What Is CreditWise? A Look at Capital One Credit Monitoring
Capital One’s CreditWise is a free credit monitoring service that allows you to access your credit score and credit report. You don’t need a Capital One account to use CreditWise, but you must be 18 or older with a valid Social Security number. The CreditWise app is available for both Apple and Android devices.
What is CreditWise?
Creditwise, a free credit-tracking service that was rebranded from Credit Tracker in 2016, has a handful of primary features. It allows you to:
- Track your credit score
- View your credit report
- Improve your credit score through tailored advice
- Use a credit simulator to see how certain activity would affect your credit score
There are two primary credit scores in the U.S.: FICO Scores and VantageScores. While most people are more likely familiar with the FICO model of credit scoring, Capital One credit monitoring from CreditWise uses TransUnion’s VantageScore 3.0 model.
- Free credit monitoring: With the Capital One CreditWise app, you can access your VantageScore 3.0 credit score weekly for free. Checking your score with the app won’t affect your score. You’ll also receive alerts if your score changes.
- Detailed credit score reporting: CreditWise not only tells you what your credit score is, but it also lets you know how you’re performing in certain categories, including:
- History of on-time payments
- Age of credit accounts
- Amount of credit being used
- Number of recent credit inquiries
- Number of recently opened credit or loan accounts
- Amount of available credit
- Credit reports from 2 of the 3 main agencies: With Capital One credit monitoring from CreditWise, you can access your credit report from TransUnion and Experian, two of the three main credit-reporting agencies. You can review your report for signs of theft, fraud and errors.
- Alerts on credit report changes: CreditWise sends alerts when potential fraud or changes occur on their Experian and TransUnion credit reports.
- Free advice: Users can learn how to improve their credit score through tailored advice.
- See how future activity would affect your credit score: The CreditWise Simulator allows you to see how certain activity would affect your credit score, such as paying off a portion of your credit card debt or increasing your credit limit.
- Privacy breach alerts: Capital One CreditWise alerts you if your email address or Social Security number were found on the dark web or if there were any new addresses or names related to your Social Security number.
Millions use the CreditWise app, according to Capital One. Overall, CreditWise reviews are positive, with users touting the CreditWise app for its helpful simulator, privacy notifications and tailored credit advice.
Many users appreciate the CreditWise mobile app’s $0 price tag, as some competitors charge a monthly or annual fee. Here’s the breakdown by store:
- Apple App Store: 4.8 out of 5 stars (on 170,000+ reviews)*
- Google Play Store: 4.6 out of 5 stars (on 84,892 reviews)*
*Review ratings as of May 21, 2021
How to sign up for CreditWise
CreditWise signup is simple, especially if you already have a Capital One account — customers can log in without signing up separately. To sign up, you’ll need to provide your:
- First and last name
- Birth date
- Social Security number
- Phone number
- Email address
- Home address
You must be at least 18 and a resident of the U.S. or Puerto Rico to use the app. You must also have a valid Social Security number.
You can use the CreditWise login to check your credit score as often as you’d like without it being negatively affected.
To cancel your account, you simply go into the app’s settings and select “Cancel My Account.” Keep in mind that although you can cancel your account anytime, it could take up to 45 days.
CreditWise vs. FICO
The primary similarities when comparing CreditWise versus FICO are that both allow you to view your credit score and credit report. But while CreditWise uses the VantageScore, FICO — as its name implies — uses the FICO Score.
Another major difference between the two apps is that myFICO’s credit monitoring services come with a monthly fee that ranges from $19.95 to $39.95 a month. Plus, CreditWise only allows users to access their Experian and TransUnion credit reports, while myFICO shares reports from all three credit-reporting agencies: Experian, Equifax and TransUnion.
Monitor your credit through LendingTree
LendingTree also offers free credit monitoring through the LendingTree app. The app not only offers free credit monitoring and quick notifications regarding score changes, but also makes recommendations for how you can save money and improve your credit score.
CreditWise FAQ: Login, accuracy and more
Is CreditWise free? Yes.
Where can I access the CreditWise login? The CreditWise login can be found here.
What is the CreditWise Simulator? The CreditWise Simulator allows you to see how certain financial decisions would affect your credit score. For example, if you’re considering increasing your credit limit or closing an old credit card, you can see how your score would potentially change.
Is CreditWise accurate? Yes, Capital One CreditWise is accurate. Because many people are more familiar with the FICO model of credit scoring than the VantageScore 3.0 model, they might be confused at first. But all information on CreditWise is accurate from a VantageScore perspective. As mentioned, CreditWise does not show you information from your Equifax credit report.
Is CreditWise safe? Yes, CreditWise is safe. Because the service is backed by Capital One, a major banking institution, the service has high-level safeguards in place. iPhone users can use Touch ID to log in to the CreditWise app, and app users who also have credit cards with Capital One can use SureSwipe, a safety-enhanced login.
What is CreditWise’s contact information? Because CreditWise is a subsidiary of Capital One, it is headquartered in McLean, Va., just like the bank. If you need help with the CreditWise app, your best bet is to contact Capital One at 1-800-227-4825 (1-800 CAPITAL).
Rebecca Safier contributed to this report.