Video transcript: Chase Credit Journey Credit Checks

Note:

This video uses text and infographics, presented as napkin sketches, to illustrate and reinforce spoken content.

On screen:

Chase Credit Journey. Credit Checks.

Note:

Background music plays.

Narrator:

Credit Checks. Before a lender approves you for new credit, like a credit card, they typically want to take a look at your credit history.

On screen:

A drawing of a magnifying glass appears.

Narrator:

Credit checks are how lenders review your credit report and score.

Note:

The Narrator's dialogue appears as written text on a napkin.

Narrator:

There are two types of credit checks: a hard credit check and a soft credit check.

On screen:

Two documents appear: a hard Credit Check with a drawing of a rock and a Soft Credit Check with a drawing of a feather.

Narrator:

A hard credit check, also known as a hard inquiry, requires your permission. When a lender conducts a hard credit check, it temporarily lowers your credit score. Hard credit checks can happen when you submit a mortgage application, credit card application, or rental application for an apartment.

On screen:

Drawings appear of documents labeled "Mortgage Application," "Credit Card Application," and "Rental Application."

Narrator:

Unlike a hard credit check, a soft credit check (or soft inquiry) can happen without your permission and a soft credit check doesn't affect your credit score. Soft inquiries can occur when you're preapproved for a credit card and when you check your own credit score.

On screen:

Drawings show a document (marked preapproved) paper-clipped to a Chase Credit Card and an illustration of someone checking their credit score online, using a tablet computer.

On screen:

Good to know...

Narrator:

It's important to know when lenders will conduct hard credit checks because they can typically stay on your credit report for two years. When you're rate shopping for a new loan, you can submit all loan applications around the same time to potentially reduce the impact of hard credit checks on your credit report. And remember that checking your own credit is considered a soft credit check. So, don't be afraid to monitor your credit health on Chase Credit Journey.

Note:

Small print text appears.

On screen:

Powered by Napkin Finance.

Note:

End title appears.

On screen:

Chase Credit Journey.