Credit Scores are important to track because of the need to know where you are before you go looking for a loan for your new home or a new car. Once you establish your lines of credit, credit cards and mortgage, car loan or student loan, don’t disturb the flow of things. The history is more important.

As you go along, it would be good to check it once a year to see how things are going but if you need to watch it more often, say if you are working on correcting problems on your credit report or need to watch it improve for a specific reason, like wanting to buy a new home and you need a specific credit score, then getting a monitoring service might be a good idea. Remember that you can pull your credit reports free once a year from http://www.AnnualCreditReport.com. But to get your credit score will require you to pay for a service. We recommend http://www.MyFICO.com because they are the more accurate for a consumer credit score. All others are “simulated credit scores” and seem to get a credit score that is higher than what you would get if you went shopping for a loan. It doesn’t make sense unless you consider that they are trying to make you feel good. But that doesn’t make sense when you find out that your score isn’t any good. So, it must be for money and the greedy nature of big business. It’s not really a service at all.

However, MyFICO.com is from the Fair Isaac Corporation who developed the credit scoring system and their credit scores are accurate. You can get a credit score from just 2 of the credit bureaus for about 20% less if you google search “myfico coupon”.  Cost would be around $22 for the 2 scores.  Unfortunately, Experian thinks they are too good for FICO and won’t let you get the score through them anymore.

Tagged with: • •

Like this post? Subscribe to my RSS feed and get loads more!