In the modern-day and age, consumers depend on credit for many major and minor purchases. As a result, it's more important than ever to ensure that one's credit score remains high, but keeping your score at an acceptable level isn't the most straightforward task. With the Chase Credit Journey free tool from Chase Bank, you can get started monitoring your credit scores all from the mobile app.
A single missed payment could have a significant negative impact on a person's credit scores. That's why it's essential that consumers not only know exactly what their credit score is but receive regular updates regarding any changes.
The smartest consumer is one that always has the maximum amount of information available. That's where Chase Credit Journey comes into the picture to make their mark and transformer a consumer's credit score.
What is Chase Credit Journey?
Chase Credit Journey is a free tool that anyone can use to check their credit score. There's no need to be a Chase account holder to use the credit checking service; both chase customers and non-account holders have access.
That's not the only service that the Chase Credit Journey provides. It also provides a consumer with their credit scores for free and notifies users regarding any changes in their credit. Plus, it updates the credit score weekly and also hosts a credit score simulator tool. It's a fantastic credit monitoring service that will provide a significant benefit to all users.
How Does Chase Credit Journey Work?
Chase Credit Journey provides the user, even if you are not a chase customer, with their VantageScore 3.0 credit score and credit report by using data from TransUnion. TransUnion is among the three major credit bureaus that operate in the United States. It's important to note that the VantageScore 3.0 credit score is slightly different from the FICO score. Most lenders typically still use the FICO score to approve loans. Still, the VantageScore 3.0 credit score is gaining an increasing amount of traction in the industry.
Before users can access Chase Credit Journey, they'll have to create a Credit Journey account. Creating an account is simple using an email address and the last four digits of your social security number. The Chase website provides a step-by-step guide to help you get started. Once the chase credit journey account is up and running, users can view their credit score and their latest TransUnion credit report for free any time they please.
Credit Journey Free Credit Score
The free credit score that the Credit Journey service provides is the VantageScore 3.0 version and is calculated on the basis of the TransUnion report. Due to the fact that the VantageScore uses data only from TransUnion, the score might be different from those that other agencies such as Experian, provide. However, the difference is only slight, and the VantageScore scoring model works as a good measure for how capable the borrower is at making payments on time.
What Factors Impact a Credit Score?
Credit Journey essentially shows the six factors that TransUnion vantagescore uses to calculate an individual score. These are the six factors that impact credit score ranked from most important to least.
The factor that impacts the individual's credit score the most is late payments. The metric uses both payment history and behavior to calculate the vantagescore since the user first opened a credit card account or took a loan of any kind such as a mortgage or personal loan.
Users will get marks deducted from their credit score upon making late payments or not having a mix of credit. Good behavior would be a combination of holding multiple accounts and showcasing that the borrower can make all those payments on time.
This factor showcases how long the user has been using a credit card account. The time a borrower spends establishing their credit history plays a significant role in determining the score. Users that have been maintaining a decent credit history for longer will have the best credit with a higher score than those with newer accounts.
Credit usage is also known as the utilization rate and showcases the percentage of available credit to the consumer.
A representation of the total balance that the user owes across all their credit card accounts.
The penultimate factor is the number of hard inquires in the individual's credit history. Hard inquiries are when a lender or creditor asks to review an individual's credit history. This occurs whenever consumers request a line of credit. Any new credit inquiries will stay on a credit report for two years no matter if it is for a personal loan, credit card, or car loan.
All of the consumers' credit that they have available to them at one point. The more credit that users have, the better the credit score.
When you check the free score using Credit Journey, there's also the option to click on any of these factors to expand information. Once you click, you'll see more details on the metric and its importance to the credit score as well.
Not only does the service provide you with information about your credit score, but it also helps identify what factors contribute to the credit score the most. For some, it may be credit utilization but for others, it is the number of new accounts opened. Users can then prioritize between the different elements to ensure that they're focusing on what improves their credit score the most.
Chase Credit Journey Alerts
Not only does credit journey provide credit score and credit report, but they also offer a notification service that informs subscribers of any changes. These changes account for a new opening under your name and potential hard inquiries. They also provide a direct link in an email with each notification to file a dispute if the user feels like there's an error.
Users can receive alerts for open and closed accounts, inquiries, public records, personal information, collections, and derogatory marks. If there's any change in the metrics above, users will receive an alert in their inbox through the chase mobile app or email. For example, if the user opens a new line of credit, they'll receive two notifications. One notification will be for opening a new credit line, and the other will be for the hard inquiry.
