- Ninety percent of Americans believe it
is important to have access to credit, yet nearly four-in-ten don’t
know their current credit score and more than half don’t know the
primary driver of a credit score
- Chase strengthens commitment to give
consumers more awareness of their credit health with new Slate
Credit Card featuring access to free monthly FICO® Score and
reasons behind it
The vast majority of Americans (90 percent) recognize the
importance that access to credit plays throughout their life,
according to the new Chase Slate Credit Survey. However, when it
comes to awareness of their personal credit health there are gaps.
Nearly four-in-ten Americans (39 percent) admit they do not know
their current credit score, and more than half (52 percent) do not
know that paying bills on time is the factor that has the largest
impact on their credit score.
Chase Slate (Photo: Business Wire)
The survey reveals that Americans who have previously checked
their credit score consider a “good” score to be 719 on average1.
This is 51 points higher than what is considered to be good by
those who have never checked their score (668). What Americans may
not realize is that even a score of 719 might not give them access
to credit at the best rates.
“Having healthy credit could mean the difference between
achieving major life goals, such as buying a home or starting a
small business, and never realizing those dreams. Yet too many
Americans don’t have access to information and tools that empower
them to properly plan for the future and manage their credit
health,” said Pam Codispoti, President of the Mass Affluent
Business for Chase Card Services.
Only 37 percent of Americans feel very confident that their
current credit score can help them accomplish certain personal
goals in their life, and many wish their credit score were higher.
Two-thirds (66 percent) say they would like to be able to improve
their credit score over the next year, yet only one-in-three (35
percent) have a plan they feel confident will allow them to succeed
and one-fifth (22 percent) admit they have never taken any steps to
do so.
Chase recently introduced the new Slate Credit Card, which
provides cardmembers with a Credit Score & More feature.
Cardmembers have access to their FICO® Score for free as well as
the reasons behind their score, a summary view of their credit
bureau information and helpful suggestions to manage their credit
health. With Slate, cardmembers have the information and insights
to understand where they stand so that they can move forward with
confidence. The feature is available to Slate cardmembers online at
Chase.com.
“Chase is committed to providing our cardmembers with insights
and relevant, reliable tools that give them a financial edge,” said
Codispoti. “The new Chase Slate credit card offers them their FICO
Score as well as the ability to explore key details from their
credit bureau report and drill down on each attribute for context,
education and an indication of where they stand. It’s a
comprehensive picture of their credit health, and one we believe
will be valuable and empowering along their financial
journeys.”
Americans are checking their scores – but not always for the
right reasons
While a majority of Americans say they check their score – with
as high as 59 percent having checked in the last year – only
two-in-ten Americans (22 percent) say they check their score
because it is an important part of managing their finances.
“Your credit score is much more than just a number – it’s a key
indicator of credit health that helps you assess where you stand
and what’s within reach,” says personal finance expert and Chase
Slate financial education partner Farnoosh Torabi. “Checking your
score, and checking it regularly, is a simple step you can take now
to introduce more positive financial habits into your life. The
higher your score, the more likely you are to be deemed eligible
for a loan or receive better terms and interest rates.”
Of those who have never checked their credit score, 44 percent
say it’s because they did not have a reason to, while one-in-four
(27 percent) say they do not have enough time and energy or it’s
too much effort to obtain their score.
Generation Xers face credit health headfirst
The Chase Slate Credit Survey suggests Gen Xers are bolder about
facing their credit health than other age groups. Just four percent
of Gen Xers say they have never checked their score, compared to
roughly one-in-five Millennials (19 percent) and 13 percent of
Boomers. Further, a majority of Gen Xers (67 percent) claim they
know their score, trailed by 60 percent of Boomers and 55 percent
of Millennials. The survey hints that hindsight has something to do
with it – more than three-in-five Gen Xers (62 percent) claim they
would have benefitted from knowing their credit score at some point
in their lives.
Although Boomers consider a good score on average to be 726 –
higher than Gen Xers (712) and Millennials (695) – they are
seemingly less proactive about credit health than their
generational counterparts. More than one-in-four Boomers (28
percent) admits they have never taken steps to improve their credit
score, compared to 19 percent of Millennials. Yet Millennials
appear to be more self-assured than their older counterparts, as
nearly three-in-five Millennials (59 percent) say they would be
comfortable disclosing their credit score to their parents,
compared to only 35 percent of Gen Xers.
Americans tend to keep credit health close to the
vest
According to survey findings, Americans are more comfortable
disclosing their age (70 percent) and their weight (12 percent)
than their credit score (11 percent) or their income (7 percent).
Almost half (44 percent) indicate they would not be okay disclosing
their credit score to their partner, and even more wouldn’t be
comfortable sharing with their parents (62 percent), their siblings
(72 percent) or their best friend (75 percent). One quarter of
Americans (26 percent) say they would not be comfortable sharing
their credit score with anyone.
Hispanics distinguish themselves as more forthcoming with their
scores and report being more comfortable than Americans overall
with disclosing their credit score to their partner (63 percent
versus 56 percent, respectively), their parents (49 percent versus
38 percent, respectively) and their siblings (35 percent versus 28
percent, respectively). Comparatively, only 16 percent of Hispanics
say they would not share their credit score with anyone.
The survey also reveals that more than one-third (37 percent) of
Americans who are married or have a partner do not know their
significant other’s credit score. However, only 16 percent say it
would have been beneficial to know their significant other’s credit
score before getting married. Millennials who are married are more
likely to know their spouse’s score (74 percent) than married Gen
Xers (61 percent) and Boomers (59 percent).
About the 2015 Chase Slate Credit Survey
The 2015 Chase Slate Credit Survey was commissioned on behalf of
Chase Card Services to measure Americans’ understanding, attitudes
and perceptions around credit and credit health. The survey was
conducted via an online survey by Stratalys Research, an
independent research company. Interviews were conducted from
February 27 – March 11, 2015 among a nationally representative
sample of 1,000 respondents age 18 and older. The credibility
interval for a sample size of 1,000 is +/- 3.6% and larger for
subgroups.
About Chase
Chase is the U.S. consumer and commercial banking business of
JPMorgan Chase & Co. (NYSE: JPM), a leading global financial
services firm with assets of $2.6 trillion and operations
worldwide. Chase serves nearly half of America’s households with a
broad range of financial services, including personal banking,
small business lending, mortgages, credit cards, auto financing and
investment advice. Customers can choose how and where they want to
bank: More than 5,500 branches, 18,000 ATMs, mobile, online and by
phone. For more information, go to Chase.com. For more information
about Chase Slate, go to ChaseSlate.com.
1 National average credit scores from the Chase Slate Credit
Survey are based on the mean average of responses within the
300-900 range.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150330005943/en/
Chase Card ServicesRob Tacey,
302-282-3094Rob.Tacey@Chase.com
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