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Valued Contributor
rootpooty
Posts: 1,757
Registered: ‎10-28-2011
0

score watch question

is it worth it? it monitors your eq score monthly correct? i spend every month after my statements cut 39.99 every month to view my scores and i dont even know why i look at the tu model cause nobody even uses that model anymore do they? so for those of you with sw how does it work?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
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Valued Contributor
DaveSignal
Posts: 2,096
Registered: ‎07-29-2011
0

Re: score watch question

It updates your eq FICO when score changes, when there is a specific kind of account change, or a new inquiry.

 

Sometimes it works great and I get the FICO updates a day after I see the change on my USAA CMS.   Sometimes it is slow and I don't get the FICO update right away.

 

I think, in general, FICO (the corporation) makes OK products.  I think the USAA CMS is far better, but FICO has a monopoly on FICO scores.

 

EX:694 TU:744 EQ:709
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: score watch question

Hard to say. I like having the score but wish it functioned better. Nothing major is coming up, it's probably a waste of money, but I'll try hanging in there until hitting the target score.


Starting Score: 675
Current Score: EX 754 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: score watch question

OP, I've been a paying customer for about 5 years now. I've visited this board (the Feedback board) quite frequently and noticed probably 95% of the complaints out there are due to the customer not knowing how SW works. SW has limitations, as do many CMSs out there. SW (and all services out there) don't alert you to dropped accounts. SW doesn't alert you to dropped balances or dropped util. SW doesn't give daily score updates. And SW very rarely offers same day alerts, and I don't know of any services that do. Like with USAA, EIDT, FCR, and many other services out there, alerts typically come 1-2-3 days after the fact.

 

If you subscribe, read the SW Guide found stickied on this board. It will alert you to items like added accounts, increased balances, and other changes to EQ. And it will monitor your EQ FICO on a weekly basis, and will only provide an updated score via an alert if your new score hit or surpassed your target score. Some folks set their target score too high or too low and lack alerts because that target isn't met.

 

IMO, it's worth it. I'm impatient and also rely on a 2nd CMS to monitor my credit. If in rpeair EVERYBODY should use another CMS. SW only monitors EQ and services like USAA monitor on all 3. Whenever I see a change on USAA, I come back here and pull my FICO to see that change. A benefit with SW is that you get future EQ FICO reports at 30% off. Savings adds up.

 

For best results ALWAYS set your target score to exactly match your current score. As you pull a new EQ FICO report ALWAYS reset the target score if your EQ FICO changed. If you get a SW score alert, and your EQ FICO changes, ALWAYS reset your target score to match the last known score. If you follow this practice, you'll get more score alerts. Finally, if you see an account drop and you know your Eq FICO would change. Be patient. Remember, your score is monitored weekly, and not daily.

Valued Contributor
rootpooty
Posts: 1,757
Registered: ‎10-28-2011
0

Re: score watch question

thanks for the response llecs. so for example my case i follow eq closely cause thats the same model that nfcu uses. my current score is in my siggy. my goal is 700 so what should i set the goal at. i dont intend on being notified on score changes everyday, weekly would be fine. i have 4 cc's and all the statement cut by the 5th of the month for 3 of them and one cuts on the 3rd week of the month so likely i would get 2 alerts for the month correct?

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: score watch question


rootpooty wrote:

thanks for the response llecs. so for example my case i follow eq closely cause thats the same model that nfcu uses. my current score is in my siggy. my goal is 700 so what should i set the goal at. i dont intend on being notified on score changes everyday, weekly would be fine. i have 4 cc's and all the statement cut by the 5th of the month for 3 of them and one cuts on the 3rd week of the month so likely i would get 2 alerts for the month correct?


SW only alert for balance increases, and not balance decreases. Unless your CCs increase, you won't get any credit alerts due to the util and balance decreases.

 

If your FICO score improves as a result of the improved util, you will not get any FICO alerts at all until you hit 700, assuming your target score is hit or surpassed when it hits 700. That can be weeks/months before any alert of any kind, or until it hits 700.

 

If you want score alerts more frequently, set your target score to exactly match your current score. Once your score moves, then immediately reset your target score to match your current score.

 

And remember, if your score is stagnet and your balances aren't increasing, it can be more than a week before receiving any alert. 

 

If all 4 CCs report a balance increase, then it's quite easy to get at least 4 alerts/mo.

 

 

 

 

Valued Contributor
rootpooty
Posts: 1,757
Registered: ‎10-28-2011
0

Re: score watch question

thanks llecs

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 3k | BOFA 123 3k |
Chase Freedom 1.5k | Amazon 1800 | Walmart 1450 | Buckle 300

On the prowl for Chase Sapphire Preferred!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Contributor
SoCalBound
Posts: 96
Registered: ‎06-24-2012
0

Re: score watch question

I've been paying down a very high utility this past month on 3 seperate cc.  A few days after my first paydown, the change was reflected in a score alert.  This score change was on a day prior to another cards closing date (which I also paid off).  I change my target score by 20 points higher than what it currently is, then 10, then 5, then finally just 2 points.  10 days later and I still do not see any score alerts from myFico.  considering this card went from 100% utility to 8%, I feel something should have changed.  CreditKarma transrisk went up by 40 and Vantagescore went up by alot due to this payoff.  I also had it set for alerts for loan interest rate change that would require just a 4 point change to set it off.

 

I have another closing date on the 25th and that will go fro 100% to 0%, if nothing changes shortly after that.....

 

I got this service try to monitor my utility payoffs because I will be applying for credit next month, however I think i would have been better off saving the money and just buying reports after the last card reports beginning of August.

 

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Pre-App Scores: TU98 779, TU04 797, EQ 682, EX 788 (Amex) 8/12

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