am finding both products to be a waste of money so I will continue to use equifax monitoring and just buy FICO scores here when I need them.


sorry you don't find value in the product. many of us do.

 

good luck with your rebuild journey!

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Contributor
Dapper_Dan
Posts: 124
Registered: ‎08-13-2012
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

I don't know if the scoring models change over time, but with rates going up and the market the way it is, getting a loan is nearly impossible right now.

 

I recall in 2009 a co-worker with a score of 804 couldn't qualify for a construction loan.

 

Besides, your score is merely an indication of how good a peasant you are.  Nobody is perfect, and your score is not a bearing on who you are as a person :smileyhappy:

 

I agree with you on the lack of utility the tools provide to paid subscribers.  I stopped using the service after having the same lackluster results.

 

Even if you do pay down current debts and stay on the path to goodness, the lender will always look for something to hit you with, even as far back as 6 years and 11 months from now.

 

When I worked for creditreport.com, the owner told us "Banks are only looking to lend to the lowest risk for the highest return."  Keep that in mind.  Even if you are gold balls, the bank knows you are lowest risk, but they are still going to charge you the highest insterest rate they can get out of you.

4/2012 **Paid off 60 month car loan in 60 months**
6/11/2012 500 Auto EQ (CarMax)
7/2012 **Paid off 60 month VW car loan in 32 months**
8/13/2012 584 TU myFICO
8/16/2012 577 EQ myFICO
8/18/2012 **New $500 CC from WalMart** (1st CC since 2008)
8/19/2012 **New $200 CC from Capital One** (2nd CC since 2008)
Regular Contributor
hopingsoon
Posts: 231
Registered: ‎03-09-2013
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

Same here


tlbrown23 wrote:

Well I am about to say goodbye to all my myFICO products. I also have equifax credit monitoring which I have had for years but I am more interested in FICO scores so that is why I signed up for SW. My account balances have decreased significantly twice and SW sent no alerts (equifax alerted me every time). The simulator told me that if I paid $200 toward my CCs my score would go up to min. 638, my score only went up to 611 (no other things changed). Plus, I am still having to pay $19.95 for scores. So I am finding both products to be a waste of money so I will continue to use equifax monitoring and just buy FICO scores here when I need them.


 



Starting Score: FAKOs EQ 537 TU 497 EX 517
Current Score 7/11/13: FICOs EQ 650 TU 659 EX 655
Goal Score: 675 Who am I kidding? Goal Score: 750+ :smileyhappy:


Take the myFICO Fitness Challenge
New Contributor
RashShakur
Posts: 57
Registered: ‎11-13-2011
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

[ Edited ]

I haven't had that experience. Anytime anything changes- whether it's a new account or a fluctuating balance I always get a alert. When it comes to that old good simulator that is another story and I can go on on on about that. The simulator does suck and if it doesn't  work they need to get rid of it, ... I do see the value in the score watcher and transunion  quarterly report.Just my two cents

Valued Member
WhiskeyR
Posts: 41
Registered: ‎10-24-2012
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

My alerts are usually within a day or two.

 

The simulator isn't that great though. I wish it were better. It'd be nice if it had options that helped you simulate things like if a charged off account were deleted, etc.

Member
carmenah
Posts: 8
Registered: ‎03-04-2008
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

Totally agree. I cancelled my Score Watch subscription last month, as well. 

 

I do find value in watching my score, but the simulator could use more scenarios. I did get alerts on a regular basis, some I'm not sure if your settings were off. I will subscribe again when I start rate shopping for a home.  

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

Moving to myFICO product feedback.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Frequent Contributor
sghosh5
Posts: 474
Registered: ‎02-28-2013
0

Re: MyFICO score watch is USELESS and score simulator is WRONG

My utilization on one card dropped from 50% ro 20%. The scor simulator said it would go upto 650. The util drop happened 5 days ago. Still no alert. I am also thinking of discontinuing this product. How good the score watch product on Equifax website?


Starting Score: EQ: 499
Current Score: EX: 680, EQ: 631, TU: 672
CHASE Freedom: 1K, CHASE Sapphire: 5K, Barclay Arrival+: 5K, CapOne: 3K,CapOne: $3K, AMEX BCE: 3.9K, AMEX BCE: 1K, AMEX Green, AMEX PRG, Discover: 5.7K, DISCOVER IT: 2K, CITI Diamond:2.8K, Southwest Premier: 2K, Express:1.1K, Paypal: 3.6K, Amazon: 2.5K, Macys: 7.6K, Walmart: 1.5K, BestBuy: 1.5K, Lowes: 1.5K
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: MyFICO score watch is USELESS and score simulator is WRONG


sghosh5 wrote:

My utilization on one card dropped from 50% ro 20%. The scor simulator said it would go upto 650. The util drop happened 5 days ago. Still no alert. I am also thinking of discontinuing this product. How good the score watch product on Equifax website?


It's about the same.  And give it just a bit for scorewatch, I bet you get a few points.  It just takes a bit to update.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

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