If you have been thinking of getting a credit card for yourself, there are certain aspects that you should be clear about. Well, to start with you need to have a good credit score. There are multiple tools online that allow you to check your score within seconds. And one of them is Chase Credit Journey.
Now, the reason behind the importance of having a proper credit score is because if you forget to pay your loan or your credit bills, these scores are the most affected. Any bank that you would visit to get a load always checks your credit score to know if at all you are capable of repaying the loan on time. Chase is one of the biggest names when it comes to offering the best benefits for its credit card users. With the help of Chase Credit Journey, you can get free alerts of the credit score and keep track of it pretty easily.
If you are looking for a free tool there is no batter direction to choose then this. Let us know more about the entire concept and how it can benefit you.
What is the Chase Credit journey?
Chase Credit Journey is a complete Credit Monitoring tool that not only allows you to check your score anytime you want but also provides you with an alert every time there is a slight change in it. Moreover, it is a free tool that can be used by Chase account holders and also the non-account holders as well.
Furthermore, there are a lot of myths that have been affecting people’s beliefs towards the Credit journey. This tool will help you learn more about the factors that affect your credit score and bust all the myths that have been out in the open. Such as the fact that it is completely untrue that by checking credit scores often, it may affect the numbers. Hence, Chase Credit Journey credit monitoring is the need of the hour.
Credit Journey uses the VantageScore 3.0 scoring model to check your credit scores that are based on certain factors such as your payment history, total balance, credit history, recent credits, available credit, and credit usage. The data provided is highly accurate and carefully updated.
How do I access Chase Credit Journey?
To begin with, you need to sign in to your account as a non-chase customer or log-in to your chase account to proceed. As soon as you login you can access the dashboard of your credit account and check the score immediately.
In the account section, click on the “Your credit score” to check all the details related to your current score anytime you want. The updates are automatic and are provided weekly so that you can track them easily.
Furthermore, as soon as you log in, the dashboard itself displays your credit score so that you need not search for it anywhere else. You will also find an option beside the current score button i.e. “Overtime” where you can check out the score of your last six months and how it has changed since then.
Well, there are a lot of things that you should be aware of while you are learning about your credit journey through Chase credit journey. There are multiple aspects that determine the credit scores and each has its impact in multiple ways.
6 Factors affecting your total Credit Score
On your dashboard of the Credit Chase Jouenry account, once you have determined your total score, you can now check what are the factors that actually determine your scores. There are loads of myths on the internet and also among users about such factors and here you can find the real factors busting down every myth you may have heard.
Simply scroll down while on the dashboard and you will find all these factors mentioned clearly with perfect explanation. Let us take one by one and understand each of them so that you can take them into consideration and work on it.
1. Payment History
Well, your payment history has the biggest impact on your credit score among all the factors mentioned in the list here. Whether it be for Vantage Score or FICO scores, both have the same weightage on these factors. As of now, your total impact on your payment history accounts for 41% in total. So, if you see that your credit score has very few numbers, a big reason could be your late payments. In fact, if you have taken a loan and that has not been paid on time, this could have a negative impact on it.
2. Account Age
Another important aspect is your Credit age or how old is your account that you are currently using for your credit scores. If you have a very old account, that does show a strong image of you and affects your scores positively. Moreover, the Credit age has about 20% weightage to the total score. Under any circumstance you are planning to close down your old account, it can affect the overall score negatively.
3. Credit Usage
One of the most important factors that determine the credit score is your credit usage. This covers around 20% of the total credit score. Credit Usage or better say Credit Utilization ratio determines the total credit limit you are currently using as per what you have right now. It is believed that anything below 30% of the ratio is considered good or else the score can run towards negative.
4. Hard Enquiries
Well, Hard Enquiries are made when you have been trying to look over your credit history over the span of 2 years. It does not include watching the Credit score but history. You are allowed to make a request for anything below the number 6. Above that or equal to 6 is considered poor and can impact the overall score. Such a situation generally occurs when you are opening up a new loan account. However, there is nothing you need to worry about much since the overall impact is very small.
5. Total Balance
Now, total balance does not mean how much money you have in your account. It includes the current amount owed by you. This includes your loan, mortgages, etc. The lower the amount of money or the balance there is to be paid, the better the overall impact will be. Moreover, this particular aspect covers about 11% of the total credit and impacts a small amount but valuable.
6. Available Credit
This covers about 2% of the total Chase Credit Journey you have. Basically it speaks about the total unused credit you have currently in your account. Even if you haven’t used it for a very well long time and have a huge number left or unused. There will be no impact whatsoever and you can wait to use it when needed for something important.
