Is myFICO Worth It?

is my fico worth it to pay for

Every so often I get an email from somewhere offering me a trial membership to myFICO or something like it. Unlike some others, myFICO is not a scam. MyFICO is very honest and upfront about their costs, so they think myFICO is worth it, but is myFICO worth it for you? It depends on how important free FICO scores without paying are to you. So, I decided to dive in with a myFico review.

How Much Does myFICO Cost?

To determine is myFICO worth it we need to examine the costs, and as always, read the fine print. Like many online services there is a free myFICO trial offer available that renews automatically.

MyFICO has three different subscriptions offering different service levels. The Basic tier covers just your Experian credit report and updates every month, but does not offer Identity Monitoring. The Advanced tier covers all three credit bureaus but only updates every three months, while offering Identity Monitoring. The final offering, the Premier Tier covers all three bureaus and updates every month. The mFICO Basic plan costs $19.95 per month. The myFICO Advanced plan costs $29.95 per month. The myFICO Premier plan costs a whopping $39.95 per month. All three plans automatically review every month. Everything else is the same.   

You can cancel at any time, but there are no refunds. So, when you see the charge on your credit card statement, it’s too late to get your money back for that month. 

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Is myFICO Worth It?

Although myFICO offers additional add-on services as part of its subscriptions, the main point for most people subscribing is to get their actual real credit score. myFICO provides a FICO Score 8. Remember there are dozens of FICO scores and even if you get a real credit score, it might not be the same credit score your lender or bank is using. This credit score is different than the Vantage Score from Credit Karma or similar online free credit score services.

It’s important to remember at this stage that a credit score and a credit report are not the same thing. Getting a free credit report is pretty easy these days, probably thanks to Congress finally taking the people’s side over a corporation for a change. You can get a free credit report annually from each of the three credit bureaus.

Is myFICO worth it then? I see people transfer their money all over the place to pick up an extra 0.5% on their savings or money market account.  Instead of transferring your money and setting up direct deposit and whatever other gymnastics are required, you might want to consider how you could end up with the same net worth, and paying these monthly fees might make myFICO not worth it.

First, lets get an annual cost. At $14.95 the basic plan costs $179 per year. The $29.95 advanced plan costs $360 per year, and the premier plan at $39.95 per month costs $480 per year.

There is pretty much no way myFICO is worth it at those prices.

Easy Way to Get A Free Credit Score

Update: You should see about this free credit monitoring review along with your free credit score. Also, see my review. Also check this if you are worried about the whole thing being just a Credit Karma scam.

The best way to get a free credit score is to look around at your current financial institutions and services and see if you can get a free credit score that way.

First, see if your bank will tell you your credit score for free.  Many banks and credit unions actively report their customer’s FICO score on statements or on your online banking website.  Some brokerages will have your credit score as well. Typically, these scores are updated quarterly. 

Even if your bank doesn’t print your score out somewhere, that doesn’t mean that they won’t tell you if you ask.  Call the regular customer service number and ask if they have a recent credit score for you on file.  Chances are they do. 

Many financial institutions update your credit score on a quarterly or semi-annual basis so that they can target you with the right kinds of services.  After all, a customer with a 780 credit score is someone you don’t have to worry about bouncing a lot of checks or or over-running a credit-line. 

When you talk to them, get your score and the date it was from.  There you go, free credit score.

If your bank won’t tell you your credit score, I’d start looking for another bank.  Even saying the words, “Oh, well, that’s unfortunate because a friend of mine can always ask his bank.  Maybe I should switch,” might get you bumped up to a different level of service, and your file noted so that you can get your score next quarter.

How to Manage Your Credit Score

Knowing your credit score number is not as important as what you are doing to it.  Think about it this way, if a highly calibrated NASA scale says you weigh 197 lbs. does it really matter that your home scale says 194 lbs?  What matters is whether the number is going up or down. 

While it is true that the exact number may determine your lending rate, you don’t know what those numbers will be.  Some lenders will give you the best rate with a 715, others may require a 730.  So, while it helps to know about what your credit score is, don’t obsess over the exact number.

So, how do you make your credit score go up?  Pay every bill, every month, on time.  That’s it!

The only other time you even have to worry about it, is when you get different credit than you already have.  That is, if you get a new credit card or refinance your house, or trade in your car for another.  Then, it’s time to call the bank again and find out what your score is.  You’ll need to wait a month or two before the change takes affect, but it doesn’t hurt to call right away.  Then, you can ask if they know when it will be updated by their system again.

There you go.  Absolutely FREE CREDIT SCORE management, no strings attached.

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