Having a good credit score impacts practically everything in your financial life, so if you don’t know it or take the time to check regularly, you could be missing opportunities.
For instance, people with good credit scores have an easier time with:
- Renting an apartment
- Getting loans approved for cheaper rates
- Getting better auto/home insurance rates
- Getting approved for credit cards with higher rewards
- Getting approved for a cellphone
In the long run, you’ll get better perks and save money if you have a good score. Currently, the average U.S. credit score polled for 2021 is 714*, so if you need help building up your credit safely, we’ll show you how with Chime’s Secured Credit Builder Visa® Credit Card.
How to Build Up Your Credit Safely with Everyday Purchases
When you become a Chime® member (an award-winning mobile banking app), you can apply for a Chime Secured Credit Builder Visa® Credit Card to help members build up credit easily and safely. Eligibility requirements apply.1 There’s also no credit check to apply!
It works like this:
- OPEN: Become a Chime member by opening a checking account and setting up a qualifying direct deposit of at least $200.1 This unlocks Credit Builder, and when activated, you’ll get sent the secured credit builder credit card.
- MOVE: Move money from your Chime Checking Account to your Credit Builder secured account. This is the money you can spend on your new credit card.
- SPEND: Use your secured Credit Builder credit card anywhere Visa® is accepted. Your everyday purchases (gas, groceries, etc.) and on-time payments2 will work towards building your credit with no annual fees and no interest!
- BUILD: The money that lives in your Credit Builder secured account can automatically be used to pay your monthly balance on time when you turn on the Safer Credit Building feature!1
Build Credit Regardless of Your Credit History
It’s a catch-22 when you need good credit to build credit, but Chime makes it easy with their secured credit card no matter what your current credit score is. The money you move into the Credit Builder account is how much you can spend on the card, making it safer to control spending.
Chime also reports to the three major bureaus (Experian®, TransUnion®, Equifax®), where your positive payment history will help build up your credit.
Some members have increased their credit score by an average of 30 points!3
Moving money is instant, and you’ll always know how much is in your secured Credit Builder account. You’ll also be able to view and track your FICO® Score right in the Chime app, helping you stay on top of your score.
Signing Up Takes Less Than Two Minutes
Start building up credit with the purchases you already make daily.
Signing up for a Chime Checking Account to unlock Credit Builder takes less than two minutes, and you’ll be on your way to credit building, no matter what your credit history looks like.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1 To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
2 On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
3 Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Results may vary