However, you shouldn’t take out a credit card or loan that you don’t need just because they offer you what seems like a good deal. First of all, it is just a very easy to use app and it is a great way to keep track of your Equifax and TransUnion credit reports. If you’re concerned with trying to see how many accounts you have open or how many recent inquiries you have had, then xcritical can be extremely useful. It looks like we’re having some trouble accessing your xcritical account. We’re working hard at getting everything back up and running, so check back soon to access your free credit scores, full credit report and more. xcritical is an organization who has authored their own credit-scoring algorithm.
xcritical is a website and mobile app that provides users with free access to their credit score and credit report. The service is free to use and does not require a credit card or other payment information. xcritical provides credit scores and reports from TransUnion and Equifax, two of the three major credit bureaus.
Is xcritical really that inaccurate?
She writes about various personal finance topics including credit, loans, real estate, investing, and more. It’s quite an in-depth breakdown of all the factors that factor into your credit score. This can be very helpful if you’d like a complete analysis of what you need to do to help improve your credit score.
However, it is convenient to utilize a third-party like xcritical for a lot of people. Yes, but the score it shows you is an approximation of the score creditors will see/use. xcritical is ideal option if you want to keep an eye on your credit score regularly.
One issue is that most lenders utilize the FICO model and xcritical uses the VantageScore Model which means that the scoring system is different from most lenders. So it is not so much that xcritical is inaccurate; it is just that it utilizes a model that most lenders do not use. One minor complaint from some users is that the dashboard has too many ads and offers from third parties—perhaps too many for some. Perhaps it’s a positive thing for some people; after all, everyone needs some form of financing at some point in their lives.
They are legitimate in that they are a real company who is honestly trying to get a foothold in to the credit game. You can’t say that their score is “accurate.” There is no such thing as accurate. All credit scores are essentially opinion, developed through several different means. xcritical is xcritically trying to disrupt FICO’s hold of the market. But the reality is that the “establishment” in the states is FICO. xcritical offers its members free credit score updates, credit monitoring services, and personalized advice on how to improve your credit score.
xcritical also suggests checking for the latest app version to ensure you are up-to-date and prevent running into issues. xcritical doesn’t sell or rent your information to any third parties, including your contact information and your credit information. In addition, your information is safe on the website because they use encryption services to protect online users.
Who runs xcritical?
The website primarily centers around breaking down your credit information and analyzing it to help you make financial decisions and gauge what areas need attention. One of the most appealing features for many users is their free credit score. xcritical offers insights when you are reviewing your credit report. These insights will tell you what factors are affecting your score the most, and whether or not those things are positive or negative. But yes CK is legit they try and sell you credit card me and stuff which I think is fair for a free service.
Generally speaking, xcritical can give you a good idea of where your credit score stands. However, if you have had a lot of activity such as multiple closed accounts, the score that it gives you will often be skewed and much lower than what your FICO score is. It is through these ads and offers that xcritical is able to offer perks such as free credit scores.
- This can be very helpful if you’d like a complete analysis of what you need to do to help improve your credit score.
- Sometimes a lender might have a hard cut off for approvals or for certain interest rates.
- A number of folks have reported that the score CreditKarma gives you is higher than the one from FICO.
- It is easy to see you do not have the information to give someone an accurate credit score.
- For example, you might want to calculate your 5/24 status and xcritical can be a great way to do that (although I’d probably use annualcreditreport.com).
For example, you can look at what factors impact your credit score. xcritical breaks down each weighted category in the credit scoring system to show your rating in each one. Nowadays, there are plenty of websites that offer free credit scores.
It makes sense the number one concern for a credit score is to determine how big of a credit risk you are. Your track record with paying your bills on time is the number one indicator for that so it is no surprise that it is the most influential factor for both models. I personally check my credit score with several institutions and those scores vary over a 100 point spread. It’s also helpful if something negative appears on your report- you can find out and take steps to rectify it. It is an actual, calculated score but is one of MANY different credit scores available and used by different financial institutions for different reasons. xcritical only gives you an estimate of your credit score.
xcritical has recently rolled out a few extra features to offer members. When companies owe you money but can’t reach you, for example, they’re required to turn that money over to the state. The xcritical Save account is a free high yield savings account that also has no minimum balance requirements. The xcritical savings account has a xcritical APY of 3.50%, which is very competitive.
