Video transcript: Chase Credit Journey Credit Score Factors
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This video uses text and infographics, presented as napkin sketches, to illustrate and reinforce spoken content.
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Chase Credit Journey. Credit Score Factors.
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Soft music plays.
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Credit score factors are the aspects of your credit history that are used to calculate your credit score.
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The Narrator's dialogue appears as written text on a napkin. Then, a banner appears marked: "What"
Narrator:
There are six factors that make up your VantageScore 3.0 score that you see on Chase Credit Journey. Each factor affects your score differently. Payment history measures how often you pay your bills on time versus how often you miss payments.
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A drawing marked "Payment History" appears, showing coins, a clock, and a calendar.
Narrator:
This is the most important factor and has a very high impact on your score.
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40%.
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Credit history is a record of all your credit accounts and how long you've had them open. It has a high impact on your score.
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A drawing shows a document labeled "History of Your Score" and a meter with sections labeled "Poor," "Fair," "Good," and "Excellent."
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Credit History – 21%.
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Credit usage measures how much of your available credit you use and also has a high impact on your score.
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A drawing of a circular graph appears.
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Credit Usage - 20%.
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Total balances are all of your current and past due credit balances. This has a moderate impact on your score.
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A drawing of a balance scale appears.
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Total Balances - 11%.
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Recent credit generally tracks how many times you've applied for new credit in the past two years and has a low impact on your credit score.
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Drawings of a credit application form and a blue key appear.
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Recent Credit – 5%.
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Finally, available credit considers the amount of credit you can access and use. This factor has the least impact on your score.
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A drawing of a Chase credit card appears.
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Available Credit – 3%.
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All of these factors are run through the VantageScore 3.0 credit scoring model to determine whether you have a poor credit score or an excellent credit score.
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An indication meter labeled "Determine Your Credit Score" has a needle moving between "Poor"(300) and "Excellent" (850).
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Good to know.
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Although these factors determine your VantageScore 3.0 score, other scoring models like FICO may look at different factors when calculating your score.
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Small print text appears, reading “Powered by Napkin Finance.”
On screen:
Chase Credit Journey.
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Legal disclosures appear.
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Source: "Vantage Score 3 point 0: Better Predictive Ability among Sought-after Borrowers." Vantage Score White Paper Series. Vantage Score Solutions, LLC, December 2013. https://www.vantagescore.com/resource/84/vantagescore-30-white-paper.