How To Check Credit Score On Capital One App

By Dave Nyam •  Updated: 02/21/24 •  5 min read

A credit score is important in securing your financial health in South Africa. Capital One is a reputable institution that offers the convenience of monitoring the same through an app. Therefore, in this article, we take you through the steps of checking your credit score through the use of the Capital One app. The kind of score shown, how it affects it, its refreshment frequency, and why it might contrast other sources. Let’s plunge into these topics further, in the course of which you will get more insight into Capital One credit monitoring in an attempt to make more informed decisions on the issues concerning your financial life.

How To Check Credit Score On Capital One App

Capital One provides free checking for credit scores using its user-friendly platform—CreditWise. This service is not necessarily limited to Capital One customers but to everybody. Below is how one can use it.

After you’ve taken these steps, you can then always view your credit score whenever you want. When CreditWise is checking your credit score, it only makes soft inquiries, so you can do that any time you like and without any fear of affecting your score.

The app does come with the ability to notify you of your changing credit report in real-time, thus keeping you apprised of your financial health. It also provides you with the Credit Simulator, where you can visualize the impact of decisions you may make with your finances on your credit ratings before you actually make them.

Can I Check My Credit Score Capital One?

The answer is clearly “yes.” Capital One provides you with CreditWise, which is a tool that lets you check your loan rating as many times as you need, absolutely for free. And this is not only for clients of Capital One: anyone can use it.

If you check your score on CreditWise, a soft inquiry is carried out on your score, so your score can’t be affected by the inquiry. Whenever needed, the app can be used, and it will notify you of any new inquiries or, in short, any type of changes made to your report. However, South African credit bureaus provide one free credit report per year. This further serves as one more reason to make it super convenient, accessible, and easy for you, through Capital One CreditWise, to set your eye on your credit score round the clock.

Which Credit Score Does Capital One Show?

The VantageScore 3.0 is the score represented to the customers by the tool. This score is generated on the basis of the information obtained from your TransUnion credit report. VantageScore represents the model of credit scoring, which is very widespread among companies and was co-created by the three biggest bureaus in the world, including Equifax, Experian, and TransUnion. It is being used by more than 2,600 financial institutions and nine of the 10 largest banks. VantageScore 3.0 takes into account credit utilization, length of credit history, and credit mix, among others. Keep in mind what one sees might differ from other scores or information resulting from other calculation models or bureaus.

How Does Capital One Affect Credit Score?

The influence of Capital One in relation to your credit score is multifaceted. Firstly, opening a new Capital One account can affect your credit history. That potentially could lower the average age of your accounts. Secondly, applying for a Capital One credit card leaves a mark on your credit report. Remember, when applying for a new card, occasionally, this will not hurt your score a lot, but multiple applications at the same time or being denied will hit your credit score.

Thirdly, what will be taken into account is the payment behaviour with Capital One. Late or missed payments are noted on your credit report and can negatively influence your score. The last thing that affects your score is your credit utilization—the percentage of your available credit that you’re using. Keeping a balance under 30% of your credit limit is usually advised. Hence, the account dealings with Capital One can highly reflect your credit score.

How Often Does Capital One Update Credit Score?

The CreditWise tool from Capital One offers periodic monthly updates for its credit score. However, the exact frequency of the update may not be fixed, as the creditors send these reports to bureaus independently. However, this period typically constitutes 30-45 days. When a new report comes from the creditor, the reporting and updating process will be sorted in a manner in which your updated credit report reflects the adjustments to your credit score. So please be patient and give it enough time in order for the issues with the reporting and updating to be sorted. Don’t forget checking your loan ratings regularly with CreditWise won’t hurt your readings, as they use a soft inquiry.

Why Is My Capital One Credit Rating Different?

Several factors can make your Capital One loan rating look different from other scores. Each credit bureau uses different scoring models: TransUnion, Experian, and Compuscan. They interpret your information differently with unique calculations. Also, your credit transactions might be reported to particular bureaus by the lenders, the information being changed for every bureau about you. So, your Capital One credit score will definitely be different, as it is derived from your TransUnion report, as compared to those offered by any other bureaus or models. Consider together more than one credit score result, with more consistency in your view of your credit health.

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