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New Chase Site Helps Cardholders Understand Credit Scores

[Tuesday, January 10th, 2017]

Consumers who have trouble understanding how their credit scores are calculated, and what they mean, will be glad to know about a new website from JPMorgan Chase, which is dedicated to helping people make decisions about credit.

The site, called Credit Journey, is aimed at Chase cardholders and bank customers who wish to better understand their credit situation and find out how to improve it. Features include:

• Access to your VantageScore 3.0, which comes from TransUnion, one of the three major credit bureaus, and is updated weekly.
• Credit score analysis, including a comparison to scores of other Americans
• Credit balance summary which shows credit utilization rate, late payments, and all credit accounts
• An easy to read graph showing credit score history from the day users sign up for the site, and continuing on a yearly basis
• Personalized insights into data that contributes to the credit score, which helps users manage their credit health over time

Transferring a balance for credit health

One thing people can do to improve their credit score is to transfer high-interest balances to a new, balance transfer credit card that offers a zero interest APR for the first few months or year. This is an easy way to both make your credit utilization ratio more favorable, by getting access to an additional credit line, and to pay down debt.

Other factors in credit scores include length of credit history, number of new accounts opened in a short amount of time, payment history, any bankruptcies or settlements, having a good mix of types of credit, and amount of available credit relative to total debts owed.

The importance of credit

Having a good credit score affects consumers’ ability to get a mortgage, a car loan, a low APR credit card, and even sometimes an apartment or a job. Credit score health is incredibly important, no matter what your financial or life goals may be. The new site from Chase aims to make it easier to improve your credit score and have access to good interest rates and loan options.

Access to the Credit Journey website is free for anyone, whether or not they are a Chase customer. Visit creditcards.chase.com/creditjourney to sign up.

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