why should I purchase myfico?

[Anonymous]

I’m newbie at this whole credit score thing, but very intrigued by the FICO algorithm and learning how to play this game.  

One thing I can’t seem to figure out from navigating the myfico website is the defining difference between purchasing a myfico subscription and just getting the free report via annualcreditreport.com

Maybe I haven’t clicked the right link, but I’m just looking for the 1, 2, 3 of why should I purchase myfico?

[Barry]

Welcome to the wonderful world of FICO credit scoring, brasilesportes!

In a nutshell, what you get from myFICO that you don't get with your free reports from annualcreditreport.com:

• A FICO credit score, which is the score lenders rely on in their credit decisions (unlike the non-FICO's sold elsewhere)
• Detailed explanations of the positive and negative factors most impacting your particular FICO score
• The FICO score simulator, which provides various "what if" scenarios using the information in your credit report

Here's more myFICO product information:  http://www.myfico.com/Products/Products.aspx

Hope that helps!

[Anonymous]

Thanks for the quick reply,

So the free info from annualcreditreport.com just gives you a report, but not the score?  So the report and score are different metrics?  

[MarineVietVet]

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@Anonymous wrote:

Thanks for the quick reply,

So the free info from annualcreditreport.com just gives you a report, but not the score?  So the report and score are different metrics?  

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Yes to both your questions. And be very careful where you buy your scores.

No one has been able to pull their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com (If you look hard enough) and your Transunion score at www.transunioncs.com.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[YoungInvestor]

I would purchase the product if I was looking to rebuild my credit, going to make a large purchase in the next year or two (home, automobile where a loan is needed) or if I was really interested in learning about my credit score and how to improve.

Currently, I know my score is > 770 and therefore I'm already looked at as the least risky lender possible. Purchasing this service now really would not do much for me. With that said, I will be purchases this service next year, as I will be about a year away from making a home purchase. I want to ensure my exact credit score and check if there is anything I can do to improve this score before the biggest purchase of my life.

Hope this helps!