Pulling Credit Reports and Scores

For just about anything you want to get off your chest about credit cards.
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Vattené
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Pulling Credit Reports and Scores

Postby Vattené » Mon Jan 27, 2014 1:55 am

I'm curious how often members check their credit scores and get their credit reports.

Personally, I don't really see the benefit to paying for either of these. I know consumers are entitled to one free credit report per year per CRA, and I just started getting mine last year on a revolving basis. So, I get my report from one of the agencies every 4 months (I'll pull EQ in Feb, EX in Jun, and TU in Oct). I realize they don't all have the same information, but I figure this is a good enough method to keep tabs on everything.

I also don't pay for credit scores. I use CK. Of course, this isn't a real FICO but it's free and should give you a very, very broad idea of your progress, right? My Walmart card gives me my monthly FICO from TU (again, I realize this isn't exhaustive; EQ and EX FICOs will differ).

The point is I feel this is good enough for my needs, but I would like to know what other members do to suit theirs. I notice many of you have updated scores on your signatures. Maybe many of you just earn decent money and figure paying for scores is no big deal and worth the info? Or maybe many of you are just more disciplined at all this than I am. ;)
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now


MemberSince99
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Postby MemberSince99 » Sat Feb 01, 2014 8:42 am

I used to do it more often than I do now. I just did it in January but only to look into an issue, and prior to that it had been 6 months since I last did it. But I have credit monitoring too, so what my FICOs are doesn't really matter that much to me honestly as I can use the monitoring to detect fraud/identity theft. You are right to a degree it's throwing money away but the garden lovers appreciate the donation.


And CK is a VERY rough estimate - of damn near nothing. CK has me at 729 yet my TU FICO is either 785 (from MyFICO) or 794 (from Barclays) depending on how they calculate that. It is "good enough" unless you are going for a car loan or mortgage or maybe even an app spree then you should know what it is.


If you don't have credit monitoring (and you should) then once a year isn't going to cut it in terms of detecting fraud - by the time you get your annual credit reports a thief could have totally trashed your credit and you could be getting collections calls shortly after. That's just way too long, it's kind of a joke really.

thom02099
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Postby thom02099 » Sat Feb 01, 2014 10:40 am

Vattené wrote:I'm curious how often members check their credit scores and get their credit reports.

[color="red"]The point is I feel this is good enough for my needs,[/color] but I would like to know what other members do to suit theirs. I notice many of you have updated scores on your signatures. Maybe many of you just earn decent money and figure paying for scores is no big deal and worth the info? Or maybe many of you are just more disciplined at all this than I am. ;)


Correct. For what you are looking for, then this probably suffices. IF however, one is actively seeking credit, whether it be applying for loans, or for credit cards, then close is not enough. CreditKarma, by their own statement, is for entertainment purposes only. As you're probably aware, they score much differently than the CRA, in that they don't include closed accounts in good standing as a score factor. In my opinion, one should pull all 3 FICO scores at least twice a year, so one knows where they truly stand scorewise.

Personally, even though I'm not actively seeking additional credit at this time, I pull my reports usually either every other month, every 3 months, or if I get an alert from AMEX's CreditSecure of a major change to my reports.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

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Vattené
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Postby Vattené » Sat Feb 01, 2014 11:50 pm

Thanks for the opinions! I did sign up for the year of credit monitoring Target is offering through Experian. Is anyone else using this? If so, do you think it is that valuable (I mean, it is free so it's probably not worth much, but still)?
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

samhradh
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Postby samhradh » Sun Feb 02, 2014 8:08 am

I don't monitor my credit except for checking my FICO score on my Barclaycard and Discover statements. I'll request my report a couple times a year in advance of apping. I did sign up for the Target monitoring service...it seems useless.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

takeshi
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Postby takeshi » Mon Feb 03, 2014 8:49 am

Depends on what I'm doing. For an app spree, auto or mortgage I would definitely pull my reports if I didn't have my annual allotment available. The cost of the reports is easily outweighed IMO by the potential savings and better offers in such cases. I'm not as worried about my scores. It's generally apparent to me what needs work by looking at the reports.

Vattené wrote:I also don't pay for credit scores. I use CK. Of course, this isn't a real FICO but it's free and should give you a very, very broad idea of your progress, right? My Walmart card gives me my monthly FICO from TU (again, I realize this isn't exhaustive; EQ and EX FICOs will differ).

