Can using Discover's Credit tracking hurt my credit?

[amdhunter]

I want to keep my eye on my credit score lately -- Washington Mutual used to give me this service for free, but they went to Chase, and Chase doesn't offer me the same info.

I see that Discover has their version of credit tracking, and it seems very well laid out. I am wondering though, if this can hurt my credit more than help it? Doesn't every inquiry on your credit report lower your scores? Did WaMu actually hurt my score by pinging Experian every month?

Anyone know? FWIW - my score was 798 last I checked - beforeI paid off all my debt. I am wondering if I am in the golden "800" range now...lol

 

[Proprioceptive]

No. Credit monitoring is not an "inquiry".

EDIT: As far as I know, it's considered a "soft" inquiry which does not affect your credit at all.

 

[amdhunter]

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

 

[Crono]

Credit reports from the 3 credit bureau (which I suppose is what Discover is accessing) don't count as credit inquiries.

 

[Proprioceptive]

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

I pay $5.50/month through USAA. It's an Experian-based monitoring, though. I think it's worth it since I'm trying to improve my credit (currently at 710)... good tool to track activity and make sure things are being reported correctly. For YOUR case... I don't think it's worth it unless you plan on doing something crazy to your credit in the near future.

 

[Crono]

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

Probably not. Might be easier just to check credit report yourself every so often. Plus, you're entitled to a free report once a year. Quarterly monitoring is probably sufficient in your case.

 

[Proprioceptive]

Originally posted by: Crono

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

Probably not. Might be easier just to check credit report yourself every so often. Plus, you're entitled to a free report once a year.

Actually THREE a year. One from each major credit monitoring company... Experian, TransUnion, and I can't remember the other one.

 

[Crono]

Originally posted by: Proprioceptive

Originally posted by: Crono

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

Probably not. Might be easier just to check credit report yourself every so often. Plus, you're entitled to a free report once a year.

Actually THREE a year. One from each major credit monitoring company... Experian, TransUnion, and I can't remember the other one.

Yeah, you are right. Forgot to mention that it's from each one.
Equifax.

 

[Proprioceptive]

Originally posted by: Crono

Originally posted by: Proprioceptive

Originally posted by: Crono

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

Probably not. Might be easier just to check credit report yourself every so often. Plus, you're entitled to a free report once a year.

Actually THREE a year. One from each major credit monitoring company... Experian, TransUnion, and I can't remember the other one.

Yeah, you are right. Forgot to mention that it's from each one.
Equifax.

 

[amdhunter]

Originally posted by: Proprioceptive

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

I pay $5.50/month through USAA. It's an Experian-based monitoring, though. I think it's worth it since I'm trying to improve my credit (currently at 710)... good tool to track activity and make sure things are being reported correctly. For YOUR case... I don't think it's worth it unless you plan on doing something crazy to your credit in the near future.

I want to purchase a condo by the end of this year. I think that is pretty crazy. 🙂

 

[Old Hippie]

Credit score and credit report/mointoring are two different things.

If you're looking for credit scores from the big 3 you'll have to pay, but you can get a free credit report every year from all of them.

Your 7.99 per month is for credit monitoring and won't effect your score.

For some reason Experian has stopped myFico from selling their credit score and I assume you'll have to get it directly from them.

Good Luck on the condo purchase! :thumbsup:

 

[OCGuy]

Go buy a pack of gum so they keep it on? Credit monitoring is crap.

 

[amdhunter]

Originally posted by: Ocguy31
Go buy a pack of gum so they keep it on? Credit monitoring is crap.

I just like seeing trends with my score. My score hasn't changed at all in the last month or so. How long until I see a change from cleaning up all my debt? Do changes take months to show up?

 

[Beattie]

Originally posted by: amdhunter

Originally posted by: Proprioceptive
No. Credit monitoring is not an "inquiry".

Ah. Is $7.99 a month worth it then? To be honest, the only reason I am considering it is because I haven't purchased anything on my discover in a few weeks. I am terrified that they'll cancel it due to inactivity.

Yea, this is something to TERRIFIED of. And a good way to spend $8 a month.