These notifications are ideal for allowing users to track any potential changes that might affect their credit score. The dispute feature comes in especially handy alongside the notification because it enables users to challenge a possible error immediately.
Chase Credit Journey Offers
When you sign up with Credit Journey, they also provide several offers for Chase products that might interest the user. These pre-selected offers include credit card offers, checking account offers, and the use of card finder tools. Users can choose the type of rewards and offer they want on the basis of their spending habits.
Chase Credit Journey Credit Report
Credit Journey dashboard provides users with a TransUnion vantagescore report that provides a comprehensive overview of seven factors.
Showcases all the user's open accounts that show up in the TransUnion records. It also provides you with the total balance and total available credit across all accounts.
Not only does the report showcase new openings, but it also displays all accounts that users had in the past but are now closed.
Display all the times that lenders requested to see the users' credit history.
Derogatory marks come as a result of lenders reporting missed payments or any delinquencies.
Accounts that have been past due for a considerable amount of time
Includes derogatory marks like missed payments, bankruptcies, and any wage garnishments
This section contains the user's necessary information and includes their name, address, email address on file, employment status, and birthdate.
Credit Journey Resources
Chase Credit Journey users also gain access to Chase's educational page that provides information regarding credit basics. These resources include credit myths, calculations, and several other helpful resources.
By reading through these articles, users will find several strategies that they can implement to help improve their credit score. Not only that, but a lot of users tend to have deep-seated misconceptions about their credit scores. These misconceptions are a result of common credit myths that get spread by word of mouth. Chase's educational page regularly features articles that dispel these common credit myths and provide users with systematic ways to calculate their score.
The page also receives regular updates; checking back in now and then is a great way to get more information.
Credit Journey Score Simulator
The last service that Credit Journey offers and arguably one of their most useful is the Score Simulator. It's a simulation that showcases the impact of different factors on the users' credit score and is a great learning and planning tool.
When you start using the Score Simulator, it begins with the user's current credit score. From that point, the user gets to adjust different metrics, then see how they impact the credit score. The score simulator tool metrics include Credit Usage, Current Balances, Credit History, Payment History, and Credit Inquiries. By adjusting these different factors, users can understand in detail the impact of other metrics on their score.
Not only is the tool ideal for learning, but it's also great for planning as well. Users can test out how different methods or strategies they implement will potentially impact their vantagescore. As a result, they can pick the ideal strategy that improves their credit score by a significant amount.
The only slight issue with the simulator is that it still runs into some bugs sometimes. Chase is actively working towards improving the user interface and eliminating these bugs. While they aren't service breaking glitches, they can certainly get frustrating after a while.
These are all the different services that Chase Credit Journey users can explore after signing up for the service.
Pros and Cons Chase Journey Free Credit Score
After reading about all the service, a great way to see if Chase Credit Journey is worth joining is weighing the pros and cons of the services.
Arguably, being completely free is one of the biggest pros of using Chase Credit Journey. Anyone can sign up for the service, and it doesn't require the user to put in any payment information.
Credit Journey provides a simulation tool that's one of the most attractive features. It's a service that can help you learn more about how different metric impacts your score. Users can use the tool to strategize how to maximize their vantagescore by changing the different metrics available.
Access to Resource Library
Chase Credit Journey users also get access to Chase's vast library of educational resources. These resources include articles on pretty much every subject that concerns a user's credit score. Even if you don't have a chase account, you will find tips on how they can increase their credit scores, common credit myths, small business solutions, how to save money, and an in-depth explanation of how specific complex credit-mechanics work.
In addition to all the services that Credit Journey provides, they also generate offers containing recommended financial products such as credit cards and savings accounts from Chase Bank that coincide with the users' credit score. While most people will generally ignore these offers, it's a nice feature that can prove advantageous for opportunistic customers.
No FICO scores
Unlike some other monitoring services, Credit Journey makes no mention of the FICO score. Most lending institutions rely on the users' FICO score to judge whether to approve the customer. However, it's not a very significant con as the VantageScore rating is starting to gain increasing levels of traction, and users can easily account for the different scores.
While the simulation tool is definitely an advantage and works reasonably well, it's prone to encountering specific bugs once in a while. The most common bug that users experience is a failure to update the scores once they change the parameter. Most of the time, when users log back into the service, the bug should resolve itself.
Another small con is that the user interface of the application isn't very modern. Credit Journey services UI isn't smooth and doesn't run fluidly at all. Other credit monitoring services have a much better interface and give off a more modern feel making them more accessible.
