topic Re: Has CCT become irrelevant? in General Credit Topics

Has CCT become irrelevant?

MontegoMack — Mon, 13 Nov 2017 20:08:58 GMT

I have a CCT account and check my scores/reports regularly, but I'm reading more and more about how mfFICO has a better product. HAs CCT become irrelevent or is it just a personal preference?

Thoughts?

Thanks in advance.

Re: Has CCT become irrelevant?

Anonymous — Mon, 13 Nov 2017 20:19:52 GMT

I am assuming that you are referring to the monthly version of CCT. Personally, I think it all depends on the reason you are doing credit monitoring in the first place. Are you trying to repair/rebuild credit in order to make a major purchase? If so, I think that MyFICO would be better because of all of the additional scores you get that would be useful. If you are simply using it for monitoring, there may not be much of a benefit to either one since there are so many free sites that will allow you weekly or monthly updates to your reports and many ways to get free FICO8 scores as well. In my experience, MyFICO can be slow to alert you to changes, but I prefer it to the others simply for the scores. Once I buy a house, I will likely cancel my subscription to MyFICO and just rely on the free stuff.

Re: Has CCT become irrelevant?

Anonymous — Mon, 13 Nov 2017 22:51:46 GMT

As far as I can tell, most of the CCT users here on the forum just sign up for the $1 trial once a month (or less often) and then cancel. So $1 per month is a pretty amazing deal compared to the much pricier $30/mo at myFICO.

What may be making all monthly fee services irrelevant is the wide availability of free FICO 8 scores, coupled with the availability of frequent free reports. The various monthly fee subscriptions will always appeal to some people, but that number is growing smaller.

Re: Has CCT become irrelevant?

EAJuggalo — Tue, 14 Nov 2017 00:32:26 GMT

I pay $15 a month to CCT for an updated Experian report and score daily and the other two monthly. If I'm reading the product description of MyFICO Ultimate 3b correctly you pay monthly but only get scores quarterly. But you do get many more scores than CCT's FICO 8's only. When the time comes and I'm looking at making a house purchase I might go with MyFICO but for now CCT does everything I'm looking for.

Re: Has CCT become irrelevant?

Anonymous — Tue, 14 Nov 2017 03:50:21 GMT

No, CCT has not become irrelevant. IMO, CCT $1 trials are one of the GOAT products when it comes to credit. I don't know much about their monthly memberships, but as CGID mentioned, many people like myself just use the $1 trials and that's it. For $1, getting your 3B reports and FICO 08 scores twice is an amazing value. Unlike monthly services that may provide you with a FICO score, with CCT $1 trials you can pull your scores both before and after the date that you know a change may be happening to your credit report, so you get a true before and after score.

Re: Has CCT become irrelevant?

Anonymous — Tue, 14 Nov 2017 16:15:37 GMT

@Anonymous wrote:
As far as I can tell, most of the CCT users here on the forum just sign up for the $1 trial once a month (or less often) and then cancel. So $1 per month is a pretty amazing deal compared to the much pricier $30/mo at myFICO.

What may be making all monthly fee services irrelevant is the wide availability of free FICO 8 scores, coupled with the availability of frequent free reports. The various monthly fee subscriptions will always appeal to some people, but that number is growing smaller.

^^^This.

MyFico has a much nicer product/user interface in my book. When I choose to have a paid subscription service, it's my #1 choice.

When I don't have any upcoming apps, I rely on free services and one $1 CCT trial per month.

Re: Has CCT become irrelevant?

Anonymous — Tue, 14 Nov 2017 17:40:20 GMT

@Anonymous wrote:
When I don't have any upcoming apps, I rely on free services and one $1 CCT trial per month.

When you say upcoming apps, are you referring to loan apps or even revolver apps? Just curious. I could see the benefit of a myFICO subscription for all of their score varieties if apping for a loan, but I'm not sure I'd see any benefit when applying for a credit card over simply doing a CCT $1 trial a few days before a planned app.

Re: Has CCT become irrelevant?

