Are you a Canadian looking for a credit tool like Chase Credit Journey? There are many different online products which allow people to track changes in their credit score. If you bank with Chase, you have access to Chase Credit Journey: a free product that helps you understand your credit and get targeted credit offers.
Should you open an account with Chase just to get the benefits of Credit Journey? How does it compare with other products? We dug deep to get all the ins and outs of Chase Credit Journey to find the best alternatives for Canadians.
- Is Chase Credit Journey available for Canadians?
- A Chase-branded credit tracking platform
- Tracking changes through a non-FICO Score
- Credit scoring, modelling, and targeted Offers
- Not the only product available
- For Americans: Should I Open a Chase Account for Credit Journey?
- For Canadians: The Best Chase Credit Journey Alternatives in Canada
Is Chase Credit Journey available for Canadians?
Unfortunately, Chase Credit Journey is not available in Canada. The two closest alternatives for Canadians are Borrowell and Credit Karma.
A Chase-branded credit tracking platform
Operated by credit bureau TransUnion, Chase Credit Journey is a free credit tracking tool. Users can access the Credit Journey through their Chase account. Although the credit tracker says it’s available to non-Chase clients, finding the link to sign up is difficult, at best. The product is clearly targeted toward those who already have a Chase account.
After members sign up, they can get immediate and free access to the credit tracking platform. The benefits include a weekly-updating credit score, as well as easy-to-understand tools that help you understand how spending changes could affect your overall profile.
Tracking changes through a non-FICO Score
Unlike other bank-sponsored products, Chase Credit Journey does not track your actual FICO credit score. Instead, it tracks your score using the VantageScore 3.0 model, a competing credit score used by a number of banks and insurance companies, including the Amalgamated Bank of Chicago (ABOC).
With a score ranging from 350 to 850, VantageScore 3.0 is designed to be a better predictor of credit responsibility, while opening up doors for those with thin or rebuilding credit files to get access to loans and other financial products. According to their website, VantageScore opens credit markets to an additional 35 million Americans, while providing additional stability.
Although VantageScore is not a true FICO score, it provides a good preview of where your credit stands, and how likely you are to get approved for new credit lines. Generally speaking, VantageScore credit scores tend to run between 25 to 50 points lower than your FICO score.
Annual fee: $48
Monthly maintenance fee: $6
Interest rate: 17,99 %
Credit scoring, modelling, and targeted Offers
One of the biggest advantages of Chase Credit Journey is its weekly updates on your credit score. Other products only offer a monthly score update, giving those looking for regular updates ahead of a major purchase the opportunity to optimize their score to get the best possible rates.
Like other products, the built-in credit tracking allows users to get real-time updates on changes to their credit report. These real-time alerts let users know if an application is made under their name, giving them the edge in identifying fraud.
This platform also gives users actionable advice on how to improve their credit. Between their constant credit resources and score simulator, users can actively see how changes in their balances or spending habits can improve their score and drive their credit forward.
But the most important advantage of Chase Credit Journey is the ability to pre-qualify for offers from Chase. With a number of premium credit cards offering real rewards, getting offers directly from the bank can offer bigger rewards over time than applying blindly.
Although users may receive offers, it doesn’t necessarily mean they will be approved. Approval is based on several factors, including their current credit available, overall balances and payment history. That being said: getting offers straight from the bank can improve your chances of getting a positive response.
Not the only product available
Although it is unique through the bank, Chase Credit Journey is not the only available credit scoring product on the market today. The two main Chase Credit Journey alternatives for Canadians are Borrowell and Credit Karma. However, Chase Credit Journey still offers something unique that the Canadian alternatives don't.
The one key advantage of using Chase Credit Journey is the ability to keep all finances in one place. Instead of spreading out your credit monitoring across multiple products (and potential risk in the event of a data breach), Credit Journey allows users to keep their financial information together.
