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.
CreditWise vs.
There are two main credit scoring models that creditors use: FICO Score and VantageScore. While most lenders use FICO Score to evaluate your credit, VantageScore is preferred by more than 2,600 financial institutions. CreditWise uses the VantageScore 3.0 model.
Each of these scoring models weighs the measures of creditworthiness differently--and therefore end up with different scores. On top of that, each of these FICO scores and VantageScores each have an individual score, based on each of the credit bureaus.
VantageScore. The VantageScore model—specifically Version 3.0 which is the most widely used—considers similar factors to the FICO score model.
FICO® and VantageScore® are the two most popular credit scoring models today. FICO and VantageScore credit scores are equally reliable and accurate, based on the specific scoring model that's being used. Tools are available that allow you to check and monitor your credit score for free, with no impact to your credit.
Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.
If you are looking for a more comprehensive and detailed credit report to apply for major loans or credit cards, Experian may be a better choice for you. Conversely, if you want a convenient and free way to monitor and manage your credit, CreditWise from Capital One could be the right solution.
VantageScore vs.
FICO scores are the most widely used scores used by lenders to determine the creditworthiness of consumers. This means more institutions use FICO over any other scoring model to decide if someone should get a loan, mortgage, or any other credit product.
Is CreditWise accurate? 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.
A 700 credit score is considered “very good” and opens doors to the best mortgage options available. Conventional loans offer highly competitive rates and terms at this credit level. Government-backed loans like FHA are available but may be less advantageous compared to conventional options.
Credit Wise from Capital One uses the Vantage credit scoring model, with your TransUnion credit report. Vantage is a perfectly valid scoring model, but it's not wisely used by lenders. Rather, around 85% to 90% of lenders use some version of FICO.
While a 675 credit score is considered good, it may not qualify for the most favorable interest rates and terms offered by lenders. You may still find several opportunities with this score, as it is still within an acceptable range for many types of credit, but a higher score could give you more options.
FICO Score 8 is a base credit score that credit providers use to help figure out a potential borrower's credit risk. Your payment history, credit utilization, length of credit history, new credit inquiries, and the types of accounts you have (your credit mix), are all factors that come into play within FICO Score 8.
FICO uses Equifax, whereas CreditWise uses TransUnion. Checking your score on different platforms can result in differing scores.
It's important to note that all three bureaus are used widely in the U.S. None of them are more “important” than the others. There is no “best” credit bureau—all three bureaus can offer helpful information and tools to help you make financial decisions.
What is the highest credit score possible? To start off: No, it's not possible to have a 900 credit score in the United States. In some countries that use other models, like Canada, people could have a score of 900. The current scoring models in the U.S. have a maximum of 850.
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
A credit score of 700 is generally considered good. Factors affecting credit scores include payment history, credit utilization, length of credit history, types of accounts, and recent activity.
Your score falls in the range of scores, from 800 to 850, that is considered Exceptional. Your FICO® Score and is well above the average credit score. Consumers with scores in this range may expect easy approvals when applying for new credit. 21% of all consumers have FICO® Scores in the Exceptional range.
The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage. We're going to take at look at FICO® since it has long been the auto industry standard.
New payment behavior is a common cause for credit-score fluctuation. Additionally, when making payments on an installment loan, mortgage or auto loan, you are decreasing the amount of overall debt. That could also cause an increase in your 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.