The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
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
Capital One Rolls Out Credit Tracker, Free Credit Scores for Customers
18
SHARES
293
VIEWS
Share on FacebookShare on Twitter

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

protect your credit score
Credit Scores

How to Protect Your Credit Score After Job Loss 

by Lynnette Khalfani-Cox, The Money Coach
Best Way to Check Your Credit Score Using Apps
Credit Scores

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

by Guest Blogger
Credit Scores

DTI or Debt-to-Income Ratio Explained

by Lynnette Khalfani-Cox, The Money Coach
4 Summertime Risks to Your Credit Score
Credit Scores

4 Summertime Risks to Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
credit score drop
Credit Scores

What to Do If Your Credit Score Drops Unexpectedly

by Lynnette Khalfani-Cox, The Money Coach
The Money Coach
Credit Scores

4 Credit Tips for National Get Smart About Credit Day

by Lynnette Khalfani-Cox, The Money Coach
credit score
Credit Scores

The Impact of Closed Accounts on Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
credit score changes in 2015
Credit Scores

Changes That May Impact Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
close credit card account
Credit Scores

Impact of Closing an Account on Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach
Next Post
New Tax Tools to Save Money and Time

New Tax Tools to Save Money and Time

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

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.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

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

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist