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Capital One Rebrands Credit Tracker as ‘CreditWise’

Feb. 23, 2016
Credit Card Basics, Credit Cards
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Capital One’s popular Credit Tracker tool is undergoing a rebranding that involves changing its name, the way it determines a credit score and how frequently customers receive an updated score. The user interface is also getting a makeover.

The most significant difference is that CreditWise — the new name for Capital One’s credit score tracker — will offer the TransUnion VantageScore 3.0 credit score instead of the previously used TransUnion New Account model. Though the VantageScore 3.0 is not the most common score used by credit issuers when determining credit eligibility, it is an upgrade from the model used previously. (The TransUnion New Account model is more of an educational score, while the VantageScore 3.0 is actually used by some lenders to approve new customers.)

Even so, many competing issuers offer the far more popular FICO score — used by 90% of top lenders — for free on a cardholder’s monthly statement, putting Capital One at a slight disadvantage in credit tracking. Still, the VantageScore 3.0 should be helpful for customers looking to track how their financial behavior affects their overall credit health over time.

Capital One will also send an updated score more often. CreditWise will offer a weekly score, whereas Credit Tracker offered one monthly.

Kevin Cash is a staff writer at NerdWallet, a personal finance website. Email: [email protected]. Twitter: @kevin_cash.


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