topic Re: Understanding MyFICO subscription in General Credit Topics

Understanding MyFICO subscription

Anonymous — Thu, 27 Apr 2017 15:28:38 GMT

Hello All. I'm a new memeber and was trying to find some info in the forums about the MyFICO subscription... I signed up a couple weeks ago, and am a little confused about what all is included.

If I understand the services offered, the site charges $60 for a 3B report, one of which came with the first month of the subscription. It says that I'm scheduled for my next report in 3 months, and I get a discount if I want to pull it at some point in the interim. So, will my credit scores shift from day/week to day/week in the interim, if say, I pay down debt, or open a new credit card? Or will those only show up on my FICO dashboard in July when my next 3B comes out?

Basically, should I expect to see those numbers change when my next credit card statement comes out? Or am I paying $30/month for the identity/account monitoring, the scenario simulator, and a FICO update every 3 months?

For comparison, I have a Chase credit card that gives me my TU Vantage 3.0 score that updates every week. It's a month or two behind reality, vis-a-vis remaining cc debt, but usually knows within a week if there's been a new credit enquiry, etc. I know it's not a real FICO score, but it *feels* more responsive at least.

Re: Understanding MyFICO subscription

Anonymous — Thu, 27 Apr 2017 16:59:35 GMT

Hi Firewing!

You will get alerts for certain events that happen to your credit report, e.g. inquiries, balance increases or decreases, new accounts, and sometimes just for a score change. The FICO 8 scores on your dashboard will update with each event where there is a score change.

However, the similator can only be used for the scores that updated with your last 3B report, and all the other versions besides FICO 8 will only update with your 3B report.

I hope this helps! ☺

Re: Understanding MyFICO subscription

Anonymous — Thu, 27 Apr 2017 21:19:55 GMT

You sound like you are trying to balance the cost of a particular credit monitoring solution (CMS) against other possible CMS's. That's always smart to do. We live in a free market, and there's never just one option for anything you want to buy.

In fact, there some CMS's that cost $0 per year, and which give you monthly reports and FICO 8 scores. Let us know if you'd like to hear some possible options along that line.

Otherwise, yes, with the myFICO Ultimate package you are paying $30 a month for ID monitoring and updates to your FICO 8 score (but bear in mind that your score can change substantially without triggering these alerts). The alerts only cover certain kinds of changes to your report.

Re: Understanding MyFICO subscription

SouthJamaica — Fri, 28 Apr 2017 01:56:15 GMT

@Anonymous wrote:
Hello All. I'm a new memeber and was trying to find some info in the forums about the MyFICO subscription... I signed up a couple weeks ago, and am a little confused about what all is included.

If I understand the services offered, the site charges $60 for a 3B report, one of which came with the first month of the subscription. It says that I'm scheduled for my next report in 3 months, and I get a discount if I want to pull it at some point in the interim. So, will my credit scores shift from day/week to day/week in the interim, if say, I pay down debt, or open a new credit card? Or will those only show up on my FICO dashboard in July when my next 3B comes out?

Basically, should I expect to see those numbers change when my next credit card statement comes out? Or am I paying $30/month for the identity/account monitoring, the scenario simulator, and a FICO update every 3 months?

For comparison, I have a Chase credit card that gives me my TU Vantage 3.0 score that updates every week. It's a month or two behind reality, vis-a-vis remaining cc debt, but usually knows within a week if there's been a new credit enquiry, etc. I know it's not a real FICO score, but it *feels* more responsive at least.

The best thing to get is the Ultimate 3B report for $30 a month. It gives you constant updates to FICO 8, and a full set of FICO scores with a 3-bureau report once a quarter. http://www.myfico.com/Products/FICO-Premier-3B/

They used to have a product which included the monthly 3B report, but they seem to have pulled it.

Re: Understanding MyFICO subscription

HeavenOhio — Fri, 28 Apr 2017 02:11:32 GMT

SJ, the link in your post leads to the monthly Premier 3B product.

Re: Understanding MyFICO subscription

Anonymous — Fri, 28 Apr 2017 03:15:06 GMT

The link says Premier, but I clicked on it and it ends up at the Ultimate page. That's too bad if they don't offer Premier anymore. I was able to get it for $29.95 same as I was paying for the Ultimate. But I did have to cancel Ultimate then sign up for Premier.