If you’ve heard of that you can get a free credit score from Capital One, you’ve heard correct. In this Creditwise review, we’ll take a look at what exactly you get when you sign up for Capital One’s free credit score platform.
That way, you can make an informed decision. So let’s start with the basics.
What is Creditwise?
Creditwise is the name of Capital One’s free credit tracking service.
Through Creditwise, anyone (including non customers) can gain access to a VantageScore 3.0. While not as widely use as FICO scores, the VantageScore model is sometimes used by lenders.
Capital One has offered free credit tracking for awhile now. They used to have a service called Credit Tracker that provided credit scores based on one of TransUnion’s proprietary models. The VantageScore they offer now is a definite improvement.
However, that’s not all they improved when they rebranded this free service.
Our Creditwise Review
For a free service, Creditwise is pretty good.
Compared to other free credit monitoring options, it ranks as one of the best. Part of that comes from their use of the VantageScore 3.0 as opposed to their own model or a score specific to one of the bureaus.
But that’s not it.
The very best thing about Creditwise is:
Creditwise is completely free and anyone can sign up—whether they are a Capital One Customer or not. There are very few for-profit companies that offer such a valuable service for free.
To top things off, they update scores weekly. Many of the best paid services update on a monthly basis. Creditwise is certainly the only free service that updates your score weekly. This basically puts it in a league of its own.
Since they made the switch to Creditwise, the Capital One free score dashboard is clean and easy to use. In addition to an updated score, it also provides you information on the factors affecting your credit, historical analysis, and credit simulation tool.
All of this information is also available through apps on Android and iOS.
With everything they offer, you can get a really good picture of your current creditworthiness and the steps you can take to improve it.
Still, this begs the question:
Why offer all of this for free?
Capital One uses this free credit monitoring service as a promotional tool. They make this service available to customers and non-customers alike in an effort to increase brand awareness. Given the fact that you’re reading this review, it seems to be working.
How to Access Free Credit Scores From Capital One
Given its no-hassle nature, there is really little reason not to go ahead and sign up or download the the app.
As far as free credit monitoring services go, CreditWise is one of our favorites.
While we do love the fact that CapitalOne has made such a robust credit monitoring tool free to anyone, we don’t suffer from any delusions regarding its significance.
The VantageScore 3 provided by CreditWise is used by some lenders. But you’re still better off regarding it as an educational score. Over 90% of lenders use official FICO scores to gauge creditworthiness and other scores rarely match up with FICO scores exactly.
You really should know your real FICO scores if you’re in the market for a car or house.
Luckily, many banks and credit card companies now offer FICO scores for free with a consumer credit card account. Discover even offers a free FICO 8 score without any strings attached. Simply sign up with their service like you would Creditwise.
Access to your official credit scores (and the reports they are based on) is vital. However, the value of a free educational service like Creditwise cannot be overstated—plus they update it every week.
Ask our advice, we’ll tell you to sign up for everything you can. After all, the key to managing your personal finances will always be education.