IS there a FICO service worth the cash? Seems like $17.95 a month is alot

[RichM]

I frankly don't think any of them are worth paying for on a monthly basis unless you have pressing plans to buy a house or make some other major purchase by a certain time, and you need to be really obsessive about trying to squeeze every last improvement you can into your scores as quickly as you can.

For the rest of us, is the FICO score such a big deal that it's worth paying for through the nose every month?

Maybe for some it is. For most of us, though, I think we should just keep doing the right things that will improve our financial situations and credit, and maybe sign up with Credit Karma and use their FAKO score as a general point of reference. It's not particularly accurate, but really, who cares? It's accurate with respect to itself over time, so long as it's moving in the right direction, that's good enough for me.

Then if the time comes when you're considering a mortgage or other major purchase, and you want the real deal, you can always subscribe to myFICO then, or just purchase your scores on a one-time basis.

That's my opinion, anyway; and it's worth every penny you paid for it.

-Richard

[ksgirl38]

I find obsessing over things like that only makes things worse. I do much better when I don't know.

[joshuagraham]

I reaffirmed the debt on it.

WHAT? What possible reason could there be to reaffirm CC debt?

[anykey]

What a spirited and lively thread! You all ROCK!

Pondering this- my income in SSDI. $829 a month. That is it. So on that- the most mortgage I could get- I think it 30% of that- around $249. They count taxes and insurance escrow- but maybe I could wave out of $650 of property tax- since PA had a tax rebate that I get every year.

Looking around I am NOT interested in a high rate credit card. I am the biggest tight wad in Pennsylvania. Everything I buy is 2nd hand- (except socks, underwear, and eye glasses-- which I get discount wharehouse)

The whole purpose of the 7, was that when a neighbor passes- (she is 80) I am free to sell and move.
So 2 years- could go by fast.

I currently am on PHFA mortgage. I have a perfect record with them- except one payment was 30 days late- they said it would be logged on time then wasn't.

I see I am eligible for a credit union. $5 to join. I can go a share loan of $250 for 3% interest. They also have a visa card- $36 annual fee 22% interest but $2 min on any interest payment. Secured -line and limit of $300.

So that visa figure $3 a month in annual fee, and $2 in interest- that is $5 a month to have that. Im not sure if it is worth it. What do you think?

My credit record goes back to 1984. There are 9-13 good accounts on it. 5 bad ones.

[anykey]

WHAT? What possible reason could there be to reaffirm CC debt?

yes- it is $400 and secured by my savings account.

[LadyInTheRed]

Don't bother monitoring your score. Just monitor your credit reports to make sure they are accurate. You are entitled to one free report each year from each agency. So, stagger your review of the reports through the year. For example, request Experian in January, Transunion in May and Equifax in September. What is reported on each report is usually pretty similar. So, if you catch an error on one report, you can check the others and correct them all.

Also, I wouldn't worry about the interest rate on a card you get for rebuilding. You should not carry a balance that will generate interest. Most cards have a grace period from the date of the statement in which you can pay the entire balance without incurring an interest charge. Make the payments within the grace period and the interest rate and minimum interest charges are irrelevant.

[Pjmax]

Don't bother monitoring your score. Just monitor your credit reports to make sure they are accurate. You are entitled to one free report each year from each agency. So, stagger your review of the reports through the year. For example, request Experian in January, Transunion in May and Equifax in September. What is reported on each report is usually pretty similar. So, if you catch an error on one report, you can check the others and correct them all.

Also, I wouldn't worry about the interest rate on a card you get for rebuilding. You should not carry a balance that will generate interest. Most cards have a grace period from the date of the statement in which you can pay the entire balance without incurring an interest charge. Make the payments within the grace period and the interest rate and minimum interest charges are irrelevant.

+1

I do think it's important a month or three after BK discharge to get all 3 reports at least once, and make sure everything is reporting correctly. What one CRA may report post BK isn't necessarily true of the others. Some folks are lucky and everything just reports correctly, most have to put in some work to get it right. After that, I agree with LIR.

[RichM]

What a spirited and lively thread! You all ROCK!

Pondering this- my income in SSDI. $829 a month. That is it. So on that- the most mortgage I could get- I think it 30% of that- around $249. They count taxes and insurance escrow- but maybe I could wave out of $650 of property tax- since PA had a tax rebate that I get every year.

Looking around I am NOT interested in a high rate credit card. I am the biggest tight wad in Pennsylvania. Everything I buy is 2nd hand- (except socks, underwear, and eye glasses-- which I get discount wharehouse)

The whole purpose of the 7, was that when a neighbor passes- (she is 80) I am free to sell and move.
So 2 years- could go by fast.

I currently am on PHFA mortgage. I have a perfect record with them- except one payment was 30 days late- they said it would be logged on time then wasn't.

I see I am eligible for a credit union. $5 to join. I can go a share loan of $250 for 3% interest. They also have a visa card- $36 annual fee 22% interest but $2 min on any interest payment. Secured -line and limit of $300.

So that visa figure $3 a month in annual fee, and $2 in interest- that is $5 a month to have that. Im not sure if it is worth it. What do you think?

My credit record goes back to 1984. There are 9-13 good accounts on it. 5 bad ones.

You can do better on the interest and fees. I think First Tech's is 16.0 with no annual fee.

-Richard