That is it. These are the only six factors that you need to have in your mind and take care of it properly. No need to believe any myth circulation over the web since it will only create chaos. Furthermore, take care of these very properly especially the ones which have more impact.
Chase Credit Journey Alerts
Chase Credit Journey keeps you updated about any of the activities regarding your credit score or aunty other information related to it. You can get on with this by simply downloading the app about which we will learn more further. Here are some of the alerts that you will be getting after creating an account on it.
- Status changes in your account
- Any new inquiries about your credit
- Alerts on the new account opened under your name
- Any change of address on your account
- Fraud alerts in time of any unauthorized transaction
- Delinquent account entries
- And many others
All of the alerts will be provided to you either on your app so that you have every info about your credit journey. It includes a lot more than we have listed above such as if someone tries to change your employers’ name, etc.
Credit Score Simulator
There is a very interesting tool that you would find on the dashboard once you login to your account. After you have read and understood everything about the factors that affect the credit score and also about the Chase Credit Journey. You can check out a tool i.e. Credit Score Simulator that provides you a detailed analysis of the factors that affect your score overall.
Click on the “Try our Simulator” and the analysis will run through. It will provide you with your credit score and also the Simulator score. It is basically an interactive tool that allows you to test multiple options to alter the simulator score. You can choose options such as paying your loans entirely or half dues and check to see how it alters the overall score.
However, it is important to remember that the scores aren’t perfectly drawn out while you change the circumstances. They are only meant to provide you a projected analysis that can differ from the actual results.
Chase Credit Journey Report
Chase Credit Journey provides you with a report of every aspect that has been covered in it profusely. Here are some detailed insights that you will find in that report.
- Personal Info: All the information that you have provided in the report such as your name, address, birthdate, etc.
- Open Accounts: The accounts that you have under your name will be displayed in the report. Furthermore, the balance that you currently have will also be on the report.
- Collections: It contains all your bills or amounts that are past the due date.
- Derogatory Remarks: If you have any late payments or loads unpaid, the remarks provided by the lender on them will be a part of the report.
- Inquiries: Wherever your lender hopes to see your credit history it comes under this section.
- Closed Accounts: List of accounts that have been closed recently or years ago mentioned in the report.
All of the above collectively are present on the Chase Credit Journey Report that will be provided to you. In fact, all the data based on the above will also be alerted to you on the app or wherever you are accessing it.
How to access Credit Journey through Mobile App?
Well, to make it easier for you and much more convenient you can access your chase journey via a mobile app. It is available on your smartphone store and will hardly take any time to get started. Like we had discussed you can login to the platform and check out all the resources thereafter.
Not only can you check the credit score but if you have an account here you can keep all of them in proper check. In fact, the app will remind you of any payment dues so that your credit score remains unaffected. Moreover, the app gives your chase credit journey alerts of any kind so that all your balance and data is not stuck.
- Free to check out the score anytime you want
- Use the simulator to know more
- Daily alerts to keep you updated
- Provides reports of everything
- Used by both account as well as non-account holders on Chase
- Only provides 1 limited score (TransUnion)
- Score Simulator is not 100% accurate
1. Does Chase credit Journey hurt your credit score?
No, it does not, The app is very easy to use and also you can check your credit score anytime you would need. There has been a myth in the minds of users that checking credit score over and over again can harm the total score and hence they are unable to keep a track. Hence there is nothing wrong with Chase credit journey on your credit score.
2. How reliable is the Chase Credit journey?
Since we have mentioned everything and a detailed review of the credit journey, the bottom line is that you can completely trust the chase journey. The credit scores are accurate, you can check out the simulator scores, get alerts, reports, and a lot of other resources on the sites. Furthermore, VantageScore 3.0 is used for credit score and it has been known to be very accurate and reliable.
watch this short video by Chase to find out more about how your credit score is calculated.
3. What’s a good credit score?
If you are a beginner at this, there is a certain range that is considered pretty decent as a credit score overall. Most probably credit scores fall under the 300-800 range. Anything below 300 is considered not so good and it needs your immediate attention. Moreover, having 700 or above is a pretty good score to have and you can still do a lot better.
Chase Credit Journey is free to use credit monitoring service and you can avail of all the benefits. You need not be a Chase account holder to be a part of this software. Imply login or sign up on the site and you are good to go. It tries to bust every myth you may have heard about credit scores. You can even determine the factors that may affect your credit score and improve it. The biggest reason that you should care about your score is the fact that it helps you get a loan in the future pretty easily with lesser complications.
For more information on Chase Credit Card, click here.
Other than this, Chase’s journey brings to you not just credit scores but a lot more than that. There are tons of resources that you can check out and also learn more from the FAQ on the site itself. Everything is free here and you may not have to worry about anything at all.