MyFICO score watch is USELESS and score simulator is WRONG

[Anonymous]

Well I am about to say goodbye to all my myFICO products. I also have equifax credit monitoring which I have had for years but I am more interested in FICO scores so that is why I signed up for SW. My account balances have decreased significantly twice and SW sent no alerts (equifax alerted me every time). The simulator told me that if I paid $200 toward my CCs my score would go up to min. 638, my score only went up to 611 (no other things changed). Plus, I am still having to pay $19.95 for scores. So I am finding both products to be a waste of money so I will continue to use equifax monitoring and just buy FICO scores here when I need them.

[rckstrscott]

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@Anonymous wrote:

Well I am about to say goodbye to all my myFICO products. I also have equifax credit monitoring which I have had for years but I am more interested in FICO scores so that is why I signed up for SW. My account balances have decreased significantly twice and SW sent no alerts (equifax alerted me every time). The simulator told me that if I paid $200 toward my CCs my score would go up to min. 638, my score only went up to 611 (no other things changed). Plus, I am still having to pay $19.95 for scores. So I am finding both products to be a waste of money so I will continue to use equifax monitoring and just buy FICO scores here when I need them.

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sorry you don't find value in the product. many of us do.

good luck with your rebuild journey!

-scott

[Anonymous]

I don't know if the scoring models change over time, but with rates going up and the market the way it is, getting a loan is nearly impossible right now.

I recall in 2009 a co-worker with a score of 804 couldn't qualify for a construction loan.

Besides, your score is merely an indication of how good a peasant you are.  Nobody is perfect, and your score is not a bearing on who you are as a person

I agree with you on the lack of utility the tools provide to paid subscribers.  I stopped using the service after having the same lackluster results.

Even if you do pay down current debts and stay on the path to goodness, the lender will always look for something to hit you with, even as far back as 6 years and 11 months from now.

When I worked for creditreport.com, the owner told us "Banks are only looking to lend to the lowest risk for the highest return."  Keep that in mind.  Even if you are gold balls, the bank knows you are lowest risk, but they are still going to charge you the highest insterest rate they can get out of you.

[hopingsoon]

Same here

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@Anonymous wrote:

Well I am about to say goodbye to all my myFICO products. I also have equifax credit monitoring which I have had for years but I am more interested in FICO scores so that is why I signed up for SW. My account balances have decreased significantly twice and SW sent no alerts (equifax alerted me every time). The simulator told me that if I paid $200 toward my CCs my score would go up to min. 638, my score only went up to 611 (no other things changed). Plus, I am still having to pay $19.95 for scores. So I am finding both products to be a waste of money so I will continue to use equifax monitoring and just buy FICO scores here when I need them.

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[RashShakur]

I haven't had that experience. Anytime anything changes- whether it's a new account or a fluctuating balance I always get a alert. When it comes to that old good simulator that is another story and I can go on on on about that. The simulator does suck and if it doesn't  work they need to get rid of it, ... I do see the value in the score watcher and transunion  quarterly report.Just my two cents

[WhiskeyR]

My alerts are usually within a day or two.

The simulator isn't that great though. I wish it were better. It'd be nice if it had options that helped you simulate things like if a charged off account were deleted, etc.

[Anonymous]

Totally agree. I cancelled my Score Watch subscription last month, as well. 

I do find value in watching my score, but the simulator could use more scenarios. I did get alerts on a regular basis, some I'm not sure if your settings were off. I will subscribe again when I start rate shopping for a home.  

[pizzadude]

Moving to myFICO product feedback.

[sghosh5]

My utilization on one card dropped from 50% ro 20%. The scor simulator said it would go upto 650. The util drop happened 5 days ago. Still no alert. I am also thinking of discontinuing this product. How good the score watch product on Equifax website?

[Shogun]

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@sghosh5 wrote:

My utilization on one card dropped from 50% ro 20%. The scor simulator said it would go upto 650. The util drop happened 5 days ago. Still no alert. I am also thinking of discontinuing this product. How good the score watch product on Equifax website?

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It's about the same.  And give it just a bit for scorewatch, I bet you get a few points.  It just takes a bit to update.