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.
Is Credit Wise accurate? Capital One Credit Wise does NOT provide you with a FICO score. Instead, it provides you with a TransUnion Vantage 3.0 score. So Credit Wise is accurate; it's just that it won't necessarily give you an accurate idea of where your FICO score stands since it's a different model.
Your CreditWise score is calculated using the TransUnion® VantageScore® 3.0 model, which is one of many credit scoring models. It may not be the same model your lender uses, but it can be one accurate measure of your credit health.
FICO® is a different credit score model than the one we use for CreditWise, which is the TransUnion VantageScore 3.0 credit score. But both of these credit scoring models are based on similar key factors that lenders want to know about before offering you credit.
Your score differs based on the information provided to each bureau, explained more next. Information provided to the credit bureaus: The credit bureaus may not receive all of the same information about your credit accounts. Surprisingly, lenders aren't required to report to all or any of the three bureaus.
Best Overall AnnualCreditReport.com
The Consumer Financial Protection Bureau confirms that AnnualCreditReport.com is the official website that allows you to access each of your credit reports from all three of the major credit bureaus — Equifax, Experian, and TransUnion — at no cost.
Consequently, when lenders check your FICO credit score, whether based on credit report data from Equifax, Experian, or TransUnion, they will likely use the FICO 8 scoring model. FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score.
Payment History Is the Most Important Factor of Your Credit Score. Payment history accounts for 35% of your FICO® Score.
FICO 8 is still the most widely used FICO credit score today. If you apply for a credit card or personal loan, odds are that the lender will check your FICO 8 scores from one or more of the major credit bureaus.
Two credit bureaus are monitored
CreditWise works with two out of the three credit bureaus to monitor your Experian and TransUnion credit reports. While this is decent, triple-bureau credit monitoring provides the most coverage by also alerting you of changes to your Equifax reports.
Yes, CreditWise is safe. Because the service is backed by Capital One, a major banking institution, the service has high-level safeguards in place.
What's a Good Score on the VantageScore 3.0 Model? The VantageScore model runs from 300 to 850. According to VantageScore, a good credit score on their model would be 661 to 780, and an excellent score would be anything above that.
This is due to a variety of factors, such as the many different credit score brands, score variations and score generations in commercial use at any given time. These factors are likely to yield different credit scores, even if your credit reports are identical across the three credit bureaus—which is also unusual.
When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference.
What Credit Score Do Lenders Use? The two main companies that produce and maintain credit scoring models are FICO® and VantageScore. Lenders most commonly use the FICO® Score to make lending decisions, and in particular, the FICO® Score 8 is the most popular version for general use.
The scoring model used in mortgage applications
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax)
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Basically, "credit score" and "FICO® score" are all referring to the same thing. A FICO® score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.
Your 810 FICO® Score falls in the range of scores, from 800 to 850, that is categorized as Exceptional. Your FICO® Score is well above the average credit score, and you are likely to receive easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
The FICO® Score☉ , which is the most widely used scoring model, falls in a range that goes up to 850. The lowest credit score in this range is 300. But the reality is that almost nobody has a score that low. For the most part, a score below 580 is considered "bad credit." The average FICO® Score in the U.S. is 704.
A FICO score of 650 is considered fair—better than poor, but less than good. It falls below the national average FICO® Score of 710, and solidly within the fair score range of 580 to 669.
FICO Score 9 (also known as FICO 9 and FICO 9.0) is the latest edition of the widely regarded credit scoring models. It means good things for your credit score, although it is rolling out very slowly.
First of all, a 900 credit score isn't really possible. And just 1% of the population can achieve a credit score of 850, so there's a certain point where trying to get the highest possible credit score isn't realistic at all. Only a few credit score models have a credit score limit of 900 as is.
How to access your report. You can request a free copy of your credit report from each of three major credit reporting agencies – Equifax®, Experian®, and TransUnion® – once each year at AnnualCreditReport.com or call toll-free 1-877-322-8228.