Capital One is overhauling its credit tracking service with a mobile-first approach via a new application that allows users to check and understand their credit scores while on the go, a response to the fact that most of the use for the previous service came from smartphone users.

CreditWise is a mobile destination on which users can check their credit scores directly within the app, with features to help manage it as well such as push notifications of changes, a credit simulator and tips. The new app allows Capital One to not only provide credit for customers but also now gives them the tools to manage and create a positive consumer relationship.

“CreditWise was always meant to be a mobile-first experience for users,” said Pranav Khanna, senior director of product management and analytics at Capital One. “A significant majority of our usage on Credit Tracker was on mobile and we expect the trend to continue for CreditWise.

“As a digitally innovative organization, Capital One always looks to reach our customers where they spend their time, and for most, that is on their mobile devices,” he said. “The CreditWise app is a seamless digital experience, available for free on iOS devices and online, and allows users to easily see and understand their credit profile anytime, anyplace, with a user-friendly design that makes keeping on top of your credit easy.”

Wise up on Credit
IPhone users now have the option to check their credit score through their smartphones on the CreditWise app. Users will be given a weekly update on their credit scores, putting them more in control of their finances.

Users will be able to see how changes to their finances will affect their scores through a simulator. For instance, if a consumer is interested in seeing what will happen if he or she pays off a credit line or opens a new one, the credit simulator will showcase how it will affect the score.

When consumers check their scores through CreditWise, it does not negatively affect their scores, so they can stay up to date as much as they like to stay on top of their financial standings. The app serves users with a complete list of open and closed lines of credit.

The app walks users through their scores and how various items affect it, to enable them to get a full understanding of their finances. CreditWise is available to all users, not just Capital One customers, as was the case with the program, previously named Credit Tracker.

Touch ID log in is available to those on devices that support it.

Capitalizing on mobile
Capital One also allowed customers on Apple iPhones to use the bank-holding company’s revamped mobile app to personalize how they manage their finances with a single sign-in for all accounts and easier cross-account movement (see more).

Also, ride-sharing app Uber continued its cross-marketing blitz by joining forces with Capital One to deliver free ice cream to cardholders last July (see more).

“CreditWise allows everyone in the U.S., whether or not they are a Capital One customer, to check their credit score for free and on-the-go with the CreditWise mobile app,” Mr. Khanna said. “Since credit scores provide a snapshot of your overall financial health, we believe this is a powerful tool to not only let users see their credit score, but also to educate them on what it is exactly, how to improve it, what impacts it and many other keys to credit health.

“At Capital One, we have got customers’ backs when it come to their credit and believe that everyone should have this information in their hands at all times with CreditWise,” he said.