If you want to build credit in a fast, easy, and affordable way, Chime credit Builder is the one for you. With Chime, you can boost your credit score from the convenience of your own home. And you only pay for the credit building services that you need. Let us know about “Chime Credit Builder”
Credit Builder Secured VISA Credit Card is offered by Chime financial company. It gives the customers an easy and safe way to build their credits without an annual fee or interest, credit check, and no limit on the spending of the deposited amount.
Chime Credit Builder:
A Chime Credit Builder is a type of credit score that reflects your borrowing behavior and can help you improve your Credit rating. This score is calculated using the information in your three major credit bureau reports – TransUnion, Experian, and Equifax. It will be based on how well you have performed compared to other borrowers in the same demographic category as you.
This score can be used to determine eligibility for loans or financing products, so one should keep it up-to-date with changes made by each of these companies. Chime has a Credit Builder VISA Card that a beneficiary can use to make purchases and build credit along the way.
How To Develop Credit Score With A Chime Credit Builder?
Building your credit score with This card is as easy as purchasing with the card, literally.
- First, be eligible for a Chime Checking account with a direct deposit of $200 or more.
- Create account on Chime.
- Move money to your account through the Chime app. You can do it by enabling the ’Move My Pay’ option. So that whenever you get paid, a fixed amount ($500 / $250 / $100) will be transferred to your Credit Builder. Or, you can do it manually, whenever you want.
- Spend your money the way you see fit. You can even pay for monthly spending with this money. But ensure to check your ‘Available to Spend’ amount. This is the amount you added after the security deposit. And you can pay this much without getting a high-utilization report.
The more you spend using Credit Builder, the more will be your credit score. It has a Safer Credit Building feature that helps you keep up with your monthly payments. Chime will report your on-time payments to the major credit bureaus.
Customers Reviews:
It does the work it touts. According to a survey by a TransUnion representative, the credit score of a Credit Builder program user increases by 30 points on average.
And many customers have positive reviews for this ‘credit card that works more like debit.’
Customers are happy with this debt-proof card. Chime also offers 24/7 live support. But some are dissatisfied with the complex criteria of opening a Chime account, no instant money (due to fixed spendable amount), no upgrades, or signup rewards.
Well, you can’t make everyone happy. And to repair the poor number, that is your credit score, you have to strive a little. Overall, Chime Credit Builder is rated highly among different traditional and e-credit building cards.
The Benefits Of Having A Chime Credit Builder:
Many traditional banks offer credit builder cards similar to Chime. But certain traits of the card sets it apart from other similar cards.
- No Fee Requirement – Chime doesn’t charge any fee or APR (Annual Percentage Rate) interests from cardholders, while traditional credit cards charge as high as $93 annual fee and 12% – 19% APR. The card also doesn’t require any late fee, unlike a late fee of $36-$38 in traditional cards.
- No Credit Check – During application, Chime doesn’t check any previous credit scores, giving everyone a fair chance at a better future credit score.
- No Minimum Security Deposit – You don’t need to deposit any minimum-security amount other than the Chime Checking Account qualifications. To create a Chime Checking Account, the applicant must have received a single, direct deposit of $200 or more in the last 34 days of opening the account. The deposit should be from an employer, gig payer, or benefits payer by Automated Clearing House (ACH) deposit or an OCT (Original Credit Transaction).
- No Credit Limit – A cardholder can spend all the amount they added with the Chime Credit Builder credit card because there is no pre-set credit limit on the collateral. So, unlike traditional cards, it will not show any high-utilization report or impact their credit score negatively.
Conclusion
Looking at all the perks of having a Chime Credit Builder VISA card, it is no wonder that it is the perfect solution to improve your credit score. This tool makes building a credit history easier without restricting your spending too much. Plus, it’s straightforward to use, making it a great investment for your future.
FAQ
- Can I deposit cash to my Chime Credit Builder card?
Yes, other than deposits from the employer, a cardholder can deposit any amount to his/her card.
- What is the difference between a Chime Visa Debit Card and a Chime Credit Builder Card?
A Chime Visa Debit Card is like any other debit card that allows spending from the Chime Spending Account without contributing any credit report. And This Card helps you get a loan according to your balance and builds credit scores.
- Is a Chime Credit Builder Card accepted at the ATM?
Yes, This Card is accepted at all the places where a VISA is accepted including ATMs in Walgreen, 7-Eleven, CVS, and more.
- Does Chime Credit Builder Card have any international transaction fee?
No,This Card doesn’t charge any international transaction fee.
