Francine Denson asked:




In recent years credit monitoring services have become more and more popular as they provide instant alerts to individuals regarding changes to their credit reports. It’s a great way to monitor your individual credit history and recognize potential issues. Why not try to pinpoint issues with your credit history before they become huge problems? Read on to learn more about credit score monitoring and the many uses of these services.

Generally, according to the FTC, it takes about one year before an individual realizes that they have become one of the many victims of identity theft. Nowadays scores of Americans fall prey to this type of crime everyday, it seems paying for credit monitoring services would be a small thing when compared to the potential loss from identity theft. On the average, these services charge under $20 per month with the cost depending on the specific company and type of service you request.

The services and information provided by each credit monitoring service will vary, so it’s important to compare what type of information they are offering versus what you feel you need. Some companies may provide access to all 3 of the credit scores while others may only provide the FICO score. It’s important to know that he FICO score is one that is utilized the most by financial institutions and lending officials as the basis for credit decisions. For a handy comparison of top credit monitoring services, be sure to visit the link at the bottom of this article.

Theres another big benefit to becoming a member of a credit score monitoring service. If you fall prey to identity theft while utilizing a service that offers identity theft protection, you are not liable for any costs as a result of the theft. Most companies offer identity theft reimbursement coverage with a range of limits, again the amount is dependent on the specific company and service you have.

In some cases, credit monitoring companies have online tools and calculators to assist you in determining the impact of financial decisions on your credit score. For example, if you pay off your auto loan, what impact does that have on your credit score? If you pay off your mortgage, what impact does that have on your credit score? When you are trying to improve your credit score these tools can really come in handy in determining your next financial decision, you can predict which decision will result in the largest increase to your credit score.

Depending on the specific agency and service you choose, some companies only report on one of the big three credit reporting agencies, while others may provide access to all three reports. Also, some companies may update your credit information daily while others may have a less frequent update schedule. It’s important to evaluate the company and service offerings to be sure you get the best value to meet your needs. The great news is you will be notified as soon as any questionable activity occurs on your credit report, before the situation gets out of hand.

Ida

ILUVTOFU asked:


All three?
[Equifax, Experian, TransUnion]
I want to know my FICO score, but want to know if every credit bureau has their very own FICO score.

And does MyFico offer monitoring for all 3 bureaus? [for individual credit scores]

Lee

Eldorado asked:


Every site I go to so far it wants you to sign up for a monitoring fee or wants you to buy three credit scores and reports. I don’t want a score and report smothered in BS.

Alicia

Sean Dean asked:




In today’s economy and volatile financial world, knowing and monitoring your credit score is no longer a luxury. It is vital. Today, not only do you need to have an accurate picture of your finances, you also need to keep an eye on them regularly. (Daily is optimal.) Just using a free service to obtain your credit score once in a great while may not be enough today. Today, future employers, landlords, and any one with whom you may do business or borrow money can take a peak at this report. Here’s a list of some scenarios in which daily monitoring can greatly help:

Qualifying For And Obtaining The Best Housing, Mortgage, Refinancing, Credit Card, Or Loan Rates: Your Fico credit score is the determining factor in any credit, loan, or mortgage terms, acceptances, and rates. Obtaining decent, reasonably priced credit is increasingly difficult in our volatile economy. Knowing your accurate Fico score can instantly give you a view of what you may qualify for and the rates that you’ll likely receive. Doing this homework prior to the application process can be vital. Arm yourself with all of the facts before you enter into the application process or negotiations with any financial institution. Doing so can both ensure your acceptance, favorable rates, and can save you money.

Changing Inaccuracies And Mistakes / Monitoring And Improving Your Score: If your credit report shows that your score is less than desirable or is inaccurate (believe it or not, up to 70% are), your best bet may be to take advantage of the reporting / monitoring company’s resources so that you can monitor, fix, and then improve problem issues. Such agencies often offer tips and tools that will help you: interpret your situation accurately; fix any inaccuracies; set a score goal; and then make any adjustments necessary to ensure you achieve it. By monitoring this information regularly, you can see any errors as they arise, determine where you are making headway and get a clear picture of where you need to concentrate your efforts. This will likely help you achieve your goals faster. You’ll also know the moment you reach your target score so can obtain your credit, loan, or mortgage at the time optimal for the most favorable rates. This sounds simplistic, but it can theoretically save thousands of dollars over the life of any loan or line of credit.

Immediate Notification Of Identity Theft: Credit score monitoring companies typically update your information daily. This means you’ll know immediately if a transaction is made without your knowledge or permission. Immediately reporting suspicious or unauthorized activity is vital to stopping very costly identify theft as soon as it happens and before the thieves go on a spending spree at your expense. Yes, over time, you can theoretically wade through the red tape of unauthorized transactions and straighten it all out, but it takes a lot of time, money, and frustration to get there. In the meantime, your name and your financial information, is tarnished. It’s so much easier to stop and report the problem immediately. Many monitoring companies also offer protection and insurance also.

How Much Does Credit Reporting / Monitoring Cost? It’s probably a lot less expensive than you might think. Although some will offer “free” services, what you’ll likely get for “nothing” is just a monthly notification of changing activity you’ll have to pay to retrieve. In other words, when there is activity, the information is held hostage until you pay. There are services available that give you detailed, daily reporting for less than $10.

Sara

dale h asked:


We are judged by what is in our credit file. Inconsistencies throw up a red flag for lenders while the inconsistency of the score itself is over looked.

How is it that I can check my credit score today and tomorrow it will be different, and different still the next day, and so on, and so on.
Sometimes, the spread has been as much as 70 points!
Over a 90 day period, I have not gotten the same score of any previous day. (This is true for all reporting agencies)

Next, why does a lender get a different score than what I get from a reporting agency on the same day? Once again, a big spread as much as 70 points, generally higher to the lender.

I have tried all of the best known credit monitoring services and it is the same story among each.

I don’t have a problem in this area, I am just frustrated by the inconsistency of the so called,”Experts” who have so much control over our financial lives.

My conclusion; the FICO score is essentially worthless!
You are right, FICO does tend to be used generically.
All info remained the same during this period, only the scores change.
Credit repair services are a rip off. They can’t do anything we can’t do ourselves.

“There are no short cuts to good credit”

Roberto

Ladybug asked:


I just checked my FICO score with Equifax, and my score is 678. I’m a little confused about what that means, though. On the main display page that appeared on my computer monitor, it said my score falls into the “Good” range (but not “Very Good” or “Great”). The “Good” range, according to Equifax, was from 660-724.

However, when I printed my credit report, the word “Poor” suddenly appeared under my credit score. Same number — why did the classification suddenly change?

So which is it? Is my credit score good, fair, or poor?

Randy

John Rasor asked:


current state of the economy, your credit report and credit score has become increasingly significant when it comes to borrowing money. Mortgage companies in particular, in an effort to reduce risk are scrutinizing credit scores to the point that getting a home loan is about as easy as building a rocket. We recently discovered that Fannie Mae has created a new set of guidelines regarding your credit score. If you have a score below 680 you will pay a higher rate on your mortgage. For the past decade they set the standard at 620. According to the credit bureaus, the average score is just below 680. What do you think is the most important factor in getting a home loan? Most people don\’t realize it, but your credit score tops the list as the most important factor. There are a few other things that you must have as well. A down payment is now mandatory. In the past you could have the seller pay all of your closing costs and get 100% financing meaning that you got in without a dime out of pocket. Not any more. You will also need verifiable income. Another big change from the days of \”stated income\” mortgages. It takes a combination of all three of these things but credit score carries the most weight. Beyond being approved for a mortgage loan, your credit score will determine the rate you get on a car loan, the interest rate you pay on credit card balances and which type of cards you qualify for. These days, it may just be the determining factor in why you don\’t get that car loan or credit card. Looking for job? Better hope you have a decent FICO score. These days potential employers are obtaining your score in an effort to predict what kind of worker you will be. Apartment managers and land lords will also use this number to gauge whether or not you will pay the rent on time. Getting your free credit report is actually quite simple. http://www.annualcreditreport.com/ will give you your report from Experian, Equifax and TransUnion once each year. You will get access to everything contained in your credit report except the credit scores. This makes the service pretty useless. There isn\’t much benefit in getting your free credit report unless it comes with your credit scores. Everyone knows that nothing in life is free. It seems that there is a catch to everything these days. Through various affiliates of the credit bureaus you are able to obtain all three of your credit scores, but in order to do so you are required to enroll for a free 30-day trial of credit monitoring service and required to give your credit card number. If you choose to opt out within the trial period, you will not be charged. Technically, you just got a free credit report with credit scores. Most of these services allow you to obtain unlimited updates to your credit scores along with identity theft protection and various other valuable features. You\’ll be able to see who has been looking at your credit as well as get contact information for all of your creditors. If you haven\’t seen your credit scores lately, take the time soon to find out what they are.

