Chase Credit Journey Review

Maintaining a good credit score is essential if you’re considering applying for a mortgage, personal loan, or an auto loan. It’s easier to keep your score high than to try to improve a low one.

However, even with timely bill payments, incorrect information can end up on your credit report. Regular monitoring of your credit score allows you to quickly identify and remove any inaccuracies.

To ensure successful loan applications, all borrowers should make a habit of tracking their credit score regularly. If you’re looking for a way to get started, you can check your credit score for free with Chase Credit Journey.

What is Chase Credit Journey?

Chase Credit Journey offers a convenient solution for credit monitoring. Regardless of your relationship with Chase, you can enroll for free and receive your TransUnion VantageScore 3.0 credit score.

Stay on top of your credit with weekly score updates. As a long-standing member, you can view your credit history for the preceding year and check your score as often as you like, with no adverse impact.

Chase Credit Journey’s Free Score Simulator Tool

Chase Credit Journey provides a credit simulator tool that shows you your current credit score and lets you see how certain actions could help improve your credit score. For instance, it will show you how lowering your credit utilization ratio could impact your credit score.

It also provides credit alerts so you can monitor your credit score for fraud or identity theft. For example, Chase will notify you of the following credit activity:

New credit inquiries
Improvements to your credit score
Derogatory marks on your credit report
Fraud alerts
Any changes to your personal information
New public records

Identity Monitoring

Chase offers free identity monitoring that provides you with peace of mind when it comes to protecting your personal and financial information. This service monitors your credit reports and Social Security number to detect suspicious activity, such as new accounts opened in your name or changes to your personal information. It also comes with up to $1 million in identity theft insurance.

If Identity Monitoring detects any unusual activity, you’ll receive an alert via email or text. This way, you can take action quickly to prevent potential identity theft.

Another feature is dark web surveillance, which allows you to monitor your information on suspicious websites. Additionally, you can opt in for data breach monitoring and be notified if your personal information is exposed in a breach, providing peace of mind for your sensitive information.

How does Chase Credit Journey track your credit score?

It’s important to understand that Chase Credit Journey’s credit monitoring tool is not an actual credit report. However, it does monitor your credit score similarly.

Here are the factors Credit Journey evaluates when monitoring your credit score:

Payment history: Once a payment is more than 30 days late, it will be reported to the credit bureau. Late payments can hurt your credit and stay on your credit report for up to seven years.
Variety of accounts: It’s a good idea to have a combination of credit accounts. For instance, if you have a credit card, mortgage, and auto loan, this looks better than just opening three different credit cards.
Credit utilization ratio: This gives you an idea of your credit usage. Your credit utilization ratio is the amount you’ve spent in comparison to the available credit amount. For example, if you have $1,000 in available credit and spent $200, then your credit utilization is 20%. In general, it’s a good idea to keep this rate below 30% or your credit scores will likely take a hit.
Total balances across your accounts: Credit Journey will also evaluate your total balances across all of your open accounts. Just like with your credit utilization ratio, it’s a good idea to keep this number as low as possible.
Recent credit inquiries: If a lender recently made a hard inquiry on your credit report, this can temporarily lower your credit scores. It’s never a good idea to have multiple inquires within a short period of time.
Age of your accounts: It also considers the age of your oldest account. In general, older accounts will help you more than brand-new accounts. This is why it’s never a good idea to open and close credit cards frequently.

Pros and Cons of Chase Credit Journey

Here are some of the biggest pros and cons of Chase Credit Journey:

Pros

Completely free service
You don’t need to have an account with Chase to sign up
You’ll receive daily alerts about your credit score
Free credit-building tips and resources
You can access it from the Chase app

Cons

You’ll see your Vantage 3.0 credit score, not your FICO score
You will only receive a copy of your TransUnion credit report
Some reviews claim that the score is not entirely accurate

Getting started with Chase Credit Journey is a breeze, particularly if you’re a current Chase customer. If that’s the case, simply log in to your online Chase account and voilà! Your credit score will be readily available.

For those without a Chase account, enrolling is simple via the company’s website. The verification process to confirm your identity is straightforward.

While you may receive occasional offers for financial products, there is no obligation to sign up for anything. Rest assured, your Credit Journey account will always be free of charge.

Chase Credit Journey Alternatives

Credit Journey is a solid pick for anyone seeking a free credit score solution, but it’s not the only one. Other free options include:

Credit Karma: Credit Karma also offers a free VantageScore 3.0 credit score, credit-building tips, and recommended lending products based on your credit history.
Credit Sesame: Credit Sesame provides a free credit report, plus insights into your credit utilization and payment history.
TransUnion: Although not free, this credit monitoring service is known for its accuracy, with daily updates and the ability to lock your Equifax and TransUnion credit reports.

Bottom Line

Monitoring your credit score is important for building credit. Chase Credit Journey offers a free option to do so. Enrolling is easy, and you don’t need to be a Chase customer.

The credit score provided may not be your FICO score, but it’s a close approximation. If you’re considering other options, Credit Karma and Credit Sesame also provide free credit monitoring services.

For more extensive credit insights, consider a paid service like TransUnion. However, keep in mind that a free credit monitoring tool is not a substitute for checking your actual credit report. Obtain a free copy annually from each of the three major credit bureaus via AnnualCreditReport.com.

See also: Best Credit Monitoring Services of 2024