How to Apply For and Use Chime's Credit Builder Visa Card to Build Credit

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Learn how Chime's unique secured credit card works to increase your credit score
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If you use Chime, you may wonder what Chime's Credit Builder is and how it works. The Chime Credit Builder is a secured Visa credit card that allows you to build your credit score by using your own money instead of having a line of credit you must repay. By using Credit Builder, you can increase your credit score and learn good financial habits along the way. In this article, we'll go over how Credit Builder works, how secured credit cards help build credit, and how to apply for Credit Builder with Chime.

Things You Should Know

  • Credit Builder works like a normal credit card, but instead of having a revolving line of credit, you deposit money into the card as a security deposit.
  • To get Credit Builder, you must have a Chime checking account, and you must have gotten at least one direct deposit of $200 or more from an employer.
  • As you use the card, your security deposit is used to pay the balance, and this payment history is reported to the three major credit bureaus.
Section 1 of 3:

How Credit Builder Works

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    The Chime Credit Builder Visa card is what's known as a secured credit card . These cards are designed to help consumers build their credit using their own money, but unlike other secured cards, there is no minimum security deposit with the Chime Credit Builder card.
    • You can manually move money from your Chime checking account into your Chime Credit Builder card, or you can use Move My Pay to designate a certain amount of your direct deposit payments that will be automatically transferred over.
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    Chime's Credit Builder card is powered by Visa, so you can use this credit card anywhere Visa cards are accepted around the world. A good tip is to not charge more to your credit card than you have available as a security deposit to avoid the risk of not having enough to pay your monthly balance.
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    As you use your Credit Builder card, your credit score will slowly start to build, but only if you keep on top of your monthly balance. You can avoid surprises at the end of the month by turning on Safer Credit Building , which automatically uses money from your security deposit to pay an outstanding charge on your card. [1]
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Section 2 of 3:

Secured Credit Cards and Building Credit

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    Having a low credit score makes it difficult to start building credit , as many lenders won't approve a credit application for applicants under a certain credit score threshold. Secured credit cards help consumers build their credit by allowing them to use their own money to build their credit scores.
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    The three major credit bureaus are TransUnion, Experian, and Equifax. Chime's Credit Builder card reports to these three bureaus, and your credit score will increase over time. According to Chime, the average member sees a 30-point increase in their credit score after about eight months of using Credit Builder (though your results may differ). [2]
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    One aspect of your credit score is the credit utilization ratio, or how much credit you have compared to how much credit you've used. Unlike a standard credit card, however, Credit Builder does not report credit utilization—so you can use 100% of your security deposit on your card without fear that your score will be lowered due to high utilization.
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    Applying for a credit card puts a hard inquiry on your credit report, which will stay on your report for two years but will likely only affect your credit score for a few months to a year. Opening a Credit Builder card will also decrease the average age of your credit history, which can lead to decreased credit scores until your card ages.
    • According to Experian, your credit history length makes up 15% of your credit score and hard inquiries make up 10%. [3] This is much lower than the two biggest impacts to your credit score: payment history (35%) and credit utilization (30%).
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Section 3 of 3:

How to Apply For Credit Builder

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    To be eligible for Chime Credit Builder, you must first have a Chime checking account. You can apply for a Chime account via their website in as little as two minutes.
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    You must get a direct deposit into your Chime checking account from an employer or payroll service. Bank ACH transfers do not qualify, and the direct deposit must be a single deposit of at least $200, not multiple. [4]
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    Once you have satisfied the two application requirements, you can submit your application for Chime Credit Builder on the website or via the app by going to Settings > Try Credit Builder .
    • Chime doesn't check your credit when you apply, so your current credit standing will not be used in the approval process.
    • If approved, you'll get your secured credit card in the mail within 7 to 10 business days.
    • Credit Builder functions like a normal Visa credit card , and you can use it anywhere Visa cards are accepted.
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      References

      1. ↑ https://www.chime.com/credit-builder/how-it-works/
      2. ↑ https://www.chime.com/blog/credit-builder-basics-everything-you-need-to-know/
      3. ↑ https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-affects-your-credit-scores/
      4. ↑ https://www.chime.com/credit-builder/

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