![]() While the VantageScore model is considered to be accurate, you might find that Chase has some errors on the information they use to determine that score.Ĭhase used to use TransUnion for determining their credit score, but they have made the switch over to Experian. Sometimes, it registers too many late payments that are not actually on your credit report. With the introduction of Chase Credit Journey, many people are suddenly alarmed to find that their credit score is lower than they thought. It can still be helpful for knowing where you stand and for understanding what you need to do to improve that number. This doesn’t mean that you should ignore this data though. However, you can see that they may differ slightly from one another.īecause most lenders use the FICO model, you may not be seeing the same information that they see when you use Chase Credit Journey and your VantageScore. Available credit and recent inquiries (less influential)īoth scores are accurate and give a good indicator of your overall financial health.Total balances and debt (moderately influential).Type and duration of credit/credit utilization rate (highly influential).The rest of the categories are as follows: Much like the FICO score, payment history is considered to be extremely influential. Instead, they are ranked by how influential each category is. VantageScore does not give such a detailed breakdown. Amounts owed or credit utilization rate (30%).In the FICO credit model, your score is determined based on: The categories are also weighted a bit differently. However, the actual categories used to determine these scores are a bit different. What is the difference between the two types of scores?īoth range from 300 to 850 with payment history being the most influential factor is determining your overall score. When utilizing Chase Credit Journey, you will gain access to the VantageScore 3.0 which is the same model used by other free credit check sites like Credit Karma. Most lenders use the FICO credit score model, but others use the VantageScore. There are two major types of credit scores that lenders may use when considering an application. Be sure to double check the report and file a dispute if necessary.įor more information on what you might see with the Chase credit score, here is everything you need to know. Some people report seeing errors in their credit report. However, it is often accurate and gives you good insight into your credit score. Can you trust it? Is Chase credit score accurate?Ĭhase uses the VantageScore 3.0 model, which is not the preferred score used by most lenders. Chase now offers credit scores to their members, but many people wonder whether the number they see is accurate. Lenders will utilize this score to determine whether you are a responsible borrower and to issue approvals. Checking your credit score is a great way to keep tabs on your financial health.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |