Consumer Boomer

Protect Your Credit Score With My Fico Review

Posted: 21 Sep 2010 04:32 AM PDT

myFICO Review

Your FICO score is very important to your healthy financial future. A simple definition of your FICO score is the cost at which you will pay to borrow money. Or in some cases, if your FICO score is too low, you will not be able to borrow money at all. Your FICO score can make a huge difference in the interest rate that you are charged on things such as your home mortgage loan, your auto loan, or any other loan you will take out from the bank for a variety of reasons. Banks will literally turn you away if your FICO score is not up to their standards. That’s why it’s important to use a company like myFICO to keep track of your credit score.

MyFICO is a great way to keep track of your FICO score.

How Your Credit Score Impacts You

They offer a variety of packages that you can purchase depending on how close you would like to monitor your FICO score. Beware however that not all sites will use the same formula. There are some sites out there that will give you your credit score as they call it, but you want your actual FICO score. This FICO score is used by 90% of all banks when determining loan interest rates and approvals. At My FICO you are getting the score that you need for a reasonable price.

There are 5 packages that are available through myFICO, you can pick any of them depending on your need to track your FICO score. If you have a lower FICO score you may want to check it more often to make sure that you are improving it, if your FICO score is in the 700 range then you might only want to check It on an annual basis. However, My FICO does have some good options for those with high and low credit scores that simply monitors your FICO score and will send you alerts when there is a change. This could help protect you from any fraudulent activity.

Packages Offered by myFICO to Monitor Your Credit Score

CHECK IT: FICO Standard- this is the easy check, you will receive your FICO score, factors affecting it as well as access to your credit report. ($15.95)
COMPARE IT: FICO Quarterly Monitoring- This will give you access to your FICO score and credit report 4 times per year. ($4.95/ month)
TRACK IT: Score Watch- This option will monitor your Equifax credit report as well as update you when your FICO score changes. ($12.95/month)
BUILD IT: Suze Orman's FICO kit platinum- Craft your personal action plan with tool kit and 3 FICO scores and credit reports (Equifax & TransUnion). ($49.95)
PROTECT IT: ID Freeze- Detect and stop identity theft before it happens with a 15 protection points. ( $10.00/month)

So depending on what type of coverage you need, myFICO has a package for you.

So how important is your FICO score to you?

Don't Discount Your Credit Score

I will give you quick examples of how your FICO score can work for or against you. If your FICO score is either 100 points higher or 100 points lower, it could mean a $40,000 dollar difference in the amount you pay of interest on a 30yr fixed rate mortgage loan! That means you would be paying an extra 13% of the total value of your home in just interest payments. Don't let your FICO score bring you down, get a myFICO account now so that you can monitor it, as well as get great tips for how to improve your FICO score today.