On top of that, Chase Credit Journey also offers bonuses over Experian’s Free Credit Monitoring. While Experian’s data comes straight from the credit bureau, it takes multiple steps to see credit scores and get potential credit card offers. Credit Journey allows users to do both within one platform.
The only key disadvantage between Chase Credit Journey versus Borrwell or Credit Karma is in the potential offers users receive. While Credit Journey only highlights credit offers from Chase, both other platforms offer highlights from multiple lenders, giving users visibility into a full spectrum of offers that best fit their individual credit profile.
For Americans: Should I Open a Chase Account for Credit Journey?
For Americans who are already Chase customers, Credit Journey is a great add-on product that helps you understand, monitor, and improve your overall credit score. Anyone who is already doing their banking with this nationwide institution should sign up for Credit Journey, and start monitoring your credit immediately.
However, it’s not the only product of its kind out there. If you live in Canada, you can't bank with Chase, and therefore cannot open a chequing or savings account just for the credit monitoring product. If you are an American and happy with your current bank, consider using Credit Karma or another alternative before looking closely at Chase Credit Journey.
For Canadians: The Best Chase Credit Journey Alternatives in Canada
Unfortunately for Canadians who love the idea of a bank account with a built-in credit monitoring tool, Chase Credit Journey is not available in Canada. The closest alternatives for Canadians are Borrowell and Credit Karma.
Borrowell
Borrowell is a popular Canadian credit score tracking tool and online marketplace for loans, credit cards, and other financial products. With over a million users, it provides an easy and straightforward way for Canadians to monitor their credit score and access personal loans, mortgages, credit cards, bank accounts, insurance, and credit-building services.
One of the reasons why Borrowell is a great Chase Credit Journey alternative for Canadians is because it offers a free Equifax credit score and report every month. And, like Chase, it also provides weekly updates that predict how certain behaviours impact your credit report. This allows users to stay informed about their credit health and take steps to improve their score if needed.
A key feature of Borrowell is its online marketplace which connects users with personalized loan and credit card recommendations based on their credit profile. The platform provides rates and terms for multiple financial products and allows users to apply for the product of their choice with just a few clicks. This not only saves time but also helps users find the best rates and terms on loans and credit cards.
When compared to Chase Credit Journey, Borrowell stands out for its user-friendly interface and personalized recommendations. While Credit Journey provides a free VantageScore report and monitoring, it falls short on personalized recommendations and loan options outside Chase's own products.
Overall, if you're looking for a Chase Credit Journey alternative for Canadians, consider giving Borrowell a try. With its free credit score monitoring and personalized loan recommendations, it could be just what you need to take control of your financial health.
Credit Karma
While based in the United States, Credit Karma has made some features available to Canadians. In fact, it's another strong alternative to Chase Credit Journey for Canadians looking to monitor their credit score and gain access to loan options.
Like Borrowell, Credit Karma provides free credit score monitoring and personalized product recommendations based on your credit profile. This personalized approach helps you find the best loan and credit card products for your needs, and it guides you through the application process. Additionally, Credit Karma's user-friendly interface makes it easy to navigate and understand, even if you're new to personal finance.
Unlike Borrowell, however, Credit Karma uses your TransUnion credit report. Nor does it offer personalized recommendations beyond credit cards, personal loans, and mortgages. Compared to Borrowell, its marketplace of various financial solutions is limited to just those three specific credit products and does not include things like bank accounts, insurance, or credit-building services.
When compared to Chase Credit Journey, Credit Karma shines for its loan options and personalized recommendations across different providers. While Chase's service provides a free VantageScore report and monitoring for Americans, it falls short of providing personalized loan options and recommendations outside Chase products. Credit Karma, on the other hand, provides Canadians with personalized loan options, credit card recommendations, and even the ability to apply for a loan or credit card within its app.
Credit Karma is a great alternative for Canadians looking to track their credit score and access other loan options. With its personalized recommendations and loan marketplace, it provides a user-friendly solution to help Canadians improve their financial well-being.
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About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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