Chase bank offers credit monitoring for customers and non-customers alike. If you are a current a J.P. Morgan Chase Bank customer, you already have access to their credit monitoring platform, Credit Journey. If you are not a current Chase customer, you can still sign up for a free account to monitor your TransUnion credit score and use the credit tools and resources available on the platform.
What’s Included with Chase Credit Scores?
TransUnion VantageScore 3.0
Chase’s credit score platform provides you with detailed information on your credit score and history based on your TransUnion VantageScore 3.0. VantageScore is a credit modeling system used across all three major credit bureaus to determine your score.
Main Reasons for Your Score
Below your credit score, Credit Journey displays an overview of the main factors that impact your credit score. These are clearly marked and color-coded so you can check it at a glance. Clicking for more information provides you with a detailed summary and how it affects your score.
For example, one of these factors is your credit usage. According to Credit Journey, if your credit usage is 12 percent, it is good. If you click for more information, you will see a breakdown of credit usage ranges and their corresponding scores (0-9 is great and 61+ is poor). This is followed by a summary of how credit usage affects your score.
Detailed Credit Score Simulator
Credit Journey has a detailed credit score simulator that you can use to determine what might happen to your score based on future behavior. You can change the numbers and compare the results with your current score. As of now, you can change your:
- Add a credit card
- Add a mortgage
- Add an auto loan
- Add a personal loan
- Adjust your card balance
- Transfer to a new card
- Close a card
- Make on-time payments for all accounts (x months)
- Miss payments for one account (x days)
- Miss payments for all accounts (x days)
- Add new inquiries to your credit
Credit Journey’s credit alerts let you know when there is new activity on your credit report, such a new inquiry or if an account has been opened.
Your TransUnion Credit Report
You can view your open and closed accounts, credit inquiries, derogatory marks, collections, public records, and personal information that shows up on your credit report through Credit Journey.
Open and Closed accounts
In addition to the account types and names, you can see the amount of total credit and credit used for your revolving accounts. You can view your total loan amounts, amount of monthly payments, and term lengths for your installment accounts.
View all your credit inquires with names and dates of the credit checks.
View a list of negative transactions on your credit report, such as payments that were more than a few months late, or those that were closed on unfavorable terms.
If you have any accounts in collections, they will show up here, along with the amount you owe, to whom, and the type of account it was (such as a medical bill).
The Pros of Chase Credit Scores
Monitor your TransUnion VantageScore
TransUnion is one of the three major credit bureaus. In addition to checking your updated score, you can monitor and track your past scores with a convenient, easy-to-read chart. Using this information, you can see the steady progression of your credit score over time.
Weekly credit score updates
Credit Journey updates your scores once per week, providing you with enough updated information to keep on top of credit monitoring.
Chase’s credit simulator
Credit Journey has a detailed credit score simulator built into the app. You can use it to move around some numbers and compare the results side-by-side with your current credit score.
You can use this to make an educated decision on how to improve your credit score. You can also check the impact that something would have on your score, such as credit inquiries, closing a card, or making late payments for x amount of time.
Detailed TransUnion Credit Report
Credit Journey provides you with detailed information about your credit report, so you can monitor your report and check it for accuracy.
The Cons of Chase Credit Scores
Chase only provides you with your TransUnion VantageScore.
There are three major credit bureaus: TransUnion, Equifax, and Experian. Chase only provides you with one of these scores, but all of them contribute toward your overall credit health.
Chase’s credit score doesn’t offer FICO monitoring.
Your FICO score is the score used by most lenders to determine eligibility. Since FICO doesn’t store any customer information, this score must be redetermined every time it’s pulled. Therefore, if an institution offers FICO score monitoring, it will most likely appear less often than those who only offer VantageScore monitoring.
Credit Journey doesn’t match you with the ‘best fit’ cards or loans
Some credit monitoring companies, such as CreditKarma, match you with credit cards that they think would be a good fit for you (although these matches are not guaranteed). Chase credit score monitoring platform doesn’t try to match you with cards or loans. Instead, they redirect you to their sales pages.
So, if you are already a Chase customer, take advantage of Credit Journey to monitor your TransUnion score and keep up with your credit report. If you’re not a Chase customer, weigh the pros, cons, and features to determine if Credit Journey is the best fit for you.