Version Control System setup with Team Server Foundation error "TF31002: Unable to connect to this Team Foundation Server" (4310340)

Trying setup of Version Control to Team Foundation Server

1. Provider = Team Foundation Server
2. Server = https://servername/tfs
3. Check User credential manager
4. Click Next button and the following error occurs:

"TF31002: Unable to connect to this Team Foundation Server: https://servername/tfs.
Team Foundation Server Url: https://servername/tfs.
Possible reasons for failure include: - The name, port number, or protocol for the Team Foundation Server is incorrect. - The Team Foundation Server is offline. - The password has expired or is incorrect. Technical information (for administrator): The remote server returned an error: (404) Not Found."

Using https://servername/tfs in Visual Studio allows for successful connection