Managing Credit Debt with Credit Sesame

[Anonymous]

Hi All, 

I have some credit card debt & student loans that I am trying to pay off.  Since entering a new job, with a substantial income, I've started focusing on improving my credit score and other finances so that I'll be ready for future credit ventures, e.g. auto/home loans.  Just wondering what everyone's thoughts are in using services like Credit Sesame.

Thanks!

[manwoot]

Honestly, I prefer to use Credit Karma.  I find the FAKO score updates more often, the website is easier to use, and you can see what's on your credit report every month.  It uses TransUnion, where as Credit Sesame does not.

It's more of a personal preference.  You may also want to look at using Mint.

[Anonymous]

I think the main advantage Credit Sesame has over Credit Karma is that it offers free ID theft insurance, which is what helped me make my decision between the two services.

[Anonymous]

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@Anonymous wrote:

Hi All, 

I have some credit card debt & student loans that I am trying to pay off.  Since entering a new job, with a substantial income, I've started focusing on improving my credit score and other finances so that I'll be ready for future credit ventures, e.g. auto/home loans.  Just wondering what everyone's thoughts are in using services like Credit Sesame.

Thanks!

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I haven't tried CS, and can't say anything useful about the overall set of features.

But I wouldn't rely on it for scores.

What I'd do for scores long-term would be to get a mix of FICO 04 and 08 scores.  The 04 scores are used in the mortgage business, and the 08 scores are the more contemporary scoring model.

I'd also suggest "staying close" to your actual reports, knowing what's on them and what it means as far as lending decisions.

[bada_bing]

Why do you have to make a choice ? Both are free for the effort of signing up.

Nether one has a FAKO score that has much relation to reality. My CK score is

80 points below my real TU score. MY CS score is 20 points high. CK offers a bit

better info and and layout as far as tracking what's currently reporting in a CR. No

reason to not have both. Just don't mistake the FAKO scores for something useful.

I find mint to be a more useful financial tool than either, although it isn't focused on

credit reporting. 

[takeshi74]

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@Anonymous wrote:

Just wondering what everyone's thoughts are in using services like Credit Sesame.

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They're handy for monitoring trends and info in your reports but don't rely on the FAKO scores provided by them.  Keep in mind that CS is only based on your Experian report data.  I don't recommend relying on just one service that relies on a single CRA.  All three of the major CRA's matter.

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@manwoot wrote:

Honestly, I prefer to use Credit Karma.  I find the FAKO score updates more often, the website is easier to use, and you can see what's on your credit report every month.

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It's not just the score that updates more often.  All the data updates weekly.  Keep in mind that CK reports AAoOA, not AAoA.