Is an Experian PLUS Score worth paying for?

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Ratfacedudeguy
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Is an Experian PLUS Score worth paying for?

Postby Ratfacedudeguy » Sun Jun 03, 2012 1:47 pm

I've been wondering this for a while. My Discover and Amex cards have a credit score monitoring service that gives you access to your PLUS credit score once or twice a month. Since lenders tend to only use FICO, am I just throwing away money on these services? Is there some kind of formula I could use to somehow convert these PLUS scores to FICO?
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13


MemberSince99
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Postby MemberSince99 » Wed Jun 06, 2012 8:25 am

There is no formula I know of to convert them.

If you just want to get an idea of your credit health they are worthwhile so that you can monitor your reports. But you should occasionally check your actual FICOs. To give you an idea of how different these scores are I use Amex CreditSecure, and it says I have EX score of 746 and both TU and EQ are 737. However my FICO EX score from Amex was 788, and my EQ Fico was 769 and TU was 761. Credit Karma which I believe is TU08 vs the older TU on FICO says I'm only 696.

So these things are all over the board, the FICOs are the only ones that really matter. The credit monitoring services are good for doing just that - keeping an eye on your reports and the scores can give you an idea of how good things are but you need to get your FICOs every so often.

Ratfacedudeguy
Centurion Member
Centurion Member
 
Posts: 362
Joined: Wed May 30, 2012 8:10 pm
Location: Baltimore

Postby Ratfacedudeguy » Wed Jun 06, 2012 5:02 pm

Gotcha. So I guess if nothing else it's a good idea to have those services to monitor your actual credit reports. Now I just have to decide whether I like the Discover ($99/yr) or the Amex version ($14.99/mo) more XD
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13



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