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MyFICO Review [Is MyFICO A Credit App Worth Using?] - YouTube
Channel: Mind Over Finance
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what's up guys this is - with minor for
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finance and today let's take an in-depth
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look at a very popular critic tackle my
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FICO we're gonna look at the pros the
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cons the price the features and Mensa
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and hopefully by the end of this video
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you'll have a better understanding of
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what my FICO is how it works
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and whether or not it's a credit app
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that makes sense for you hey click the
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like button so what is my FICO so my
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FICO the app is an extension of the
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service myfico.com and this online
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credit service allows you the consumer
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to get detailed credit information from
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the three major credit bureaus Equifax
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Experian and TransUnion and this credit
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info is delivered to you either via
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their online platform or through a
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convenient app Pro number one a simple
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dashboard it's really nice when you
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don't have to hunt for things and I
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really like that with the my FICO app
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when you log in it's very easy to
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understand and the dashboard is really
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intuitive you're not so overloaded with
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features that you don't know what to do
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next and for me when it comes to credit
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scores and credit reports simpler is
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better Pro number two three bureaus one
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place a major benefit for the my FICO
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app and the myfico.com service is that
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you get access to all of your scores and
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information from all three credit
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bureaus in one convenient place so
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that's definitely a time saver Pro
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number three peace of mind whether you
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have a bad credit score or a great
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credit score it's really important to
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know where you stand I really like that
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I could just log in and see exactly
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where I'm at Pro number for accuracy
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these scores are coming from the Fair
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Isaac corporation they make the FICO
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scores and the mathematical models that
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make up the scores and these are the
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exact scores that most lenders are going
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to be using pretty heavily and you'd be
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hard-pressed to find a company that
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reports on all three bureaus as
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accurately as this one does I trust the
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scores from my FICO more
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then I would trust a credit score from
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my own bank and pro number-5 expats can
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use it now I know this pro won't apply
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to most people but it definitely applies
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to me I'm an American citizen living and
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working in a foreign country so I live
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in Tokyo Japan and it's really nice that
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I can actually still see what my credit
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score and credit report look like even
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from overseas and not every popular
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credit app allows you to do that Khan
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number one the price I think the most
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glaring con for my FICO is its price
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we'll talk more about the actual numbers
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in just a minute but with this app you
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really have to ask yourself how closely
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do I need to monitor my credit every
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month now if you're like an active real
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estate investor or something like that
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well you need to monitor your credit
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every month yeah that makes sense but I
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don't think that's most people for me
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it's important to see my credit score
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and credit report at least once a year
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so I can kind of keep tabs on it but I
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don't really have a need to use this
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service for months and months on end but
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my situation may be a little bit
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different than yours Kahn number 2 the
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scores themselves might be a little
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confusing at first when you log into my
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FICO for the first time you might be
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expecting this single FICO score and
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when you don't see that it could feel
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just a little bit confusing and you
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might feel a little bit fuzzy but once
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you start looking at everything it kind
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of makes sense my FICO provides you with
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your three scores from the three
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different credit bureaus adjusted for
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different industries I purchased a
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one-time score and report from
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myfico.com for $59 and 85 cents but with
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that purchase I'm also able to use the
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app which is quite nice but I'm not sure
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if my app access is limited to a certain
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period of time but we'll see the my FICO
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app has two individual plans so there's
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an advanced plan that costs $29.95 a
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month and then there's a premier plan
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that costs $39 and 95
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a month and they also have a family plan
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that runs $49.95 per month and with
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those monthly plans you're getting to
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look at your credit score and credit
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report on a monthly basis and it also
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does things like identity monitoring
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like things related to identity theft
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that kind of stuff as well let's do a
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deep dive into the features of the my
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FICO app so once we enter the app we
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enter our pin to login and here's the
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dashboard at the top we have the scores
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from the three bureaus score versions by
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loan type your FICO resilience index
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insights and a tool bar at the bottom
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with more options let's start from the
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top so if I click one of the circle
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charts it shows me more details about
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that bureau score I can see what to
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expect from lenders what's hurting my
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score in this case no loan activity it
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says few accounts paid on time but
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that's because I only have one credit
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account we can also see what's helping
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my credit score so no missed payments
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[Music]
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long credit history so 21 years is my
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oldest account and an average of 18
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years for my accounts and some recent
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credit card usage is also helping me out
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and again clicking any of these circles
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will give you more details about that
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bureaus and score get score versions by
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loan type let's check out mortgages
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these are my mortgage scores from the
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three different bureaus and if you see
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that green badge and I think that's once
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you hit 800 it's a good sign because
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they don't have any advice to give you
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on what's hurting your score you can
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also see some details about mortgage
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rates and potentially what you might be
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paying on a loan you have a FICO scores
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for auto loans FICO scores for credit
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cards and FICO scores for other loans
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the resilience index is just a number
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that kind of tells you how likely you'd
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be to bounce back during an economic
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downturn the lower the number the more
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likely you are to bounce back and now
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let's look at insights this is my
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favorite section because it breaks down
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your FICO score by percentages piece by
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piece my payment history my credit makes
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amount of new credit length of credit
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history
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and amount of debt and you can just
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scroll down to get more details about
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each slice of your credit score pie and
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the dark of these slices the better
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you're going in that credit area like
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here for example with amount of new
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credit and let's finish up by looking at
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the options at the bottom we have alerts
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we have reports and this is the report I
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paid about $60 for over on myfico.com
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and just one quick thing if we look at
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public records it says no public records
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and that just goes to show that even
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bankruptcies will come off of your
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credit but it just takes time my fly go
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also has a simulator that shows what if
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scenarios at your current FICO level
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what would happen if you apply for a new
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loan if you declared bankruptcy if you
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maxed out your credit cards if you took
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out a mortgage it's really interesting
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to play around with and the more options
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tab on the bottom right gives us our
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final screen of options and if you look
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on the top left there's even a place to
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dispute errors and that'll wrap up all
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the features of the my FICO app my FICO
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is for the person who cares about all
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aspects of their credit it's also for
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the person who's looking to get an
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accurate credit score I'd also say that
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my FICO is for that person who's trying
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to make a credit comeback so if you've
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run into some credit struggles and you
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kind of don't know where you're at I
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think my FICO might be something worth
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looking into because at least you can
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get a baseline I'd say that my FICO
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probably isn't for that person who's
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really penny-pinching believe me I
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understand because even if you're just
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getting a one time report for around $60
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that's still about $60 and that's not
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necessarily cheap and that's one thing
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but if you consider like the monthly
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plans paying between like $30 and $50 a
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month that can really make a difference
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in somebody's pocket it's also not for
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the person who doesn't care about their
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credit and I know some people would just
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rather not know and that's cool to each
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his own but for those people this app
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probably isn't for you
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you have to dish out a little bit of
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money to get your credit score and
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credit report from the my FICO app or
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from my FICO calm
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however I do think that having accurate
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information from all three bureaus is
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not only important it's really
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convenient and I also think that you get
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some crystal-clear details about your
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credit from my FICO and because of that
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you're getting more value than the price
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that you're paying and for that reason
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I'm gonna give them my FICO credit app
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and a thank you so much for watching
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this my FICO review I hope you got
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something from it and if you did please
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don't forget to hit that like button
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comment share and subscribe and I'll see
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you in the next video peace let's finish
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with one quick question
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so I just wanted to know if any of you
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have tried myfico.com or the my FICO app
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to get your credit scores or credit
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reports and if you have what was your
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experience was a good one or a bad one
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either way let me know in the comments
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and I look forward to talking to you
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there
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[Music]
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