The Awesomeness that is Modern Technology and the Great FICO

I check my dad’s bank account balance everyday to make sure stuff is kosher and that he’s not looming overdraft charges. While poking around on his bank’s website this morning I found that they have bank alerts that you can have sent to your cellphone as well as your email. So I went ahead and signed up so I receive emails if the account is below a certain amount, if there are any overdraft charges, when checks clear, etc. I also signed -him- up to get these alerts on his cellphone (soon as the new one gets here), so maybe that’ll help -him- keep track of things better.

They even let you set “quiet times” for when you don’t want to receive these alerts (like while sleeping).

As much as I dislike BB&T, I’m impressed. We’ll see how well they work out.

I also signed up for a 30 day free trial at myFico.com, more specifically their “Score Watch” product. You get 30 days free and then it’s $8.95/month. Not sure if I’m going to keep it, but I at least wanted to try it out. I’ve heard amazing reviews about their products and monitoring systems. They have videos that go over all the goodies you get for each package. I definitely suggest trying them out.

So far I am impressed. A lot of different charts, calculations, and also tips and advice. My credit score is currently 686 with Equifax (remember I was 525 in 2005/2006) which is right smack dab in the center of “Good” credit. In fact, everything about my credit is marked as “Good” currently. From my payment history to my amount of debt to my length of credit history and amount of new credit. It’s all in the “Good” range.

I imagine it would be higher if I didn’t have a delinquent account from 2004 on there. But I suspect that will drop off in 4 years or so, so I’m not too worried about it. It’s not like I have any new purchases I plan to make anytime soon.

In addition to that, I don’t have a very -long- credit history, only an average of 4 years or so (though my oldest account is listed as 9 years old). I also have some credit inquiries listed still from when we bought the house, but those will drop off eventually too (what do they last, a year?).

It also shows me what is -helping- my score. It says I’ve missed no payments in almost 4 years, the amount of credit I am using compared to the amount of credit I have is low, but also consistent (meaning I have recent credit transactions rather than letting my credit stagnate).

My favorite part is the simulated credit section though. They can tell you what your credit -might- be in different scenarios (like if you pay all your bills on time for the next 12 months). It gives you something to aspire to.

All in all it’s very informative. I’m more anxious to see the day-to-day and week-to-week monitoring, so I’ll keep this posted.