Does Chase Credit Journey Hurt Credit?
Embarking on the journey to build or improve your credit score can be both exciting and daunting. One common concern among consumers is whether using credit journey tools, such as those offered by Chase, can negatively impact their credit scores. In this article, we will explore whether using Chase Credit Journey can hurt your credit and provide insights into how to use it responsibly.
Understanding Chase Credit Journey
Chase Credit Journey is a free credit monitoring service provided by Chase Bank. It allows users to track their credit score and receive updates on their credit report. By signing up for Chase Credit Journey, users can access their VantageScore 3.0 credit score, which is one of the most widely used credit scoring models in the United States.
How Chase Credit Journey Works
When you sign up for Chase Credit Journey, you will be asked to provide your Social Security number and other personal information. Once you have been approved, you will receive monthly updates on your credit score and access to your credit report. The service also provides insights into factors that may be affecting your credit score, such as payment history, credit utilization, and the length of your credit history.
Does Chase Credit Journey Hurt Credit?
The short answer is no, using Chase Credit Journey should not hurt your credit score. The reason is that the credit score you receive through Chase Credit Journey is a soft pull, which means it does not affect your credit score. Soft inquiries are typically used for pre-approval offers, employment screening, and credit monitoring services.
However, it’s important to note that other activities within Chase Credit Journey may have a slight impact on your credit score:
1. Checking Your Credit Score: Repeatedly checking your credit score through Chase Credit Journey may cause a slight decrease in your score. This is because credit scoring models may interpret multiple inquiries within a short period as a sign of potential financial stress. To minimize this impact, it’s best to check your score only when necessary.
2. Adding a Credit Journey Alert: Adding a credit journey alert to your account can also cause a soft inquiry. This alert is designed to notify you of any changes to your credit report, such as new accounts or inquiries. While it’s a good practice to monitor your credit, adding too many alerts may cause a slight dip in your score.
Using Chase Credit Journey Responsibly
To ensure that using Chase Credit Journey does not negatively impact your credit score, follow these tips:
1. Check Your Score Only When Necessary: Avoid checking your credit score too frequently, as this may trigger multiple soft inquiries.
2. Monitor Your Credit Report: Regularly review your credit report for any errors or discrepancies. If you find any issues, dispute them with the credit bureaus to have them corrected.
3. Maintain Good Credit Habits: Focus on paying your bills on time, keeping your credit utilization low, and diversifying your credit mix. These factors will have a more significant impact on your credit score than using Chase Credit Journey.
In conclusion, using Chase Credit Journey should not hurt your credit score. By understanding how the service works and using it responsibly, you can take advantage of the benefits of credit monitoring without any negative consequences.