Is It Really Free?
Many people ask this question because it's hard to believe that all the services that Credit Journey provides. Most people expect a hidden paywall behind some of the services, but that isn't the case. It's completely free to create an account and start using the numerous services that Credit Journey provides.
Chase Credit Journey Alternatives
Chase Credit Journey from Chase Bank isn't the only service on the market that provides credit monitoring and tracking services; there are other tools that might be better suited to your needs. These are the main alternatives to Credit Journey;
Arguably, Credit Karma is the tool that's most similar to Credit Journey in nature. It allows users to see their VantageScore credit score, check credit health, and get a detailed insight into the different metrics that affect this score. Plus, Credit Karma also features resources that allow users to improve their credit scores and even file their taxes. The interface and UI design are superior to that of Credit Journey.
Thanks to its more modern design and cleaner interface, Credit Karma is an excellent alternative. It's easier to navigate through and access all the necessary information that users require.
Another monitoring tool that works in the same way as Credit Journey, Credit Sesame, allows users to check their credit score at any time and view their credit history. It also enables users to learn more details about the different factors that directly contribute to their credit score. Credit Sesame doesn't feature a simulation tool, and that's where it loses out to Credit Journey.
Discover Credit Scorecard
Besides offering products and services, Discover Credit Score Card is another free credit score service that doesn't affect your credit. It's easy to get started. You can check your Fico 8 credit information through the mobile app. You may also receive credit card offers from Discover.
Pros of Discover Credit Card
- Earn Miles
- No annual fees, ever.
- Business credit cards available
Cons of Discover Credit Cards
- Cash Back Match only available for the first year
- APR based on your credit score
My Credit Guide from American Express
My Credit Guide is a service that is available to AmEx customers and non-cardholders alines. Even if you are not a cardholder, you can still get started by accessing your free credit score. Like other offerings that appear on this site, creating an account won't affect your score.
Pros of American Express Credit Card
- Offers business credit cards, even for small business
- Pre-qualified credit card offers including travel credit cards
- Credit limit increase request is a soft inquiry and won't affect your credit score
- Charges an annual fee
- Not accepted by every merchant
Credit Wise by Capital One
Capital One's Credit Wise also offers a transunion vantagescore and Transunion credit report and signing up won't affect your score.
Pros of Capital One Credit Card
- Offers both Experian and TransUnion VantageScore
- Checking accounts and credit card offerings
- Business Credit Cards, including small business
- No time limit on rewards
Cons of Capital One Credit Card
- Requesting a credit limit increase is a hard inquiry
Lastly, Self Lender is a new company that provides users with an exciting concept. It allows customers to build their credit scores by lending money to themselves. The company sets up a loan account and savings account for the user to help significantly improve one's credit score. They also offer credit monitoring services, but the primary objective is improving the users' credit score using their own money.
Benefits of Tracking your Credit Score
During the current COVID-19 pandemic, more people than ever before facing immense financial strain. Access to credit facilities can greatly alleviate an individual's financial stress, which holds true now more than ever before.
One of the significant benefits of tracking a credit score is that it gives users an idea of what credit facilities are available to them and whether they need to improve the credit score. That isn't the only benefit, though.
Identifying Inexplicable Changes to Credit
One of the major benefits of credit score tracking is that it allows users to immediately identify any inexplicable changes. Users should watch out for any alerts that they can't account for and dispute them as fast as they can. These unaccountable alerts are vital signs of fraudulent activity, and users should report any potential illegal activity immediately.
As the use of digital financial tools expands, so does the opportunity for digital identity theft. Staying on top of your credit score will help you avoid any potential ugly situations.
Another inherent benefit of tracking your credit score is that it offers quite a sense of accomplishment. As users implement strategies and behavioral changes to help raise their credit score, it can be quite demotivating if they don't see progress.
However, by regularly tracking their credit score, users can stay up to date with any potential favorable changes in their score. Watching the credit score build up over time after putting in effort helps users develop good financial habits, provide access to high credit card limits, and puts them in a good place for the future.
Chase Credit Journey is a free credit monitoring service that anyone can sign up for and start using. You can use chase credit journey for free to check your credit scores, credit report, and credit information. Not only does the service provide access to the users' score, but they provide a whole host of support services that make a major difference. Chase Credit Journey is the ideal credit tracking service from tracking and alerts to the use of simulation tools and the provision of complex reports.