Can you get a FICO credit score for free from Chase with a Slate Card?
The simple answer: Yes.
Thanks to the evolution of FICO’s Open Access program, over 150 million consumer credit and loan accounts in the US now provide FICO scores for free. This comes on the heels of a push for more credit and lending transparency over the last few years.
Several of the largest financial institutions in America have joined in the effort. JP Morgan (Chase) is one of them.
The only catch is that you have to be a Slate cardholder.
How to Get Your FICO Scores with Your Slate Card
Slate is the only credit card Chase currently offers free scores with.
Towards the end of 2016, Chase finally decided to follow the lead of the other large financial institutions that have adopted FICO’s Open Access Program.
It is likely that Slate customers will serve as something like a “Beta test” for them before they roll out their credit monitoring dashboard to their other cardholders.
The move makes sense, as the Slate card is designed for debt management and their 10 million Slate cardholders will serve as a decent sample size. Unfortunately, Chase Sapphire and Freedom customers will have to wait.
If you’re an existing Slate customer and you haven’t noticed the Credit Dashboard, you may need to call or send them a message from within your account to gain access to your scores.
They will update you to the new Slate card and activate your free Slate Credit Dashboard. This will not change your account number or disrupt automatic bill pay.
New cardholders will automatically have the Credit Dashboard activated within their online accounts. If you do not have a Slate card, you can apply for one here. You’ll need a “Good” or “Excellent” if you expect to get approved.
Why Is My FICO Score Important?
90% of lenders across America use FICO Scores to determine credit worthiness.
This is a big reason why the FICO Open Access program (and the financial institutions that have adopted it) has received so much praise. Access to FICO scores allows consumers to gain a better understanding of how lenders view them.
Though there are other scoring models, the FICO model is considered the most reliable. More importantly, it is the most widely used. That’s why JP Morgan Chase, Bank of America, American Express, Discover, and others have all joined in.
Whether you’re already a Slate customer or are considering applying, there are a few things you should know about the Slate Credit Dashboard.
Chase Slate Credit Dashboard Review
Slate cardholders receive a FICO Score 8 based on data from Experian, one of three major credit bureaus.
Different lenders use different scores based on different reports. Therefore, it is important that you also take a look at your credit reports and scores from the other two credit bureaus—Equifax and TransUnion—in order to identify potential inconsistencies.
The Chase Slate Credit Dashboard is updated monthly and keeps track of your score over time. In addition, it breaks down the five major areas that affect your credit score and how you can improve in each.
Predictably, Chase is still behind some of the other credit card companies when it comes to features and implementation. For instance, they don’t yet have a mobile app for their Credit Dashboard.
Nonetheless, a free Experian FICO 8 Score is a nice value add for any consumer credit card.
Just don’t rush to get a Slate card just for the credit monitoring bonus.
Where Else to Get Free FICO Scores
Tracking your FICO 8 Score from Experian is important.
However, they are only one of three bureaus. In order to gain access to your scores from TransUnion and Equifax, you’ll need to look elsewhere.
Luckily, there are plenty of credit scores for free. This makes it pretty easy to track all three scores over time.
Most of these institutions require an eligible credit card account, like Chase. However, Discover Scorecard is free for anyone who is willing to create an account. There is no cost and signup only takes a few minutes.
Like the Slate card, Discover offers a Experian score. For many, this no string attached option would be a better choice than applying for the Slate credit card.
Whatever the case for you, remember that the key to personal finance education. The more informed your decisions, the better they tend to be.