The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
  • Books
  • Categories
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
No Result
View All Result
The Money Coach
No Result
View All Result

Capital One Rolls Out Credit Tracker, Free Credit Scores for Customers

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Scores
Reading Time: 3 mins read
Share on FacebookShare on TwitterShare on LinkedIn

Keeping tabs on your credit score is a great way to help maintain good credit health. So people with Capital One credit cards will be happy to know that starting very soon, the bank will roll out free credit scores and a suite of credit-education tools.

The new offering is called Credit Tracker, and it will soon be available for millions of Capital One customers.

For more than two years, Capital One has already offered free credit scores to those with the company’s Journey card, including many college students and recent college grads.

But Capital One did further testing with Credit Tracker this past winter, and after positive results, the bank decided to expand Credit Tracker to all its personal credit card holders.

As a result, Capital One customers will be able to access the interactive credit tool by opting in online and via a mobile app.

The credit scores consumers will receive are TransUnion educational scores, which can help an individual know whether he or she is maintaining positive credit habits. Visit https://www.qualtrics.com/experience-management/customer/retention-programs/ to learn more about customer retention programs.

Credit scores are important to track for a variety of reasons. People with top-tier credit can snag the best loan rates and terms on things like credit cards, student loans, car loans and mortgages.

Good credit can also help a person land a job or get a promotion, rent an apartment, or even qualify for lower car insurance rates.

Trend Toward Free Credit Scores

The expansion of Capital One’s Credit Tracker comes at a time when other banks are likewise providing free credit scores to the public.

For example, Discover in February began offering complimentary FICO credit scores on its customers’ statements and online. Barclays likewise offers free FICO scores, but only online.

The main distinction, though, between these offerings and that from Capital One is that Credit Tracker provides far more than just a credit score. It contains a variety of bells and whistles that let consumers understand how their own financial behaviors impact their credit score.

For instance, the simulator on Credit Tracker is highly sophisticated, letting you see – among other things – what would happen to your credit score if you paid off all or a portion of your credit card debt, missed a payment, opened a new line of credit, or applied for a loan.

The simulator also allows you to envision potential progress over time, by showing you where your credit score would be in, say, 6 months, if you gradually paid off your credit card bills or simply made all your payments promptly during that time.

Other features of Credit Tracker include:

  • a credit bureau summary
  • a report card with letter grades, which shows six key factors (both positive and negative) influencing a person’s credit score; and
  • credit bureau monitoring that gives consumers electronic, real-time alerts when anything important in their credit report changes, such as an inquiry for new credit or a new address suddenly being reported (a potential sign of identity theft)

I’ve argued for years that credit monitoring is an enormously valuable service for consumers – even if people have to pay for it. But the good news is that credit monitoring is increasingly available at no charge.

What’s more, I expect more banks to begin offering free credit scores and credit education tools of all kind. Part of it will come in response to competitive forces within the industry, and part of it may come from regulatory pressures as well.

Recently, the Consumer Financial Protection Bureau urged U.S. banks to provide credit scores to American consumers at no cost.

If more banks heed this call, it will no doubt give many Americans a wake up call, as plenty of adults in this country haven’t checked their credit reports lately, let alone their credit scores.

In fact, a recent Capital One poll found that 41% of adults surveyed did not know their current credit score; that figure soared to 63% for young adults between the ages of 18 and 24-years-old.

So here’s hoping that Credit Tracker and other free tools like it will serve their intended cause: to help promote greater financial literacy at a time when Americans desperately need to know how to manage credit and debt wisely.

Tags: Capital Onecredit monitoringCredit Tracker
Previous Post

Video: How to Find a Subprime Lender

Next Post

New Tax Tools to Save Money and Time

Related Articles

credit score drops

What to Do If Your Credit Score Suddenly Drops Unexpectedly

by Lynnette Khalfani-Cox, The Money Coach

Need a quick refresher about how your credit score works? Due to inflation, many consumers are being forced to rely on their credit cards to make ends meet. As a result, many consumers have seen their credit scores go down as their balances go up. Here are 3 articles that can help you better understand how your credit score works...

rent payments to boost credit score

How to Use Rent Payments to Boost Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach

This post originally appeared on Sisters from AARPBlack folks often face a host of credit challenges stemming from lower incomes, discrimination, a lack of knowledge about credit scoring and more. But one additional factor — the low rate of Black homeownership in America — has also meant diminished credit scores. Currently, nearly 6 out of 10 of us rent, with...

protect your credit score

How to Protect Your Credit Score After Job Loss 

by Lynnette Khalfani-Cox, The Money Coach

A lack of income makes it hard to cover your expenses, which can cause your credit score to fall. But there are ways to preserve it, even if you are out of work. Here are four tips for maintaining your credit score if you have lost your job.

Best Way to Check Your Credit Score Using Apps

The Best Way to Check Your Credit Score Using These 4 Apps

by Guest Blogger

Did you know that on a $21,788 auto loan, if you have an excellent credit score (740 – 749), you can pay 311% less in interest compared to an individual with a fair credit score (580 – 669)? 311% less! Your credit score determines whether you qualify for things like loans, credit cards, and other crucial high-priced items, along with...

DTI Explained

DTI or Debt-to-Income Ratio Explained w/Video

by Lynnette Khalfani-Cox, The Money Coach

If you’re in the market for a loan, chances are that lenders are going to assess something called your “DTI” – also known as your Debt-to-Income ratio. What Exactly is a DTI? And, how can you improve it in order to get that loan that you want? How DTI is Calculated First of all, you need to know which debts...

4 Summertime Risks to Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach

Just because summertime is here and you might be taking it easy, that doesn’t mean you should let your guard down when it comes to your finances. In fact, during the summer season, you should be aware of a number of potential threats that can hurt your credit rating. Some of these things are common actions you might take when...

Load More

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
  • Home
  • Subscribe to Newsletter
  • QR Code

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.