MyFICO ScoreWatch Review: What's The Point?!

For just about anything you want to get off your chest about credit cards.
8 posts
CCNoobie
Green Member
Green Member
 
Posts: 3
Joined: Fri Nov 16, 2012 7:16 pm
Location: Virginia

MyFICO ScoreWatch Review: What's The Point?!

Postby CCNoobie » Fri Nov 16, 2012 7:21 pm

Hi,

I've been searching on here and elsewhere for at least an hour and can not seem to clear up my confusion.

I registered for the ScoreWatch trial about a week ago and thought it seemed pretty cool until I realized the FICO score didn't change. From the reading I've done, I've learned that the FICO score is only updated twice a year. So what's the point of having ScoreWatch? Is there another service that allows me to see my FICO score whenever I want?

Thanks :)


marlonbishop
Platinum Member
Platinum Member
 
Posts: 85
Joined: Sat Aug 09, 2014 11:09 am
Location: Florida

Postby marlonbishop » Sat Aug 16, 2014 5:58 pm

CCNoobie wrote:Hi,

I've been searching on here and elsewhere for at least an hour and can not seem to clear up my confusion.

I registered for the ScoreWatch trial about a week ago and thought it seemed pretty cool until I realized the FICO score didn't change. From the reading I've done, I've learned that the FICO score is only updated twice a year. So what's the point of having ScoreWatch? Is there another service that allows me to see my FICO score whenever I want?

Thanks :)


any light on this?

i wonder if scorewatch is worth it?
i have the discover free credit score.
BoA Cash Rewards $4000
Macy's $1000
Discover it $5000
Chase Sapphire Preferred $5000
Chase Freedom $2000
Amex Green NPSL
Amex Gold Premier Rewards NPSL

Find me on MyFico: Sapingo (if you see me say hello)!

User avatar
PlyrStar93
Centurion Member
Centurion Member
 
Posts: 410
Joined: Wed Jun 04, 2014 1:06 pm
Location: Chicago

Postby PlyrStar93 » Sat Aug 16, 2014 6:04 pm

CCNoobie wrote:From the reading I've done, I've learned that the FICO score is only updated twice a year.

This is false. FICO score may change when credit report updates. Credit score is calculated based on credit report, so if the report does not update, then score should not change.

CCNoobie wrote:So what's the point of having ScoreWatch?

It's basically Equifax credit monitoring, with FICO score. Equifax's official site has the identical product.

CCNoobie wrote:Is there another service that allows me to see my FICO score whenever I want?

From what I know right now, Discover and Barclays provide FICO score for TransUnion every month free of charge. I have not seen any similar provisions for Equifax or Experian.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Sat Aug 16, 2014 6:14 pm

PlyrStar93 wrote:From what I know right now, Discover and Barclays provide FICO score for TransUnion every month free of charge. I have not seen any similar provisions for Equifax or Experian.



FNBO offers cardmembers (for example my Dodge MasterCard) a free EX Fico 8 Bankcard enhanced score, for example. So if you have a card from FNBO and say one from Discover or Barclays you would get both TU and EX. But I also have not seen one from EQ but I would not be surprised if one existed somewhere.

supercoolman
Centurion Member
Centurion Member
 
Posts: 176
Joined: Thu Jun 12, 2014 12:48 am
Location: South Bay Area

Postby supercoolman » Sun Aug 17, 2014 1:56 am

PlyrStar93 wrote:This is false. FICO score may change when credit report updates. Credit score is calculated based on credit report, so if the report does not update, then score should not change.


It's basically Equifax credit monitoring, with FICO score. Equifax's official site has the identical product.


From what I know right now, Discover and Barclays provide FICO score for TransUnion every month free of charge. I have not seen any similar provisions for Equifax or Experian.



score will change even if report is not updated. AAoA bump will always come into effect, HP and closed accounts will age and fall off. it's how garden works

randeman
Centurion Member
Centurion Member
 
Posts: 188
Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Sun Aug 17, 2014 2:53 pm

I have had ScoreWatch for a couple of years now and I get plenty of alerts. Don't worry if you haven't gotten anything in the past few days or weeks. It may just mean that there hasn't been any fluctuation. You can set it to notify you if your credit score exceeds or is reduced by the value you give it. Trust me, when something happens, you'll be notified. I like it for fraud protection. Discover and Barclay's do offer TU scores, but they are only monthly and sometimes not even that, as the disclaimer on their sites point out.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

marlonbishop
Platinum Member
Platinum Member
 
Posts: 85
Joined: Sat Aug 09, 2014 11:09 am
Location: Florida

Postby marlonbishop » Sun Aug 17, 2014 6:45 pm

will read about this later. been asking myself the same question!
BoA Cash Rewards $4000

Macy's $1000

Discover it $5000

Chase Sapphire Preferred $5000

Chase Freedom $2000

Amex Green NPSL

Amex Gold Premier Rewards NPSL



Find me on MyFico: Sapingo (if you see me say hello)!

thom02099
Centurion Member
Centurion Member
 
Posts: 467
Joined: Sat Apr 13, 2013 7:49 pm
Location: Colorado, USA

Postby thom02099 » Mon Aug 18, 2014 10:29 am

ScoreWatch reports balance changes, up or down, as well as score changes. I get alerts all the time. Frequently the alert will be that a balance has increased/decreased. There may be a corresponding change in my score, but most of the time there's not. Check your settings to make sure that you're getting the alerts that you want to get.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 1 guest