Q&A: How accurate is CreditWise® credit score?

Answer: CreditWise® from Capital One is a handy tool that lets s monitor their credit scores and reports for free. The score you see on CreditWise® is based on the VantageScore 3.0 model. Now, while VantageScore is recognized and used by some lenders, it’s not as universally adopted as the FICO score.

Because there are various credit scoring models out there, the score you get from CreditWise® might be a tad different from what a lender might see when they pull your FICO score or another VantageScore version. Both VantageScore and FICO consider similar factors like payment history, credit utilization, and length of credit history. But they might weigh these factors a smidge differently, leading to some variations in scores.

So, while CreditWise® might not give you the exact number a lender might see, it’s pretty spot-on in terms of reflecting your credit health. If you notice your score trending up or down on CreditWise®, it’s likely doing something similar in other scoring models. The tool is super useful for keeping an eye on credit trends and changes rather than predicting the exact score a lender might use.

Also, a cool thing to note is that CreditWise® updates your score weekly. So, you can stay on top of any changes. But remember, lenders might not report to credit bureaus that frequently, so there might be slight lags based on recent activities.

In a nutshell, CreditWise® is a solid tool for understanding and monitoring your credit health. It might not always match the score a lender sees to the dot, but it gives you a good ballpark and insights into what’s affecting your score.