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I asked these questions in another forum under a certain pretense, but didn't get a reply. Instead of bumping the thread there, I will ask the direct questions here:
I am a subscriber to this service. Once a year, they give me my 3 credit scores; However, they have recently (past year, give/take) merged with Equifax, and thus I get my Equifax score monthly.
Is Mint Credit considered a FAKO, or an (at least) "partial FICO" because of their relationship with that one CRA? Anyone aware of the general accuracy?
Anyone have actual experiences, pro or con with Mint Credit? I don't mind them but I'm not in love, so if anyone has better monitoring services (I pay $16.99 mo) I'm all ears. Please, no gratuitous sales here; it will benefit the board if you tell us WHY you like "your" service.
thank you, all!
The average FICO score among American consumers hit an all-time high in April at 692, up one point from the same time last year and six points higher than the low point of 686 in October 2009. The credit scoring company has been tracking the average consumer FICO score since October 2005, releasing updated averages every 6 months.
As far as FICO scores go, 692 is on the high end of average, as the scale ranges from 300 to 850. Anything between 700 and 749 is generally considered a good score, with the best scores ranging 750 and higher. Since the average bottomed out at 686 in 2009, it has generally trended upward, returning to its pre-recession high of 690 in April 2012.
Anthony Sprauve, senior consumer credit specialist at FICO, said there’s no way to definitively say what drove the improvement, but it’s likely tied to consumers’ better sense of financial responsibility post-recession.
“After the recession, consumers have become better stewards of their financial house; they’re paying more attention to their finances,” Sprauve said. “They’re more educated and more aware, and I also think there are fewer confusing financial products in the marketplace.”
So I decided to cancel Smart Credit today. Nothing left to B*, get my FICO from Barclay's, and their FAKO is way off.
Before I got to the final cancellation screen online (which is not really the end of the process), it gave me the option to continue as a customer for $4.95 per month going forward instead of the current $9.95, a 50% reduction. I said, 'No thanks'.
Then, of course, it tells you that you are all set to be cancelled, but you just have to call Customer Service to confirm...for 'security reasons'.
So I did. And the lady was very nice. She offered me a month for free (starting tomorrow through my next month-end date of September 25th), at which time I can call her back and either choose to cancel as I planned to do today, or I could choose to accept the $4.95 offer.
If you are paying the $9.95 per month, why not click your way through the cancellation process and see if you can save some money?
FAKO Scores vs. FICO Scores, What’s the Difference?
"...The last several years have seen a considerable change in the credit scoring world and the term FAKO score doesn’t really apply any longer..."