You should have a good idea of how much CK can vary if that's the case. My most recent FICO from Discover was 788. CK was 732. I don't rely on individual scores from CK. I monitor trends with the CK scores and even then CK is a somewhat dubious resource. It's more useful to me as another monitoring resource.

JoDa
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Postby JoDa » Mon Feb 03, 2014 10:53 pm

As everyone else said, it depends on your needs. I do what you do and pull one report every few months to make sure nothing crazy is going on. However, a few months before I buy property (my only big credit purchases, I don't own a car and don't plan to any time in the next few decades), I generally pay for all three reports and scores to make sure nothing is amiss.

When making large purchases, that can pay off. As I mentioned here a bit ago, when I pulled them all before my last property purchase I found I had a few-year-old parking ticket that had been turned over to collections, and was able to work with the city to get the collection removed before applying for tens of thousands of dollars in long-term credit. Best guess, spending that $30 to check up on everything saved me ~1% in ongoing interest, or easily hundreds of dollars a year. But now, when I have no designs on buying any property for a while (OKAY, I WILL PROBABLY DIP A TOE NEXT SPRING, SUE ME FOR NOT BEING ABLE TO GIVE UP THE HABIT), I think just making sure nothing totally wild shows up every few months is fine.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

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Vattené
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Postby Vattené » Tue Feb 04, 2014 3:00 am

takeshi wrote:You should have a good idea of how much CK can vary if that's the case. My most recent FICO from Discover was 788. CK was 732. I don't rely on individual scores from CK. I monitor trends with the CK scores and even then CK is a somewhat dubious resource. It's more useful to me as another monitoring resource.
My CK has been stagnant since at 725 since June (I just started getting my TU FICO through my Walmart card in December, and it's gone down from 747 to 739), so I'm getting less and less trustful of it. Granted I haven't opened any new accounts or changed my credit spending much, but it's not giving me any information even as far as broad trends.

JoDa wrote:As I mentioned here a bit ago, when I pulled them all before my last property purchase I found I had a few-year-old parking ticket that had been turned over to collections, and was able to work with the city to get the collection removed before applying for tens of thousands of dollars in long-term credit. Best guess, spending that $30 to check up on everything saved me ~1% in ongoing interest, or easily hundreds of dollars a year.
I believe I recall you mentioning that. What a great catch! That really saved you a ton of money.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

JoDa
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Postby JoDa » Tue Feb 04, 2014 10:30 pm

Vattené wrote:I believe I recall you mentioning that. What a great catch! That really saved you a ton of money.


Which I why I recommend doing a full check-up before big purchases. In my case, the city had *just* started turning delinquent tickets over to collections, and it didn't appear until just about 6 weeks before I tossed my hat into buying a new property. That 1% has saved me at least $1500 over the last 2.5 years. The commercials soliciting people to buy credit scores before getting a mortgage are cheesy, but true. I suppose I could have just entered my then-defunct license plate number into their online system to make sure I didn't have any tickets, but that would only cover one of numerous possible issues. Before that, for some reason (and found checking my reports for free as I recommended), my first car loan was reporting as 30 days, even though I always paid it on time and paid it off early. A few phone calls later and that was resolved. The LAST thing you want is to be surprised with derogatory information by a loan officer when tens to hundreds of thousands of dollars are on the line...
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

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tbka
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Postby tbka » Wed Mar 19, 2014 5:57 am

My credit union has a deal where you get your credit report and scores from all three places and credit/identity monitoring for $9.99 with the first month free. Every 90 days you get a new report for free and every time something hits your report on any of the three, the shoot you off a e-mail tell you of this happenings. I just applied for a Amex Green and I got the e-mail telling me of this event

I have been a victim of identity theft, and it is no fun. At less this help me keep track of things so I can better monitor my credit. I would suggest this to anyone, just alone have the alert is nice. Let alone the scores and reports you get. I hope no one has to deal with a ID theft.
Capital One Platinum $500
Barclaycard Rewards $500
Wells Fargo Secured Platinum $1,000
Elan Financial Platinum $1,000


Experian 641 3/10/14
Equifax 663 3/10/14
TransUnion 631 3/10/14
Barclay 620 8/24/14
Capital One 632 8/24/14
Credit Karma 632 8/24/14

Bankruptcy till 4/18



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