Credit monitoring should be a part of your money management routine, and there are several platforms out there that can help you track and improve your credit score.
One service that you may want to consider signing up for is Chase Credit Journey.
Whether you bank with Chase or not, you could benefit from Chase’s Vantage Score 3.0 credit checks, offers, and recommendations.
In the Chase Credit Journey review below, we’ll provide you with an overview of the platform’s features and take a look at how it compares to competitors.
Table of Contents
- How To Sign Up
- How It Works
What Is Chase Credit Journey?
Chase Credit Journey is an online credit monitoring service that is free to both Chase cardholders and those who don’t have an account with the bank.
It gives you weekly score updates, tailored credit offers, and educational tools to help you see how different financial decisions could impact your score.
Unlike some competitors, which may provide Experian and Equifax scores, Chase is operated by Transunion, meaning that’s the one score you’ll see in the app.
Also different from many other banks and credit monitoring services, Chase Credit Journey tracks your VantageScore 3.0, which can look a little different than your actual FICO credit score.
VantageScore 3.0 is gaining popularity, allowing individuals with limited or recovering credit histories to get approved for funding.
However, most lenders still use your FICO score in their decision process, and it could look quite different than the score calculated on the VantageScore 3.0 scale.
While Chase doesn’t give you your FICO score, it can still be a solid indicator of how healthy your credit is and how likely you are to get approved for various loans or credit cards.
How Do You Sign Up for Chase Credit Journey?
Chase Credit Journey makes signing up and using the app easy.
Signing up for a Chase Credit Journey account is simple and secure.
You just have to follow a few prompts and enter basic identifying information, including your:
- Date of birth
- Social Security Number
- Contact info
Once you create a login and go through Chase’s identity verification (a PIN or set of security questions), you’re all set.
When you create your account and enter your information, you grant Chase permission to access your TransUnion credit report.
How Does the App Work?
Chase will routinely check your report and VantageScore 3.0, which will not impact your score in any way.
Whether you’re scrolling on the desktop version or mobile app, whenever your log in, you’ll be directed to your dashboard.
The dashboard features your most recent score, the date that it will be updated again, and access to your previous scores.
It also features a breakdown of each of the six credit factors and how you’re doing in each, which can help you pinpoint ways to boost your score.
How Much Does Chase Credit Journey Cost?
With all of the services offered by the platform, you may be wondering, is Chase Credit Journey free?
The answer is yes.
While some credit monitoring services are subscription-based and offer limited functionality in their free versions, Chase offers one free comprehensive service.
You don’t even have to have a Chase bank account or credit card to get started.
Anyone can access all of Chase Credit Journey’s features with a free account. We’ll unpack all of those features below.
Chase Credit Journey Features
Chase Credit Journey comes with a range of helpful features, which not only track your credit score, but also help you to improve it and borrow successfully in the future.
As mentioned above, Chase provides you with a weekly updated version of your TransUnion credit score.
The TransUnion model uses the following 6 factors to calculate your score, listed from most impactful to least:
- Late payments: Your payment history is the biggest factor, with derogatory marks hurting your score. This component of your score can even be affected by how many accounts you have open.
- Oldest account: The age of your credit is another important factor, and the TransUnion model weights the age of your oldest credit card account heavily.
- Credit use: Your credit utilization rate is the next most significant factor. It’s simply the amount of available credit you use monthly.
- Total balances: Simply put, it’s the amount of money you owe all your lenders across every account.
- Hard inquiries: Your score also factors in the number of hard credit checks that have been run on your report, which can happen when you apply for a loan, credit card, or even a job or a new apartment.
- Available credit: Similar to credit utilization, available credit is simply the dollar amount of credit that’s available to you that you don’t use.
You can select any one of these six factors from your Chase dashboard to see how much impact they have, how you’re doing, and to get an overview of your credit usage in that category.
For instance, you can see the number of late payments on your report, the number of hard inquiries, the percentage of credit you’re using, and the age of your oldest account.
If your credit report changes in any way, you can expect to get an email alert from Chase Credit Journey.
This includes changes like:
- A hard or soft inquiry
- New account
- Late payment
- Update to your credit limit
- A significant change to your credit utilization or balance
- Public records such as bankruptcy or foreclosure
- Change of address
Chase also sends alerts for positive changes, like reducing your balances or reaching other milestones to improve your credit score.
