Banking Expert Niall MacDonagh says that, “first of all, Credit Wise is provided to you by Capital One but is a product of Trans Union, one of the major credit bureaus. While none of the credit bureaus can be 100% accurate they are pretty close. You should take advantage of your free annual credit report from each of them to check out the data that they have on you.”
Is CreditWise accurate?
Capital One CreditWise is true to form, yes. Many consumers are initially perplexed by the VantageScore 3.0 approach since they are more accustomed to the FICO model of credit rating. But according to VantageScore, all of the data on CreditWise is correct.
CreditWise does not display information from your Equifax credit report, as was previously specified.
To discover more about Creditwise and related topics, please keep reading:
What is CreditWise?
The free credit-tracking program Creditwise, formerly known as Credit Tracker, provides a few key features. You may check your credit score and view your credit report with it.
Boost your credit score with specialized guidance.
Use a credit simulator to determine the impact of different actions on your credit score.
FICO Scores and Vantage Scores are the two most common credit scores in the United States. The Capital One credit monitoring service from CreditWise uses the VantageScore 3.0 model from TransUnion, even though consumers may be more familiar with the FICO model.
Is CreditWise free? Yes.
Is CreditWise safe?
CreditWise is secure, yes. High-level security measures are in place because Capital One, a significant banking organization, is supporting the service. iPhone users can log in to the CreditWise app using Touch ID, and app users who also have Capital One credit cards can use SureSwipe, a safety-enhanced login method.
What is the CreditWise Simulator?
You can use the CreditWise Simulator to evaluate how different financial choices would impact your credit score. You can examine how your score can alter, for instance, if you’re thinking about raising your credit limit or canceling an old credit card.
How accurate is Capital One credit-wise?
“VantageScore is owned and controlled by the three major credit bureaus, which are the single point of sale and distribution for both credit reports and scores,” said Joanne Gaskin, FICO’s senior director for Scores and Analytics. “Allowing the credit bureaus to offer VantageScore in this new process will not increase competition, it will consolidate their power at consumers’ expense.”
The Capital One credit-wise score is the VantageScore 3.0 model. While over 90% of Consumer Lenders use the FICO Credit Scores. Call any Lender you like to ask them if they use VantageScore in consideration of a new extension of Consumer Credit? When you realize that they don’t, you’ll begin to understand why Zero is listed here.
How accurate is the Capital One credit tracker? (Creditwise, formerly known as Credit Tracker)
According to the Betsy Megas It’s accurate enough. It will certainly get you in the ballpark and alert for you to things you might need to improve or follow up on. Ballpark is plenty. Credit scores go in big, 50ish-point ranges, so the difference between having 745 or 748 is not going to matter for anything.
You should know it’s a Transunion score and an estimate. The FICO score goes on a different scale, but it should all be the same stuff, give or take a month, and in the absence of a drastic change on your part, like missing a payment, the month to month swings are going to be gradual and small.
Basically, if the app says you’re in the “pretty good” range and you go to apply for a loan, you should get about the same result in terms of approval and interest rate regardless of exactly which score the particular lender pulls.