Maintaining a healthy credit score means keeping track of any shifts in your credit. Luckily, several popular apps make credit tracking easy. One of the most popular apps for credit tracking is CreditWise from Capital One.
What is CreditWise from Capital One?
CreditWise is a completely free credit monitoring app from Capital One. Users can view their VantageScore 3.0 credit score, which gives a good estimate of where the FICO score sits. FICO credit scores are the scores used for credit and loan applications. The app also provides access to the TransUnion credit report.
Users over the age of 18 with a valid Social Security number can use the app. It is similar to other apps like Credit Sesame or Credit Karma, but the interface is designed for simplicity. You may be wondering if using an app like CreditWise will hurt your credit score. The answer is no, as it does not create a soft or hard pull on your FICO credit record.
* DarkWeb monitoring searches for SS breaches
* Credit score simulator to see how actions affect credit
* Updates credit score and report weekly
* Key Factors explain how credit actions impact your score
* Instant alerts when any credit change is spotted
CreditWise - Monetization
CreditWise has absolutely no paid plan. It is a completely free service provided by CapitalOne. That being said, CapitalOne does harvest your data for their uses. They can use your credit score data to micro-target you for credit card offers you're likely to accept.
While there's inherently nothing wrong with that, but be aware that sharing your data means you are a product. While the service is free and does provide useful credit tracking, there are services where you are not a product to a large bank. Credit Karma and Credit Sesame are two services that work similarly.
CreditWise Pros & Cons
* Easy tool for users to stay on top of their credit score
* Continuous credit monitoring with instant alerts
* Credit score updated weekly, so progress is visible
* Makes it easy to see how actions affect your credit score
* Dark Web scanning can alert you of identity theft
* No dark mode for the app
* Requires identity verification with a large corporation
Should I download and install CreditWise?
CreditWise is a useful credit monitoring tool for anyone who is worried about identity theft. The dark web monitoring tool is extremely useful since it tracks appearances of a user's Social Security number for sale on the internet.
These identity theft monitoring tools are needed after massive breaches like Equifax. One in two Americans were impacted by the Equifax breach, leading to their financial data being leaked. Credit monitoring services like CreditWise can help you stay on top of your credit score and identity data.
The mobile app is easy to use and access and requires no monthly subscription or fee. The app doesn't even require a CapitalOne banking or credit account to use. That makes it ideal for people who want to fix their credit with help.