Chase automatically updates you on changes like the ones above, but you can tweak your alert settings if you’d like to get fewer updates.
These real-time alerts can be a lifesaver if you’re a victim of identity theft or subject to a reporting error.
The app even links you to appropriate places for filing a dispute.
Chase’s Score Simulator is a handy tool that lets you play around with your credit usage to see how different financial choices might affect your score.
For instance, you can simulate the following scenarios to see the effects:
- Adding a new credit card, installment loan, or mortgage
- Increases your credit limit or utilization
- Getting rejected for a loan application
- Missing a payment
- Paying off credit cards
- Transferring your balance to a new credit card
- Maxing out a card
- Declaring bankruptcy
- Making timely payments for a set amount of months
While it might not be the most accurate indicator, and your actual FICO score will look different than the Vantage Score 3.0. one, the simulator can give you a general idea of how different scenarios could affect your credit.
In addition to tracking your score and keeping you in the loop, Chase also gives you credit card, mortgage, and loan offers.
They also show your approval odds for each card, based on your score and credit factors.
As far as credit cards are concerned, you can choose between business and personal cards.
From there, Chase presents you with a list of the best cards for you, with reviews, approval odds, and a link to apply for each.
The only potential drawback to being mindful of is that Chase only promotes its own cards. That means you won’t see any options from competitors.
Say, for instance, that you are an entrepreneur recovering from bankruptcy or a college student with no credit history to stand on, and you’re looking for a secured credit card for people with poor credit.
Chase may have an offer for you, but it could be wise to do a bit more research to see if there are more rewarding options elsewhere.
Chase has a wealth of knowledge about building and utilizing credit to meet your goals, and it shares all of it with people who use the Chase Credit Journey platform.
Their education center has helpful resources for:
- Building your credit
- Basics of credit reporting
- Credit myths
- How your score is calculated
- How credit inquiries work
- How to raise your score
Advantages of Chase Credit Journey
There’s a lot to love about Chase’s free credit monitoring platform. Here are a few of our favorite features:
- Free service: Your credit score and all of Chase’s other great features are completely free, whether you bank with Chase or don’t.
- Frequent credit checks: Your score is updated weekly, ensuring you stay on top of any changes that might occur.
- Score simulator: The simulator tool really stands out, letting you easily change several variables to see how you can improve your score.
- User experience: Using Credit Journey is a breeze. You can easily navigate through the interactive content on the mobile and desktop versions.
Disadvantages of Chase Credit Journey
Like all services, Chase Credit Journey does come with a few potential drawbacks.
- VantageScore: While VantageScore 3.0 is a useful scoring model, it isn’t used by lenders as much as your FICO score.
- One score: Along those lines, Chase only provides you with your TransUnion score, so you’ll have to subscribe to another service to track your Experian and Equifax scores.
- Limited offers: Chase only provides you with their own credit card offers, while other credit monitoring services give you offers from multiple creditors.
Alternatives to Chase Credit Journey
Chase Credit Journey is a good credit monitoring service, but it’s far from your only choice.
Whether you’re looking for an app that tracks your FICO score or one that gives you more expansive card offers, take a look at the top free alternatives to Chase below:
- Experian: With free access to your Experian score and alerts, Experian could be worth adding to your toolbox. You can also upgrade to see all your scores for a low monthly price.
- Credit Sesame: Another free service, Credit Sesame gives you your Experian score and loads of credit card offers from various lenders and creditors.
- Credit Karma: Credit Karma has the best of both worlds, showing you your Equifax and TransUnion scores, along with alerts, card offers, and tools.
Should You Sign Up for Chase Credit Journey?
If you’re looking for weekly monitoring of your TransUnion score and access to free resources to help you build your credit, all on an app that’s well-designed and easy-to-use, Chase Credit Journey is a good call.
It’s completely free to use and accessible to Chase customers and non-customers, so there’s no harm in signing up.
For Chase bankers, the service is a no-brainer as it’s integrated with your Chase account. For everyone else, it could be a useful tool.
Whether you should choose Chase, a competitor, or a combination of credit monitoring services depends on the features you’re looking for.
Sign up for a free account today to see if Chase Credit Journey could help you.