Mortgages, home equity loans, and home equity lines of credit are all types of Chase home loans. A home equity loan or line of credit lets you borrow money against the equity you’ve established in your house, whereas a mortgage is a loan used to buy a home. Chase provides a variety of mortgage products, including jumbo loans for expensive properties, fixed-rate and adjustable-rate mortgages, FHA and VA loans, and loans with low down payments. Automobile Loans
You can buy a new or used car, truck, or SUV with a Chase auto loan. The loan lengths range from 48 to 72 months, and the interest rates change based on the age and value of the vehicle, as well as your credit score. In addition, Chase provides a service called Chase Auto Direct that enables you to look for and finance a car at partner dealerships. Chase offers various different credit cards, including reward cards, cash-back cards, and balance transfer cards. The Chase Sapphire Preferred Card, the Chase Freedom Unlimited Card, and the Chase Freedom Flex Card are a few of the most well-known Chase credit cards. It’s critical to select a card that matches your spending patterns and financial objectives because each card has a unique rewards program and associated fees.
The FICO credit scoring methodology, which is used by the majority of lenders to assess creditworthiness, has a maximum score of 900. However, having a flawless credit score is incredibly uncommon. Only 1.4% of consumers, according to FICO, have a score of 850 or above. It’s crucial to pay all of your bills on time, keep your credit utilization low, and build up a long credit history if you want to raise your credit score.
According to the FICO credit scoring formula, which goes from 300 to 850, a credit score of 687 is regarded as fair. It’s not a terrible score, but it can make it more challenging to get accepted for credit cards, loans, and other financial goods with favorable terms. Paying your bills on time, paying down debt, and refraining from applying for new credit are the three main ways to raise your credit score.
Credit Karma gives its users free credit scores and credit monitoring, but it’s possible that these scores differ from those that lenders use. This is due to the fact that Credit Karma use the less popular VantageScore credit rating methodology instead of the FICO model. Even while the scores might not exactly match, they can still offer you a decent understanding of your credit health and what kinds of credit products you might be eligible for.