Dora

bella_51708 asked:


I have had my Bank of America (formerly MBNA) credit card since 2003. I always make at least the minimum payment and have always been on time. I monitor and pay my bill on online each month. I normally set up my next’s month’s payment before the statement is even generated. Last month, I set my payment on the 10th (my due date has consistantly been the 11th each month) and I let it be for another month. When I went into my account around the 15th to set up my next month’s payment, I noticed a $39 late fee had been charged on my account. I looked at my online statment and the due date had been changed to the 9th that month. So, my payment came in one day late. I called BOA and explained my error and apologized for my mistake. They would NOT waive the fee. They told me they understood my anger, but that the fee was valid. Even though I have been a member for 5 years and never paid a late fee before. I thought I would get a little cooperation from them for being a good customer. Nope. I spoke to 3 different people and no one would remove the fee. Needless to say, I am paying this account off this month and closing it. I understand it was my error for not going back to double check the due date, but I feel they could have made an exception for me that one time. They re-assured me that it would not affect my FICO score, but I was still mad. Are there any credit card companies out there worth doing business with and aren’t vultures about stealing your money.
Yes they are stealing my money. They didn’t do anything to earn my $39. I understand they are not a non-profit company, but they have made plenty off of me in finance charges over the course of 5 years. My request to waive one late fee was a very appropriate I think. No one is perfect and one mistake in 5 years is hardly worth being punished for. I may not close the card because of the credit history I have with it, but I definitely will not pay any more finance charges. I will pay in full each month when I do decide to even use the card. I may just tuck it away in a drawer….

Victoria

PicaSSo of Parta PlnN asked:


Also, if you decided not to accept their new rate and cancelled the card should you be responsible for the Annual Fee, if it were charged 3 days prior to your cancellation? I know that I’ve heard alot about credit card companies doing this but not the larger ones. My Best Buy Reward Mastercard interest rate went from 9.9% to 26.74% (beginning 12/09) and I’m wondering who I can contact to see if it’s legal for them to still charge me an Annual Fee. They gave me the option to accept the terms or call and cancel the card. Of course, I cancelled it, regardless of what it will do to my FICO score. I’m not paying that much for interest on ANY card. This is why I avoid department store cards.

I would like to contact someone who monitors the laws in the State of Florida but do not know where to write to. Any information would be greatly appreciated.
I’ve already contacted them and they refuse to remove the Annual Fee. Also, I received an email stating that they would remove it if I reconsidered closing the card but would have to accept the new interest rate. Swindlers…I tell ya.
WOULDN’T YOU KNOW IT! We just got married and decided to use this card because of it’s interest rate and planned to pay it off within 6 months.
WOULDN’T YOU KNOW IT! We just got married and decided to use this card because of it’s interest rate and planned to pay it off within 6 months.
Sorry about the duplicate update. Yahoo Answers and their error.
TO MY TAKE ON IT ONLY: Yes, but I’ve had the card for over a year. I did talk to them and they WILL waive the Annual Fee if I remain a cardholder and settle for the high interest rate. Still working on another negotiation. Thanks.

Jack

C.R. Hayes asked:


Finding the best credit card rate takes time, but the pay-off is that you’ll know before making your first purchase exactly what to expect, and being familiar with your terms may motivate you to make wiser purchases and to pay off your monthly balances in a timely fashion.

One of the first things you’ll need to know is your FICO score, which is available through credit monitoring agencies. Scores of over 700 are low-risk, between 620 and 659 are moderate risk, and 619 and below are considered high risk.

Your risk level will determine the type of terms credit card companies will offer you. One of the benefits of having a good credit score is that you’ll be eligible for lower interest rates and it’s generally easier to find a company willing to extend you credit.

Determining your risk level

You can find out your risk level by obtaining a copy of your credit report. Everyone is entitled to one free copy every year (in the U.S), and you may request a copy from any of the reporting agencies.

Comparing Features

Next, you will want to do a thorough comparison of credit card features and compare and determine the following:

* Interest rate, or APR

* Annual fee

* Other possible fees

* Grace period

* Rewards/points options

Although all of the associated terms are important, the most crucial one is probably your interest rate, or the APR. Things to pay attention to are whether the rate is fixed or variable. A fixed APR does not increase or decrease, while a variable can do both. Check to see if the interest rate being advertised is only for a specified amount of time – an introductory rate. A lot of companies offer low teaser rates for only a few months (though some offer up to 1-1/2 years) before switching to a higher, permanent interest rate. Some companies apply one rate for balances up to a certain level, with a higher rate for higher balances.

Another important consideration is whether or not your card will charge an annual fee. Many credit card companies which offer rewards programs charge fees ranging from about $30 per year on up to as much as $100. If you want a card for its rewards, make sure what you are earning is worth what you pay in annual fees.

One pitfall you’ll want to avoid is applying for lots of cards at one time. Each time you apply for credit, it’s recorded on your credit history and too many applications will become a blemish on your report. Therefore, it’s best to reduce your list and make only one or two choices.

In conclusion, you will get your very best credit card rate by having a credit score of over 700. You can decide on which extra perks and features you would like to have by comparing all associated fees, if any.



Matthew