All about the CreditWise Credit Score Simulator
January 24, 2023 1 min video
Staying on top of your credit can sometimes feel like a guessing game. Should you pay off your credit card? Is it a good time to shop for a home or auto loan? What happens if you need to make a late payment?
The answers to these questions can be complex because they depend on your unique situation. But if you’re trying to improve your credit, it’s helpful to know how these decisions could affect your financial health.
Wouldn’t it be nice if there was a way to see into the future? That’s where CreditWise from Capital One can help.
Use the Credit Score Simulator to test how certain actions—like opening a new account—could affect your credit. Predictions aren’t guaranteed, but the Simulator could help you stay ahead of score changes and make the best decisions for your credit health.
What is the Credit Score Simulator?
CreditWise is an interactive tool with many features that can help take the guesswork out of managing your credit. It lets you monitor your credit for free. And using CreditWise won’t hurt your credit score.
CreditWise sends you credit score updates, lets you check your credit report and scans the dark web for your information. It also lets you test out important financial decisions before you make them.
Thinking about applying for a home loan or opening a new credit card? Before you decide, use the Credit Score Simulator to explore how these choices might help or hurt your credit.
Learn how your score might go up, or down, if you do things like:
- Open a new credit card
- Take out a home or auto loan
- Increase your credit limit
- Close your oldest credit account
- Make on-time payments
- Pay off your credit card balance
- Make a purchase with your available credit
How does the Credit Score Simulator work?
The Credit Score Simulator won’t affect your actual credit score, so you can use it as often as you’d like. Simply select the action you want to test from the menu. The Simulator will gather information from your TransUnion® credit report, which may include:
- Payment history: a record of how you’ve paid your past or current credit accounts.
- Credit age: the average length of time that your credit accounts have been open.
- Credit mix: the types of credit accounts you have—such as credit cards or a mortgage.
- Credit utilization ratio: the amount of available credit you’re using.
- Hard inquiries: the number of times you’ve applied for a loan or line of credit.
The Simulator then uses predictive modeling to gauge how making changes to the factors above may affect your future credit score. But you don’t have to know what predictive modeling is to use the Simulator.
Just know what you want to do—such as open a new credit card or cancel an old one—and the Simulator will show you how your credit profile might change. Knowing ahead of time how a financial choice could impact your credit may help you make the decision that’s best for you.
Credit Score Simulator FAQs
How accurate is the CreditWise Credit Score Simulator?
The Credit Score Simulator uses your VantageScore® 3.0 credit score and TransUnion credit report to evaluate your financial health. But keep in mind that you actually have more than one credit score. And lenders may use different credit-scoring models from companies like FICO®.
When you use the Simulator, the score you see is an estimate. This credit simulator is designed to help you explore possibilities, but it isn’t an exact prediction of how your score might change.
It can, however, help you understand the factors that might affect your credit health. And having this information can help you make informed financial decisions.
How quickly will my credit score change?
The Credit Score Simulator can show you how a simple action might affect your credit score. But it can’t predict exactly when or how a decision could affect your credit.
Credit scores change based on the information in your credit reports. Credit card issuers typically report information once a month. So it could take some time for your credit score to reflect a recent credit decision. But CreditWise can help you stay in the know with VantageScore® 3.0 updates.
Also keep in mind that the way a decision affects your financial health could depend on your unique credit profile. For example, opening a new credit card could lower your credit score at first. But if you use the card responsibly and pay your statements on time, it might eventually boost your credit.
Will using CreditWise and the Credit Score Simulator hurt my credit score?
No. Using CreditWise and the Credit Score Simulator won’t hurt your credit score. That’s because CreditWise uses soft inquiries to find your credit information.
Does the Credit Score Simulator cost money?
No. The Credit Score Simulator is completely free to use. Signing up for CreditWise and using its features won’t cost money. And you don’t even have to be a Capital One cardholder to sign up.
How do I sign up for CreditWise?
CreditWise and the Credit Score Simulator are available to everyone, not just Capital One customers. You can test out your credit decisions from your desktop. You can also download the Apple or Android mobile app to check your credit on the go.
Existing customers can sign into their Capital One accounts to use CreditWise.
New to CreditWise? You can download the CreditWise app or sign up online. CreditWise will ask you a few questions and then you can start testing out some credit decisions. CreditWise will send you details about your credit health, and you’ll get frequent updates.
CreditWise is also available through the Capital One Mobile app.
Test your credit choices for free
Your credit can play an important role in your overall financial health, including the loans or interest rates you’re offered. So it’s important to keep an eye on it.
The Credit Score Simulator can help you plan for your financial future with fewer surprises. Try the Credit Score Simulator for free and explore how different actions could affect your financial health.