myFICO membership question

[Anonymous]

Hi all,

I am new to the forum but have been lurking for the last month or so. I was looking at getting a myFICO membership but wanted to know if the $40 a month was worth it. I use several different free credit reporting websites to compare scores but am working to get a mortgage and it would be really helpful to have my mortgage scores handy. I checked my scores on CCT and they are just over 600 but my mortgage score is about 30 pts lower when it was pulled by a housing resource specialist we are working with to get approved. 

Thoughts on using myFICO? 

[Zolomon]

I happily pay myFICO $40 a month. It’s not even a need for me at this point. I just like to know what my scores are and how I can improve on them. It’s become a game.

A Game of Loans. (Intro music begins)

[thornback]

If your goal is to obtain a mortgage, then yes, I'd say it's worth the membership as it's the only place to obtain and monitor all 3 mortgage scores - which will prove highly beneficial for you during this time.

[avp99]

I signed up a little over two months ago and I am glad I did.  Since I joined my scores have gone up about 60+ points.  Now, they did not go up just because I signed up, they went up because with this membership I am always aware what is going on with my scores and with the skills you learn from the forum and myFICO, you can drive them up.  

[Anonymous]

Thank you. I think I am going to sign up. I am looking forward to getting my scores up. I wish there was a joint membership deal so i could do my husband and i together for cheaper lol

[avp99]

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@Anonymouswrote:

Thank you. I think I am going to sign up. I am looking forward to getting my scores up. I wish there was a joint membership deal so i could do my husband and i together for cheaper lol

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That is actually a good idea to have a joint membership.  But I think that you are going to like it... it feels amazing to know that you are incontrol of what happens to your scores.  I always felt helpless and usually just burried my head in the sand and knew I had bad credit, so I never even tried.  Trust me, when you see those scores get up there you are going even sleep easier.

[Anonymous]

Good question, I am in the same boat as you and curious as well.

[Anonymous]

I signed up for the myfico membership. It was nice to see where my scores are for fico 8 and where they are for the mortgage model. I sent out a few GW letters to my student loan servicer to 90 date lates on two accounts, and to some paid collections to see if theyd be kind enough to remove as well. I am hoping to get those cleared up. 

I have a question though. One of the CRAs pulls a code for "too many finance accounts". what does this mean? I have three new CC in the last 2 months and two student loans on my open and current accounts. everything else is closed. 

[Anonymous]

Which membership did you apply for?  The $30/mo or the $40/mo?

And when do you think you will buy a house?

My guess is that the negative reason code used the phrase "consumer finance account."  Is that right?  If so, did you google it to find out what it means?  If you were to google consumer finance account myFICO you would find lots of articles about them here.

[Anonymous]

I did the 40/month one. I am looking to apply in the next 3 months. My housing resource specialist said I just need to be st a 640 and he's had clients with lower scores get up to 640 in 3 months. Keeping fingers crossed all goes as planned.