Anonymous — Tue, 14 Nov 2017 19:13:05 GMT

@Anonymous wrote:
@Anonymous wrote:
When I don't have any upcoming apps, I rely on free services and one $1 CCT trial per month.
When you say upcoming apps, are you referring to loan apps or even revolver apps? Just curious. I could see the benefit of a myFICO subscription for all of their score varieties if apping for a loan, but I'm not sure I'd see any benefit when applying for a credit card over simply doing a CCT $1 trial a few days before a planned app.

Both loan and revolver apps. Not even for the variety of the scores. You're right that CCT would be just fine when prepping to app for a revolver. Better said, if I'm going to really be watching my credit consistently for a couple of months, I like MyFico's UI and alerts better.

Re: Has CCT become irrelevant?

Anonymous — Tue, 14 Nov 2017 20:51:48 GMT

Gotcha. Are myFICO alerts any better than the alerts provided by the free services available like CK, CS, etc? I've always been happy with the alerts I receive from free services, but since I've never had a myFICO subscription I'm not sure if they are any "better" from MF.

Re: Has CCT become irrelevant?

HeavenOhio — Wed, 15 Nov 2017 13:39:39 GMT

I took inquiries on TransUnion and Experian yesterday. I got alerts almost immediately from WalletHub, freecreditscore.com, Credit Karma, and Capital One CreditWise. I have yet to hear from myFICO.

Re: Has CCT become irrelevant?

Anonymous — Wed, 15 Nov 2017 13:48:00 GMT

@HeavenOhio wrote:
I took inquiries on TransUnion and Experian yesterday. I got alerts almost immediately from WalletHub, freecreditscore.com, Credit Karma, and Capital One CreditWise. I have yet to hear from myFICO.

Interesting. I guess that's one more knock against getting a myFICO membership if it can't even compete with the free services in terms of alerts.

Re: Has CCT become irrelevant?

HeavenOhio — Wed, 15 Nov 2017 15:21:56 GMT

The alert for the Experian inquiry flew in about an hour ago.

Re: Has CCT become irrelevant?

Anonymous — Wed, 15 Nov 2017 15:33:24 GMT

@Anonymous wrote:
Gotcha. Are myFICO alerts any better than the alerts provided by the free services available like CK, CS, etc? I've always been happy with the alerts I receive from free services, but since I've never had a myFICO subscription I'm not sure if they are any "better" from MF.

They're usually slower to report, but better in the sense that you can see your actual FICO score update based on whatever changed in the alert.

Re: Has CCT become irrelevant?

Anonymous — Wed, 15 Nov 2017 16:55:20 GMT

@Anonymous wrote:

They're usually slower to report, but better in the sense that you can see your actual FICO score update based on whatever changed in the alert.

This is a big and common misconception on this forum. When you receive an alert, you receive a score update based on your profile at that moment in time. Any number of other things may have changed between your last score and current score that have absolutely nothing to do with the alertable event. Yes, the alert will be taken into consideration for the score update, but that event may not have any actual impact on score.

Example: Someone has their only major baddie age off their credit report on Monday. They do not receive a MF alert because of this. On Wednesday, they pay off a credit card that had a $5 balance to $0. On Thursday they receive a MF alert because they paid off a credit card and a new score is given. This person's score may have gone up 70 points, but it's all because of the major baddie falling off. If the person goes by just the alert, they'd believe that paying off a $5 balance on a CC results in a 70 point gain, when in actuality the chances of it impacting score at all are slim.

Re: Has CCT become irrelevant?

HeavenOhio — Thu, 16 Nov 2017 04:04:16 GMT

Just to give an example, my Experian score increased a couple of weeks ago, possibly due an inquiry aging or year-old accounts aging. myFICO didn't notice that change because none of that was alertable. I found out about the score change from another service. A few days later, a myFICO alert for a balance change came in along with the score change. What wouldn't have been apparent through watching only myFICO was that the score had changed a few days before the balance change or the alert.

By the way, there's still no myFICO alert for my TransUnion pull yesterday afternoon.