topic Re: Credit Monitoring in General Credit Topics

Credit Monitoring

Anonymous — Thu, 16 Aug 2007 13:02:12 GMT

Has anyone ever heard of Mycreditkeeper.com? I was thinking of signing up with them because you can get all three credit reports and fako scores for $9.95/month. I have a friend who uses them and she hasn't really had a problem with them.

Also, we are going to buy a car in the next 6 months and there is not much more we can do to raise our scores. It is just a waiting game now to see what happens from month to month. We just purchased a house in July, so once that hits our credit report and reports for 6 months, will this bump our score up any?

Thanks

Message Edited by Frustrated on 08-16-2007 06:02 AM

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 13:07:06 GMT

Frustrated wrote:
Has anyone ever heard of Mycreditkeeper.com? I was thinking of signing up with them because you can get all three credit reports and fako scores for $9.95/month. I have a friend who uses them and she hasn't really had a problem with them.

Also, we are going to buy a car in the next 6 months and there is not much more we can do to raise our scores. It is just a waiting game now to see what happens from month to month. We just purchased a house in July, so once that hits our credit report and reports for 6 months, will this bump our score up any?

Thanks

Message Edited by Frustrated on 08-16-2007 06:02 AM

Just to let you know, in case it is important to you, it does not look like you can update those reports daily like you can at TC.

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 13:19:21 GMT

Yeah I noticed that when I was reading up on them. I guess since I don't have any disputes or anything out that I don't really have to have daily updates, though it would be nice. What is TC?

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 13:21:11 GMT

Frustrated wrote:

Has anyone ever heard of Mycreditkeeper.com? I was thinking of signing up with them because you can get all three credit reports and fako scores for $9.95/month. I have a friend who uses them and she hasn't really had a problem with them.

Also, we are going to buy a car in the next 6 months and there is not much more we can do to raise our scores. It is just a waiting game now to see what happens from month to month. We just purchased a house in July, so once that hits our credit report and reports for 6 months, will this bump our score up any?

Thanks

Message Edited by Frustrated on 08-16-2007 06:02 AM

Just an FYI neither TC or Credit Keeper gives you your true FICO scores. They are lovingly referred to as FAKO scores around the boards. They are about as useful as a wool coat in the mojave.

Yes when your house starts reporting and has been reoprting for six months you should see an initial increase in your scores, then again at 12 and 18.

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 13:49:55 GMT

Frustrated wrote:
Yeah I noticed that when I was reading up on them. I guess since I don't have any disputes or anything out that I don't really have to have daily updates, though it would be nice. What is TC?

Truecredit. I pay $14.95/mo, but you can get it cheaper thru the Wal-mart site. $11.20 I think.

Re: Credit Monitoring

illcrew3 — Thu, 16 Aug 2007 17:25:14 GMT

I use mycreditkeeper and I think its great. I don't know what all the fuss about FICO scores being better then FAKO scores because my FICO and FAKO are exactly the same. The only downfall is you can only update your scores and reports once a month but it beats the hell out of scorewatch with the twice a year limit.

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 17:41:03 GMT

illcrew3 wrote:
I use mycreditkeeper and I think its great. I don't know what all the fuss about FICO scores being better then FAKO scores because my FICO and FAKO are exactly the same. The only downfall is you can only update your scores and reports once a month but it beats the hell out of scorewatch with the twice a year limit.

I use TrueCredit I can update CR everyday which is important as I have found many problems on all my CR. I never go by the FAKO scores they are usless BUT if I see a big change in them I will pull scores from myfico. FICO are the only REAL scores. I do not know of any one that pulls FAKO when you apply for credit.

Re: Credit Monitoring

illcrew3 — Thu, 16 Aug 2007 18:15:11 GMT

But like I said my FICO and FAKO are the same.

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 19:33:07 GMT

illcrew3 wrote:
But like I said my FICO and FAKO are the same.

No, they're not. Maybe in this case yours happen to be (though have you checked by pulling your REAL FICOs? BUt for almost everyone they are different. Case in point, my EX fako is 644. My real EX FICO is 715. My EQ fako is 766, but in actuality, my EQ FICO is 735.

Re: Credit Monitoring

Anonymous — Thu, 16 Aug 2007 20:03:36 GMT

@illcrew3 wrote:
But like I said my FICO and FAKO are the same.

FICO and FAKO move at different speeds and on different scales. I don't see why they can't cross at some point. But exact all the time. No way unless you have a FICO score and thought it was a FAKO. FAKO's can shadow FICOs and be somewhat close.

Re: Credit Monitoring

MidnightVoice — Thu, 16 Aug 2007 20:08:21 GMT

One of my FICOs is 60 points higher than my FAKO. And the FAKOs do not change very often, and seem sensitive to different things.

And as no lender uses FAKOs, I tend to ignore them