The Capital One CreditWise scoreis pretty accurate, considering that it monitors your TransUnion VantageScore 3.0 score. As for how accurate is CreditWise from Capital One vs. FICO, it's really hard to determine. The methods they use aren't that clear. But the results are extremely close for both scoring models.
Here’s what you should know about the Capital One CreditWise score:
- What CreditWise is: Capital One CreditWise is a free tool that allows you to check your credit score anytime. It will also send you email alerts when there’s important activity on your credit report, such as a hard credit inquiry or a new credit card account.
- Who can use it: This tool is available to everyone who signs up on the CreditWise website, not just Capital One customers.
- Scoring model: The credit score you get is the VantageScore 3.0 model, based on your TransUnion credit report.
Overall, Capital One CreditWise is a useful tool as it accurately retrieves the data from your TransUnion credit report. However, keep in mind that Capital One CreditWise only updates once a week. You can find services that send you daily updates, along with a lot of the same information CreditWise provides. Regardless of which credit score siteyou choose, staying aware of your credit score is a necessity.
This answer was first published on 09/13/18 and it was last updated on 06/17/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
The CreditWise score is calculated using the TransUnion® VantageScore® 3.0 model. So, it will be pretty close to your VantageScore credit score through TransUnion. However, the score reflected on CreditWise may not be the same as what you get from your TransUnion credit report.
How accurate is CreditWise from Capital One? ›
CreditWise gives you an accurate representation of your credit health, as it sources your credit information directly from your TransUnion credit report and updates your VantageScore® 3.0 credit score as often as daily.
How far off is the CreditWise score? ›
Accuracy and Comparisons: While no credit score tool can claim 100% accuracy, CreditWise, like other bank-provided scores, tends to be within a few points of the scores from different banks.
Which is more accurate, FICO or CreditWise? ›
There isn't one credit score that's necessarily more accurate than another. Your credit scores depend on the information from lenders and creditors in your credit reports. But different credit-scoring models may take different factors into account or weigh certain factors more heavily than others.
What is a good CreditWise score? ›
Good credit basics
FICO considers anything between 670 and 739 a good credit score. And VantageScore says good credit scores fall between 661 and 780. Scores above those might be considered very good, excellent or exceptional.
Who has the most accurate credit score? ›
The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.
Is a credit score of 650 good? ›
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
Is 700 a good credit score? ›
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750. In 2023, the average FICO® Score☉ in the U.S. reached 715.
What credit score is needed to buy a house? ›
A good credit score to buy a house is one that helps you secure the best mortgage rate and loan terms for the mortgage you're applying for. You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500.
Is 660 a good credit score? ›
Generally speaking, a good credit score is 690 to 719 in the commonly used 300-850 credit score range. Scores 720 and above are considered excellent, while scores 630 to 689 are considered fair. Scores below 630 fall into the bad credit range.
Which of the 3 Credit Bureaus Is the Best? Of the three main credit bureaus (Equifax, Experian, and TransUnion), none is considered better than the others. A lender may rely on a report from one bureau or all three bureaus to make its decisions about approving a loan.
What credit score does Capital One use? ›
Capital One appears to pull from any of the three major credit bureaus: Experian, Equifax and TransUnion.
Why is my Capital One credit score so low? ›
Your payment history is an important part of your credit scores. Just one late or missed payment can have a negative impact on them. The timing is an important factor to keep in mind.
Is CreditWise your actual score? ›
The score provided in the CreditWise tool is calculated using the TransUnion® VantageScore® 3.0 model, which is one of many scoring models. Your CreditWise score is a good measure of your overall credit health, but it is not likely to be the same score used by creditors.
What is the average credit score in the United States? ›
The average FICO credit score in the US is 717, according to the latest FICO data. The average VantageScore is 701 as of January 2024. Credit scores, which are like a grade for your borrowing history, fall in the range of 300 to 850.
Does anyone have an 850 credit score? ›
And when it comes to credit, 850 is the highest the FICO® Score☉ scale goes. For more and more U.S. consumers, practice is making perfect. According to recent Experian data, 1.54% of consumers have a "perfect" FICO® Score of 850. That's up from 1.31% two years earlier.
Is CreditWise owned by Capital One? ›
Get your free credit report
Check your credit score for free—without affecting your credit—with CreditWise from Capital One. Keeps tabs on your financial health by checking your credit score regularly.
What's the difference between my FICO Score and my credit score? ›
A credit score is a three-digit number that measures your financial health and how well you manage credit and debt. FICO scores are a specific type of score that lenders can use when making borrowing decisions. The FICO credit scoring system is the most widely used credit score.
Where is the best place to check your credit score? ›
You can start by going to the three major credit bureaus, Equifax, Experian, and TransUnion first by logging on to AnnualCreditReport.com to check your report for free. Each agency gives you access to your report once every 12 months. 4 You'll have to pay them if you want your credit score.