CreditWise Frequently Asked Questions

FAQs

Frequently Asked Questions

FAQs

Frequently Asked Questions

GENERAL CREDIT FAQs

Why is my credit score important?

Lenders can use your credit scores and reports to decide whether to do business with you and on what terms. Your credit score can affect things like the interest rates you may get, what credit card options you’re offered, whether a landlord will rent you property and whether some employers will offer you employment.

What is a credit report?

A credit report is a detailed report of a person's credit history. It contains information like your history of paying loans and the status of your credit accounts. It gives a view of your financial habits, like how often you make payments on time, how much credit you have, and how much credit you're using. A credit report can also contain public record information, like bankruptcies, judgments, and liens that give lenders an idea of your obligations and financial status.

Lenders use credit reports to make lending decisions, like if they will loan you money, whether you continue to meet the required terms for your account, or what interest rates they can offer you.

Where can I learn more about my credit?

For more information about your credit score or report and ways to improve your creditworthiness, check out Capital One Financial Education resources, including

How can I get a copy of my full credit report?

Visit AnnualCreditReport.com to receive a free copy of your credit report annually from each of the three major credit reporting bureaus.

CreditWise FAQs

Is CreditWise free?

CreditWise is 100% free! You won’t have to pay money to sign up for CreditWise or use any of its features.

How often does CreditWise update your credit score?

Your FICO® Score 8 is updated as frequently as each day when you sign into your CreditWise account. Learn more about the benefits of free credit monitoring with CreditWise.

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 FICO® Score 8 as often as daily. The FICO® Score 8 is based on several score ingredients:

Payment history
Length of credit history
Amount of new credit
Amount of debt
Credit mix

If you don't think your information is right, review the information from your TransUnion credit report in the Report section of CreditWise. Detailed information on your opened and closed accounts, inquiries, personal information and public records that are reported to TransUnion is available. If you find a reporting error, click on the button that says "see something wrong?" to read some additional information and follow the instructions to have it corrected.

You can also go to AnnualCreditReport.com to get free copies of your credit reports annually. If you find a reporting error, you may file a dispute directly with the lender that reported it. Alternatively, you can also file a dispute with each credit bureau that reports the account with the error. Instructions for disputing an error are on AnnualCreditReport.com.

Does CreditWise protect my personal information?

Your CreditWise username, password and personal information are protected by 256-bit Transport Layer Security (TLS) protocol, which helps prevent unauthorized transfers of sensitive information. You may also take advantage of secure sign-in methods such as biometrics or two-factor authentication available via the CreditWise iOS and Android apps. CreditWise is a great way to stay on top of your credit score and get free access to your credit report.

FICO® Score FAQs

What’s going on?

We’re updating the credit scoring version you see on CreditWise. Once you’re updated, you’ll see your FICO® Score 8 instead of your VantageScore® 3.0 credit score. As a result, the score you see may change.

FICO® Score 8 uses a different method of calculating your score than VantageScore® 3.0. Your TransUnion® credit report is still the source from which your score is formulated.

What is a FICO® Score 8?

FICO® Score 8 is a credit scoring version developed by FICO. This score should give you a good sense of your overall credit health, but it may not be the same score used by all of your creditors.

Like VantageScore® 3.0, FICO® Score 8 rates credit scores between 300 and 850. You can still assume that the higher the score, the more trustworthy you appear to lenders.

What should I expect to see when my account updates?

You should expect to see your FICO® Score 8 in place of where your VantageScore® 3.0 was before. We’ve also made updates to certain features, like the CreditWise Credit Simulator. Your credit report is still from TransUnion®.

Do note that you may notice some minor changes to the CreditWise Terms and Conditions as part of the FICO® Score 8 update. Log in to see the version of the Terms and Conditions that applies to your account. Your continued use of CreditWise represents your agreement to the updated Terms and Conditions.

Why is CreditWise switching from VantageScore® 3.0 to FICO® Score?

FICO is the industry leader in credit scoring. 90% of top lenders in the US use FICO® Scores¹. Plus, our users asked—so we listened!

creditwise servicing issues FAQs

I'm having trouble accessing CreditWise through my mobile app.

Every now and then, CreditWise releases an essential update that you may need in order to log in. As a result, you may need to update your CreditWise or Capital One app through the App Store or Google Play Store . Just search for your app and select the Update prompt.

I'm having trouble accessing CreditWise through my Capital One app.

In the meantime, you can continue accessing CreditWise through the Capital One and CreditWise websites. You can also download the CreditWise app in the App Store or Google Play Store.