Whether you're looking for a credit score, a credit report or both, today there are plenty of free apps and premium services out there to help you manage your financial situation. If you're in the market for a new credit card, checking your credit score and report before applying is a great way to ensure that your application is handled appropriately.
What credit bureau does creditwise use?
CreditWise pulls your information from TransUnion, which is one of the three major credit bureaus in the U.S. Your information will be updated as you make payments, apply for credit and change your line of credit, including opening new lines of credit or closing old ones.
Is CreditWise accurate?
The information on your CreditWise credit score is based on a VantageScore 3.0 model that's similar to the FICO scoring system used by most lenders. The VantageScore system uses a few factors to calculate your score, which are influenced by your debt-to-income ratio, the length of your credit history and your payment history.
What's the difference between FICO and VantageScore scores?
The biggest difference between the two is that the FICO scoring system is used by most lenders. When you apply for a mortgage, auto loan or credit card, the lender will likely pull your FICO score from all three of the major credit bureaus. If you have good or bad credit, your credit score will play a large role in your application's approval or denial.
What's the best credit monitoring tool?
There are several free and premium credit monitoring tools out there, but if you're looking for a more comprehensive tool that provides more accurate reporting than many other services, Capital One's CreditWise might be the right choice. It's easy to sign up for the service, and it includes features like weekly updates, a credit simulator that helps you identify the impact of different actions on your credit, and alerts for identity theft or fraud.
What's the best Capital One credit card?
The Capital One Platinum credit card is a top-rated unsecured card that doesn't carry any fees and will help you build your credit over time. It also comes with other benefits like the ability to increase your credit limit, a rewards program and CreditWise credit monitoring.
Does Capital One CreditWise affect your credit score?
While the credit score that CreditWise reports to you may be similar to the VantageScore 3.0 model, it isn't a FICO score. When you're applying for a mortgage or car loan, your lender will pull your FICO score from all three of these credit bureaus to assess your overall risk level and how likely you are to default on the loan.
Does Credit Wise have any fees?
You'll be asked to provide some personal information in order to get access to your credit score and report. This is necessary in order to protect your information from fraud or other security issues that could affect your score.