Anyone on here use this to monitor their credit? I downloaded the app on my phone and check it monthly but somebody said CK is not good and it gives you a much lower score than what you really have. They also said it uses Vantage Score 3.0 versus FICO (what most banks and lenders use). I've never paid to check my credit but maybe I should if CK isnt any good. What do you all think?

 

I've honestly never checked my credit before



I figure if I pay my bills like I should (never had a late payment yet) I shouldn't have a bad score, so no real reason to check.

 

^ You should ALWAYS check your credit, even if just once a year. Your credit report gives you much more than just a score. It tells you if anyone tried to open up any credit cards or loans in your name, it tells you if there are any mistakes you need to have removed, and it gives you a good indication of what your odds are if you did ever need a loan or credit card. Just by paying your bills on time doesnt mean you'll always have a good score. Sure, that is a big factor but there are a lot of factors go into it also like your credit card utilization rate, age of credit, hard inquires, and so on.



As for the OP's question, I've used CK also but you're right....they give a lower score than what a bank will look at. Some people say that Vantage Score is the new big thing and what many places will be using now as FICO is an old and outdated score determination.

 

To be clear, the Vantage Score is NOT a FICO score. They are completely different and should not be compared. Vantage weighs heavily on your current utilization of credit with anything over 30% being highly detrimental to your score. Basically, it focuses more on now, then your past. Banks don't use this score, but major credit card lenders do, especially store cards.



I would not be worried about the Vantage Score as much as FICO.



Now, FICO on the other hand, has several scoring methods. They have newer and older methods (04, 08, etc.) They also have scores directed for insurance companies. They have different scores for auto lenders, mortgage.............the list goes on.





It's not necessary and almost impossible to satisfy all the scores out there. The important thing is to keep your debts low, pay on time, and keep your cards open for as long as you can. Having a 750 score is going to get you the same rates and approvals as a 850, so don't sweat it. My sister worked for 2 banks and they both gave out their prime auto rate with a score over 720. Their best mortgage rates came above 650-670.

 

Scores have changed a lot over the years too.



600 and below - Poor

600-650 - Fair

650-700 - Average (large percent of the US population is in this range now)

700-750 - Good

750+ - Excellent