MyFICO Review: Is It Worth It?

By Amy Beardsley

Expert contributor for Credit Knocks

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Summary: MyFICO is the only way to get access to all of your FICO Scores, including your score for mortgages, auto loans, and more. Find out what it is and how it compares to Experian and Credit Karma in this myFICO review.

There are so many options to monitor your credit. Nearly every credit card company and bank offer a “free credit score,” whether or not you want it.

Now, don’t get me wrong…

Credit scores are important!

And FICO is the king of credit scores. But that isn’t all.

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In a recent study at Credit Knocks, we found that *48% of clients who used a credit repair company got a credit score increase of 100+ points.

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Did you know you have more than one FICO score? And lenders can use different FICO scores for different loan types.

So if all you’re getting is one FICO score, it isn’t worth your time to even look. But there’s one place to access ALL of your scores so that you can stay on top of your credit game.

It’s called myFICO.

And here is a complete myFICO review to explore what it is and whether it’s worth it.

MyFICO Review: What Is MyFICO?

As the official consumer division of FICO, the company that invented the credit score, myFICO is the most comprehensive way to check your credit score.

The app makes it easy to know your FICO score, which can help you get and keep your credit on track. The service includes:

  • Your FICO scores
  • Credit scores for mortgages, auto loans & more
  • Credit reports
  • Credit monitoring
  • Identity theft insurance
  • 24/7 identity restoration

As you can see, it’s a comprehensive approach to checking your credit file.

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Experian Boost credits you for paying utility and cell phone bills which improves your credit score for free.  

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The Secret You Need To Know About FICO Scores

If you apply for a car loan, home loan, new cell phone account, and even home and auto insurance companies check your credit score.

And do you know what?

The FICO model is used by 90% of lenders when making lending decisions.

We already talked about there being more than one type of FICO score.

But did you know?

FICO scores come in 28 different varieties.

I know what you’re thinking:

There are 28 different FICO scores?

Yes, it’s true.

And the only way to access them is through myFICO.

Quick Tip:  Track the Right Score!

A lot of people make the mistake of tracking their VantageScore, the free score you get from Credit Karma.  However, 90% of lenders use your FICO score when making lending decisions.  MyFICO is the best place to get your FICO scores.  

Why MyFICO Is The Top Dog For Credit Scores

FICO, short for the Fair Isaac Corporation, is the original creator of the credit score.

Because they were the first, FICO is recognized as the industry standard for analyzing risk for lenders and other financial services.

I can hear you now:

My credit card issuer gives me a FICO score for free, isn’t that the same thing?

Well, yes and no.

Remember I said several FICO scores exist? Your bank or credit card company gives you access to just one out of the 28 available options.

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For instance, Wells Fargo provides your FICO Score 9 from Experian, while Discover shares your FICO Score 8.

You can’t rely on one credit score when lenders can look at all 28 of them.

And that’s why they’re the top dog when it comes to credit scores. When you use myFICO, you get quick and easy access to the same scores that lenders can see.

MyFICO vs Credit Karma

Credit Karma is a well-known name in the credit score arena. The biggest difference between myFICO vs. Credit Karma is that Credit Karma doesn’t give you a FICO score.

That’s right…

Credit Karma uses a VantageScore. And it’s very different from FICO credit-scoring models.

So, is Credit Karma safe to use?

It depends on your goals. Because you don’t get a FICO score, deciding whether you could qualify for an auto loan or home mortgage is impossible.

Payment history is the number one component of your credit score, accounting for 35% of your score.

If you’re just curious about your credit score, Credit Karma isn’t a terrible option.

Just know that it could be off by as much as 100 points.

Is that something you want to risk when a new car or your dream home is on the line?

Probably not.

That’s why we recommend myFICO.

MyFICO vs Experian

Experian has a lot of good things going for it. The company has a long list of services to help you monitor, repair, and rebuild your credit.

A free Experian membership gives you access to your credit score. It’s even a FICO score!

But again, it’s just one of the many FICO scores out there.

Here’s why it matters:

Let’s say you’re trying to qualify for a mortgage. If that’s the case, the one FICO score from Experian won’t do you much good.

What you need is access to the same scores the lenders see. 

That way, you’ll know if you need to boost your score to qualify or get a better interest rate.

In a recent study, we found that *48% of paying, credit repair clients got a 100+ credit score gain or more.   If you don't have serious time to devote to your dispute letters, we recommend you hire the pros to help.  Check out our #1 choice for professional credit repair. 

How Much Does MyFICO Cost And Is It Worth It?

Like most credit monitoring services, myFICO isn’t free.

You could use the free FICO Scores Estimator tool to get a ballpark idea of your FICO Scores.

And the myFICO community forum is an excellent place to get insight from others to understand credit scoring and advise on handling certain situations.

But the real value comes with a paid membership.

You can choose from three subscription plans, and they start at just $19.95 per month. More advanced plans are $29.95 and $39.95, so the cost depends on how much control you want over your credit file.

No matter which tier you choose, every membership comes with:

  • FICO Scores
  • Scores for mortgages, auto loans, and credit cards
  • Credit reports
  • FICO score monitoring
  • Credit alerts
  • Identity restoration
  • FICO Score simulator
  • “How lenders view you” tool
  • Education and community support

3 Credit Boosting Shortcuts:

1)  Add up to 10 years of payment history to your credit file by buying a "tradeline."  

2)  Improve credit mix and save money for the future with a "credit builder loan."  

3) Can't qualify for a credit card?  Start with a secured credit card and build your payment history.

MyFICO Review: The Bottom Line

The biggest advantage of myFICO is that you get an in-depth, full picture of your credit profile.

If you’re about to make a major financial decision - buying a house, refinancing a loan, or buying a new car - the service is valuable.

If not? It’s still an excellent way to get a personalized analysis of your credit score. A myFICO membership can help you figure out the next steps you need to take to get your credit record in tip-top shape.

Check out the site and sign up for myFICO to take advantage of all they have to offer.

*A recent nationwide survey by Credit Knocks showed 48% of credit repair clients got a 100+ credit score gain if they stayed with their company for at least 6 months.

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