topic Re: USAA Credit Monitoring Service in General Credit Topics

USAA Credit Monitoring Service

Anonymous — Mon, 16 Aug 2010 17:58:29 GMT

I currently subscribe to USAA"s Premium Credit Monitoring Service. In the process of rebuilding my credit so I'm obsessive about my credit report. Is it worth it to stick with USAA's service or should I purchase a subscription to myFico. USAA only charges me $12.95 a month. They alert me anytime there is a new inquiry, credit score change, personal information change, etc.

Thoughts???

Re: USAA Credit Monitoring Service

haulingthescoreup — Mon, 16 Aug 2010 19:17:11 GMT

For monitoring your reports, the USAA service is fine.

Just realize that any scores are FAKO's, and just as importantly (if not more), any advice given is based on FAKO formulas and frequently bad.

So it's great for keeping an eye on your progress. If you start thinking about what the next good move would be, etc., either bounce it off the forums here or pull a myFICO score report for the feedback.

Re: USAA Credit Monitoring Service

Anonymous — Mon, 16 Aug 2010 19:24:53 GMT

Are FAKO's generally higher or lower than your actual score? Or is it usually just off the mark completely either way...

Re: USAA Credit Monitoring Service

haulingthescoreup — Mon, 16 Aug 2010 22:45:26 GMT

@Anonymous wrote:
Are FAKO's generally higher or lower than your actual score? Or is it usually just off the mark completely either way...

No predictable correlation in either direction. My TrueCredit FAKO's were higher for EQ, way lower for EX, and either way for TU. My Experian FAKO's are generally higher.

One of the problems is that different FAKO formulas use different score ranges. So FICO scores run from 300 -850, while some FAKO's go up to 950 and others down below 300. (I think some do. I've given up trying to keep track of them.)

The other problem is that factors on your reports carry different weights with different formulas. So you can't even just convert scores to account for the score range, like converting Fahrenheit to Celsius/ Centigrade. That accounts for the different range of scores, but not for the different weighting.

Anyway, the important thing about building and rebuilding credit is working to see improvement on your credit reports. Rising scores are great, too, but they're just reflecting the hard work (and time) that are helping the underlying reports. So that's why the score monitoring services are useful, once you learn to ignore the scoring and the advice.

Re: USAA Credit Monitoring Service

haulingthescoreup — Mon, 16 Aug 2010 23:31:56 GMT

MVV has helped my overheated brain by reminding me that Vantage scores go up to 990. I googled (which I should have done in the first place! ), and they start at 501.

PLUS scores are 330 - 830.

TransRisk scores (used by CreditKarma, btw) mimic the FICO classic score range, but the scores sure don't mimic FICO classic scores.

So as you can see, it's not apples to apples, or even apples to oranges. It's more like apples to carburetors.

Re: USAA Credit Monitoring Service

MarineVietVet — Mon, 16 Aug 2010 23:36:03 GMT

@haulingthescoreup wrote:

No predictable correlation in either direction. My TrueCredit FAKO's were higher for EQ, way lower for EX, and either way for TU. My Experian FAKO's are generally higher.

One of the problems is that different FAKO formulas use different score ranges. So FICO scores run from 300 -850, while some FAKO's go up to 950 and others down below 300. (I think some do. I've given up trying to keep track of them.)

The other problem is that factors on your reports carry different weights with different formulas. So you can't even just convert scores to account for the score range, like converting Fahrenheit to Celsius/ Centigrade. That accounts for the different range of scores, but not for the different weighting.

Anyway, the important thing about building and rebuilding credit is working to see improvement on your credit reports. Rising scores are great, too, but they're just reflecting the hard work (and time) that are helping the underlying reports. So that's why the score monitoring services are useful, once you learn to ignore the scoring and the advice.

VantageScores actually go up to 990. Other than that your post was just about perfect.

ETA: My correction was out typed by HTSU!!

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: USAA Credit Monitoring Service

Anonymous — Tue, 17 Aug 2010 18:15:36 GMT

What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

I think. I may be wrong.

Re: USAA Credit Monitoring Service

haulingthescoreup — Tue, 17 Aug 2010 18:47:23 GMT

Beacon 5.0 = the Equifax FICO score that you buy here.

Re: USAA Credit Monitoring Service

Anonymous — Wed, 18 Aug 2010 00:48:15 GMT

@Anonymous wrote:
What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

I think. I may be wrong.

USAA's credit monitoring service does not use Beacon or any type of FICO score. They use the Experian score -- I believed it is called "Plus" for all three.

Re: USAA Credit Monitoring Service

haulingthescoreup — Wed, 18 Aug 2010 00:51:45 GMT

@Anonymous wrote:
@Anonymous wrote:
What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

I think. I may be wrong.
USAA's credit monitoring service does not use Beacon or any type of FICO score. They use the Experian score -- I believed it is called "Plus" for all three.

Whoa! Thanks for the catch!

USAA pulls a Beacon score for almost all applications. When they started offering the three-bureau monitoring service, I sent a semi-crabby message to USAA, pointing out that it seemed a bit hypocritical to enthuse about the FAKO's on their monitoring service, while pulling a FICO EQ when it counts.

Never heard back from them.

Re: USAA Credit Monitoring Service

Anonymous — Wed, 18 Aug 2010 01:00:33 GMT

@haulingthescoreup wrote:

@Anonymous wrote:
@Anonymous wrote:
What is the BEACON score? Supposidely that is what is offered with the USAA service. Experian uses Plus one? And the other two agencies (don't know which one uses which) uses Vantage and Beacon.

