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HOW CAN CREDIT BUILDER HELP YOU BUILD CREDIT?

By Chime Team
September 14, 2020


Your credit score is an integral part of your financial life, yet the mechanics
behind it can feel mysterious at best. And considering how much it can determine
real-life things – like approval for loans, lines of credit, apartment rentals,
and more – it matters! 

If you’re currently using the Chime Credit Builder Visa® Credit Card¹ or
considering signing up for our new secured card, it’s important to understand
how it can help build your credit. To start, let’s jump into the basics: how it
works, what we report on, and what to expect! 

 1. How Credit Builder works
 2. How is my credit score determined?
 3. How is your credit score calculated?
 4. What does Chime report on?
 5. What doesn’t Chime report on?
 6. When does Chime report?
 7. Score change: What to expect


HOW CREDIT BUILDER WORKS


SET YOUR AVAILABLE TO SPEND 

To start, simply move money into your Credit Builder secured account. The money
you add will set the available to spend on your card. 


MAKE PURCHASES

When you make a purchase using your Credit Builder card, we subtract that amount
from your available to spend on your card. That way, you won’t spend more than
you have in your secured account. And there’s always money set aside to make
payments on your card!


PAY BALANCES

The total amount you spend with your Credit Builder card is your balance. At the
end of the  month, you can then use the money set aside in your secured account
to pay your monthly balance.

If you choose to turn on the Safer Credit Building² feature, Chime will
automatically use the money set aside to pay off any outstanding balance. This
way, you always pay on time, one crucial aspect of building credit. (Go to
Settings > Credit Builder Card > Safer Credit Building)

If you choose to pay manually, you’ll receive a notification to pay your
statement every month. 

☝️Remember: Current balance and Available to Spend are not the same thing. Your
Available to Spend is how much you can spend with your Credit Builder card, the
current balance is how much you have spent so far. 


HOW IS MY CREDIT SCORE DETERMINED?

Your credit scores are determined by credit bureaus. Every month, credit card
companies and lenders will report your activities to credit bureaus, who then
update your credit score based on the activities reported. Chime reports to all
3 major credit bureaus, Experian®, Transunion® and Equifax®, to help you build
credit history over time. 


HOW IS YOUR CREDIT SCORE CALCULATED?

Although there are few different types of credit scores, FICO® scores are used
by 90% of top lenders are calculated based on the following five factors:

 * Payment history (35%)
 * Credit utilization (30%)
 * Credit age (15%)
 * Credit mix (10%)
 * Inquiries for credit (10%)

Now that you know how much each factor impacts your score, let’s dive into how
Credit Builder does reporting differently.


WHAT DOES CHIME REPORT ON?

Now that you got the basics, let’s break down the main things Chime reports on:

1. Payment status: Your payment status is a reflection of whether or not you
paid last month’s balance.

Pro Tip: If you have the Safer Credit Building² feature turned on, then the
money that you previously moved into Credit Builder will automatically be used
to pay your monthly balance. That way, you’ll always pay on time, a key factor
for building credit.

2. Amount past due: The balance not paid off from the prior month. 

Reminder: Every time you make a purchase, that amount is set aside and held in
your secured account – so you never have to worry about not having enough at the
end of month to pay your monthly balance!

3. Account age: The number of months you’ve been with Credit Builder.
In general, the older your account, the better! Because it proves you’ve been a
trustworthy card holder over time.

4. Current balance: The amount you have spent since the last statement plus any
amount past due.


Note: It’s totally normal to have a current balance.  


WHAT DOESN’T CHIME REPORT ON?

Because Credit Builder is different than traditional credit cards, there are a
few items Chime doesn’t report on: 

 1. Credit limit: Since you can set how much you want to spend on Credit
    Builder, the Credit Builder card does not have a pre-set limit 
 2. Card utilization: Credit Builder doesn’t report credit utilization to the
    major credit bureaus because it has no pre-set credit limit. That means
    spending up to the amount you moved to Credit Builder will not show a
    high-utilization card on your credit history.


WHEN DOES CHIME REPORT?

Chime typically reports to credit bureaus at the beginning of every month, but
credit bureaus can take a few weeks to process reports – so you might not see
the changes until later in the month. 


SCORE CHANGE: WHAT TO EXPECT

Credit Builder offers features that help you stay on top of key factors that
impact your credit score. That means that the consistent use of Credit Builder
can help you build payment history, increase the length of your credit history
over time, and more. 

We know this a lot of info, but it’s important to remember that building credit
is a marathon, not a sprint! If your credit score dips a bit from opening a new
account, don’t get discouraged: By simply making regular on-time payments, your
credit score can improve². That’s why it’s very helpful to turn on the Safer
Credit Building² feature, so you can continue to make regular payments on time
and start building credit over time. 

While Credit Builder can help a ton, it’s still key to stay on top of other
financial activities or accounts you use outside of Chime. Building credit takes
time so don’t give up, we’re here for you! 💪

 

--------------------------------------------------------------------------------

This page is for informational purposes only. Chime does not provide financial,
legal, or accounting advice. This material has been prepared for informational
purposes only, and is not intended to provide, and should not be relied on for
financial, legal or accounting advice. You should consult your own financial,
legal and accounting advisors before engaging in any transaction.

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Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members
FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank
pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa
debit cards are accepted. The Chime Visa® Credit Builder Card is issued by
Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used
everywhere Visa credit cards are accepted. Please see back of your Card for its
issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook
gives you the freedom to send checks to anyone, anytime, from anywhere. See your
issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

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Opinions, advice, services, or other information or content expressed or
contributed here by customers, users, or others, are those of the respective
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accuracy of any content provided by author(s) or contributor(s).

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 Friends 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.

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