Capital One Reports To Which Credit Bureaus – Ryan is a former TPG credit card writer who spent several years on the road, publishing content such as Memo to Miles, Rewards Wallet and Number Guy. His wife joins him on many of his trips, and they enjoy skiing, scuba diving and wildlife viewing. When not traveling, Ryan is probably answering questions from his family about how he travels and whether those points and miles are illegal.
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Capital One Reports To Which Credit Bureaus
Keeping track of your credit score is important. Before you apply for a credit card, car loan, or other type of credit, you may want to know your score.
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Let’s take a look at the different types of credit scores. While you can get their scores for free, I’ll explain why they’re so different.
If you don’t already know, your bank offers free credit monitoring services. Some of these are nothing more than alerts when certain things happen, such as new credit inquiries or new accounts appearing on your report.
Other services may be more robust. These include daily or weekly email updates on any changes to your credit report or credit score, including tips on how to improve your score and even a credit score you can view. It even includes searches for personal information being sold online.
If your bank offers a free credit score, be sure to check what the score is and how it’s compiled, and understand what you’re looking at.
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Not all credit scoring systems are created equal. Before we talk about the types of numbers, let’s look at an example.
Last week, Number Guy himself, Brian Kelly, was quite surprised when Chase Credit Journey showed him a 656 “number” number.
He immediately checked his number from his Barclays account. A score of 791 was 135 points higher than Chase’s, and more than he expected to see.
So what’s the difference? Barclays uses the FICO score – a score used by most lenders. Pursuit Credit Travel uses VantageScore 3.0® by Experian. Although it’s a product of one of the three major credit bureaus in the U.S. (the other two are TransUnion and Equifax), it’s not the same as a FICO score, which is what lenders use when they pull your credit report.
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Moreover, the credit bureaus where your score comes from will vary. In general, your number will not be the same for all three agencies, as the information each agency has access to may be different. For example, applying for a card with an issuer that only reports your application to TransUnion—but not Equifax or Experian—may result in different scores.
Citi also uses a FICO-based score, though you’ll notice a difference in the score compared to what Barclays provides. The stock’s score is 770, down 21 points, and it was last updated 5 days before Barclays’ update. Checking when your number is updated will make a difference because of what happened at that time. Maybe you have a large credit card statement, or you may have had a new check on your credit report after applying for credit.
Capital One and US Express have a Brian score of 663, calculated using VantageScore 3.0, 100 points lower than Barclays’ FICO score.
You can get a free VantageScore from Bankrate.com, Capital One, Chase, Credit.com, Credit Karma, Credit Sesame, Mint, and many other places in the US.
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Here’s the bottom line: About 90% of lenders in the U.S. will still use your FICO score (although it’s a version tailored to specific credit industries), and the way your score is calculated is not the same between FICO and VantageScore. . The information they use and the weight given to each item differ in these scoring models.
As long as you understand that no two score types will ever match, it’s helpful to monitor your score for conversions.
In Brian’s experience, VantageScore-based scores are 100 points lower than FICO-based scores, which is what lenders often use. Because the numbers are structured differently.
However, not everyone notices such a big difference between their FICO and VantageScore scores. My VantageScore is 41 points lower than my FICO score – still low, but less of a difference than what Brian saw.
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Does this score difference matter? It depends. Technically, the only thing that really matters is the score a lender sees when deciding whether or not to give you credit. However, seeing a big change in your credit score could be something else that needs your attention – missed payments, outstanding balances, unauthorized people applying for credit in your name, etc.
It can be confusing to see such a huge difference in scores from one site to another, so what should you do?
If you want to see how many recent queries there have been or other data, any of the models may provide this. If your score is important to you, look for a website that provides FICO scores. This more closely mirrors what the lender sees, as the vast majority of lenders in the US still use the FICO score in credit decisions.
Second, look at the date or “last updated” reference on the number in front of you. What has happened since then? The closer the numbers are, the more accurate they are. If multiple credit card statements, mortgage payments, and other financial data have been updated since then, the score will not be valid. Given that I have credit cards with multiple banks, I get emails every few days saying my number has been updated. This comes from a closing statement or a charge-off notice on my credit report.
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Third, consider getting your credit report from each of the three major credit bureaus (Experian, Equifax, and TransUnion). Since the information on your report directly affects your credit score, review the reports to make sure everything is correct. By law, you get a full credit report from each bureau once a year. To get a full report, visit the Annual Credit Report website and click the “Request Your Free Credit Report” button.
Even better: Due to the COVID-19 pandemic, you can get these three reports for free once a week.
Annual credit reporting websites do not include a credit score with your report, but you can check each report for accuracy to ensure your score is based only on accurate information.
Staying on top of your credit report is important. It also doesn’t hurt to check your numbers. However, seeing wildly different numbers can cause some confusion.
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Hopefully, you now understand why your score varies depending on which score you look at and the different methods. We looked at scores from VantageScore and FICO (the type most lenders use). Because their numbers are generated in different ways, it can sometimes cause big differences in the numbers you see. The most important thing is the score that the lender will see during your application, and you won’t be able to see it beforehand. As you monitor your own credit profile, decide for yourself how useful these score estimates are.
Editorial Disclaimer: The opinions expressed herein are not those of the author, any bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities. Return suggestions Auto-suggestions help you speed up your search results by providing suggestions that match what you’ve typed.
Lol @ this thread. Access Cap One on the website or in the app on your phone. Pull out your pdf statement and see what the closing date is. You don’t need to go to any website other than Credit Karma or the card issuer’s website or app. But again, as most have said, 3 days after the due date. My card will be announced on the 20th. They even explain it to you in the welcome message and email you receive when you open your card.
@BmoreBullwrote: Lol @ this thread. Access Cap One on the website or in the app on your phone. Pull out your pdf statement and see what the closing date is. You don’t need to go to any website other than Credit Karma or the card issuer’s website or app. But again, as most have said, 3 days after the due date. My card
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