I think. I may be wrong.
USAA's credit monitoring service does not use Beacon or any type of FICO score. They use the Experian score -- I believed it is called "Plus" for all three.

Whoa! Thanks for the catch!

USAA pulls a Beacon score for almost all applications. When they started offering the three-bureau monitoring service, I sent a semi-crabby message to USAA, pointing out that it seemed a bit hypocritical to enthuse about the FAKO's on their monitoring service, while pulling a FICO EQ when it counts.

Never heard back from them.

Probably it would cost more if they had to produce FICOs? Given that they are one of the only daily pullers left, I'm counting my blessings and can live with any score they want to give.

On a related note, when I applied for the AmEx card a while back I asked them if they would tell me my FICO score and they said they couldn't. That disappoints me. I expected better of them. Is there something in their agreement with FICO that they cannot tell the consumer their score?

Re: USAA Credit Monitoring Service

haulingthescoreup — Wed, 18 Aug 2010 01:05:47 GMT

AmEx doesn't use FICO scores. They have their own in-house algorithm that they apply to our Experian reports.

So it's sorta helpful to know what the FICO's are of those who get in with AmEx (and those who don't, I suppose), if you think of credit scores as a general indicator of the underlying report. If someone has 720's on the their EQ and TU, and their EX report is pretty similar, and they got accepted by AmEx, they maybe that tells the rest of us something. But no one knows how AmEx's scoring formula differs from FICO's.

And now since we don't know our EX FICO's either, we're really in the dark.

Re: USAA Credit Monitoring Service

Anonymous — Wed, 18 Aug 2010 01:18:33 GMT

@haulingthescoreup wrote:
AmEx doesn't use FICO scores. They have their own in-house algorithm that they apply to our Experian reports.

So it's sorta helpful to know what the FICO's are of those who get in with AmEx (and those who don't, I suppose), if you think of credit scores as a general indicator of the underlying report. If someone has 720's on the their EQ and TU, and their EX report is pretty similar, and they got accepted by AmEx, they maybe that tells the rest of us something. But no one knows how AmEx's scoring formula differs from FICO's.

And now since we don't know our EX FICO's either, we're really in the dark.

Sorry, I screwed up. I should have said USAA AmEx.

Re: USAA Credit Monitoring Service

laz98 — Wed, 18 Aug 2010 02:14:52 GMT

how many types of credit cards does USAA offer? i thought there were only 2 or 3.

Re: USAA Credit Monitoring Service

Anonymous — Wed, 18 Aug 2010 02:18:04 GMT

@laz98 wrote:
how many types of credit cards does USAA offer? i thought there were only 2 or 3.

They offer:

1. AmEx;

2. World MasterCard;

3. Platinum MasterCard

4. Secured card; and a

5. Pre-paid card.

There may be others, but I am not sure.

Re: USAA Credit Monitoring Service

haulingthescoreup — Wed, 18 Aug 2010 04:07:19 GMT

@Anonymous wrote:
@haulingthescoreup wrote:
AmEx doesn't use FICO scores. They have their own in-house algorithm that they apply to our Experian reports.

So it's sorta helpful to know what the FICO's are of those who get in with AmEx (and those who don't, I suppose), if you think of credit scores as a general indicator of the underlying report. If someone has 720's on the their EQ and TU, and their EX report is pretty similar, and they got accepted by AmEx, they maybe that tells the rest of us something. But no one knows how AmEx's scoring formula differs from FICO's.

And now since we don't know our EX FICO's either, we're really in the dark.
Sorry, I screwed up. I should have said USAA AmEx.

Oh, gotcha. USAA told me my score when they approved my HELOC, but more in a chiding way. Literally: "Your Beacon score is 651. That's not very good, you know."

But that was several years ago. They wouldn't tell my son his score when he got an auto loan last year, so maybe it's something new.

Re: USAA Credit Monitoring Service

Anonymous — Wed, 18 Aug 2010 06:01:59 GMT

@haulingthescoreup wrote:

@Anonymous wrote:
@haulingthescoreup wrote:
AmEx doesn't use FICO scores. They have their own in-house algorithm that they apply to our Experian reports.

So it's sorta helpful to know what the FICO's are of those who get in with AmEx (and those who don't, I suppose), if you think of credit scores as a general indicator of the underlying report. If someone has 720's on the their EQ and TU, and their EX report is pretty similar, and they got accepted by AmEx, they maybe that tells the rest of us something. But no one knows how AmEx's scoring formula differs from FICO's.

And now since we don't know our EX FICO's either, we're really in the dark.
Sorry, I screwed up. I should have said USAA AmEx.

Oh, gotcha. USAA told me my score when they approved my HELOC, but more in a chiding way. Literally: "Your Beacon score is 651. That's not very good, you know."

But that was several years ago. They wouldn't tell my son his score when he got an auto loan last year, so maybe it's something new.

I think for mortgage and mortgage related they have to tell you. They told me mine on my HELOC.

For a financial enterp[rise that always "does the right thing," I really think they should tell everybody. Can you ask around to see if there is something in their agreement with FICO or whomever that prohibits them from telling consumers?

Re: USAA Credit Monitoring Service

JagerBombs89 — Sat, 21 Aug 2010 07:54:15 GMT

USAA didn't tell me my score but they did tell me My score was considered excellent for my age