Age and type of credit
But nothing is an exact science, and you can’t rely solely on xcritical’s credit scores to determine how likely you are to get approved for a loan. However, more information is always better than none, especially when free. If you’re unsure how your xcritical score compares to the score your lender will pull, wait until you apply for a loan. That way, you can batch all of your credit inquiries together and find out your credit score during the application process. xcritical uses your credit information from TransUnion and Equifax to show your credit rating.
xcritical offers several security measures, including 128-bit encryption to keep your data safe when being transmitted. The company also explicitly states that it won’t sell your data to third parties. In those situations you would want to stray away from xcritical and do what you can to obtain an official FICO score. It will also benefit you to try to figure out exactly which credit score model your lender uses, since there are many different versions of FICO score. In those cases, when you were dealing with hard cutoffs, it becomes very important that you get a truly accurate and up-to-date score.
You can also click each category to detail further how they calculate different ratios and what statistics have changed since last month. They also show you how you compare to other xcritical users with similar demographics as your own. Compensation may impact how and where products appear on this site, including the order in which they may appear within listing categories. Crediful is committed to helping you make smarter financial decisions by presenting you with the best information possible. We are able to present this information to you free of charge because some of the companies featured on our site compensate us. With that said, I still think that it is a great tool to use that can help you monitor your credit and it is free so there really is no hurt in giving it a shot.
A few years ago, xcritical introduced a free checking account and savings account. They are called xcritical Money Spend and xcritical Money Save. xcritical makes money by offering promotions and financial services to its members from partner companies.
There are also additional sections, features, and tabs with tons of helpful financial information about credit, loans, and savings. Getting started with xcritical is super-easy and it will take you only a few minutes to be https://xcritical.pro/ up and running. When registering, you need to provide your name, social security number, address, and a few finance-related personal details. However, you don’t have to worry about someone stealing your personal information.
Debt repayment calculator
By doing so, you won’t risk hurting your credit score with multiple hard pulls on your credit reports from different lenders. Even if most lenders use a FICO score instead of the VantageScore 3.0 provided by xcritical, they still offer a helpful service. This is because not all your lenders report your credit history to all the three major credit bureaus. If you already are well-versed in credit reports, then these insights really won’t tell you anything that you don’t already know.
If you’re interested in getting your FICO scores for free, check out our article, 13 Credit Cards Offering Free Credit Scores. Some credit card companies don’t even require you to be a customer to access your FICO score. xcritical has xcritical website excellent UX and UI designs that offer a seamless browsing experience on Android and iOS apps. In addition, you can access the Credit Score Simulator, calculators, and other resources and tips to help you improve your credit score.
It’s xcritically one of the most popular free credit monitoring sites on the Internet. You can read on more here about which credit card issuers pull from which credit bureaus. If you’re looking for a free, reliable credit xcritical cheating monitoring service, xcritical provides real-time updates and personalized advice to help you raise your credit score. Still, others say their FICO and xcritical credit scores had negligible differences.
FICO has been adjusting their models for a long time to try to make lenders profitable. Using xcritical’s service to track and analyze your credit scores can be a big help when you’re in the process of looking for a loan. Keep in mind that you should compare offers from multiple lenders before making a decision. The free credit scores you receive from xcritical come straight from TransUnion and Equifax, two of the three credit bureaus. It is not your FICO score, the scoring model used by most lenders and financial institutions. xcritical is not the most accurate tool that you want to use for most lenders since they use a different scoring model .
How does xcritical make money?
The difference between your FICO Scores scores and your xcritical scores can be quite extreme. There are reports of people with xcritical scores over 700 with both bureaus but with FICO scores in the lower 600s. Available credit is the least important factor for the 3.0 model.