How to Build Credit with Chime

A secured credit card is one that’s “secured” by a cash deposit. That means almost anyone can qualify and start building credit.

With Chime’s secured credit card, the steps are simple. All you have to do is:

1. Manage money in your accounts. With Chime Card^™, you have a Chime checking account, a Secured Deposit Account (SDA), and a secured line of credit, which is your Chime Card⁴. Money added to your Chime account automatically transfers to your Chime Card Secured Deposit Account.⁵
2. Spend money. When you look at your Chime app, you’ll see a single account view of your “Available” balance.⁵ Your Available balance includes funds in your SDA that you can spend using your debit card or Chime Card.
3. Safely build your credit. Whenever you spend using your debit card or Chime Card, the transaction amount is deducted from the Available balance that you see in the app. At the end of a billing period, the total amount you used your Chime Card for is the balance you owe. You can then use the funds that are still in your secured account to pay the amount you owe. Chime reports your payments to the credit bureaus, so paying your Chime Card promptly can pay off. Voila! You’re building credit history.

When used properly, Chime’s secured card helps you build credit just by making the everyday purchases you were already planning on.³ Here’s what makes it even easier:

• Automatic payments. On-time payment is a crucial aspect of building credit. In fact, payment history accounts for more than a third of your credit score.⁶ If you turn it on, our Safer Credit Building feature will automatically use the money in your secured account to pay your monthly bill.³ If you choose to pay manually, you’ll receive a monthly notification that it’s time to pay.
• Build credit with your own money. Secured credit cards make it easy to avoid big, revolving balances that can potentially come with unsecured credit cards. Just keep the amount you spend less than the amount you’ve already put in your secured account.
• Improve your credit scores over time. The longer your credit history, the better – it’s another factor that affects your scores.⁶ By regularly spending on your credit card and making on-time payments, you’ll increase your average credit age and show lenders that you’re a responsible spender.

While Chime’s secured card can do a lot for your credit, there are other helpful features in the Chime app that can also help you build and manage credit with confidence.

• Check your FICO® score¹ for free. It’s easy to see your progress in the app.
• Improve your credit scores with Experian Boost^®.⁷ We’ve teamed up with Experian^® to offer a free and easy way to help raise your FICO^® Score with eligible bills you’re already paying through Chime.
• Build credit monthly with rent reporting.⁸ Soon, you will be able to report your on-time rent payments in the app to help build your credit score.
• Get credit tips tailored to your journey. The Chime app knows your finances and offers personalized advice to help you unlock financial progress™.

Chime reports your payment history to the three major U.S. credit bureaus: Experian^®, Equifax^®, and TransUnion^®. That’s why it’s important to pay on time – and why we recommend turning on Safer Credit Building.³

We also report the age of your account, which can increase the length of your credit history.

Chime does not report credit utilization or your credit limit.⁹ Here are some more details on how credit reporting works with Chime.

Building credit isn’t instant, but if you make regular purchases and on-time payments, you may be surprised at how quickly you see your credit grow. The credit bureaus generally update consumer files at least monthly, and some people see jumps in just a month or two.¹⁰

In other cases, though, it may take several months or longer to see significant credit jumps. It’s also normal to see some dips along the way, especially right after you open a new account.

Just focus on using your card and making on-time payments every month. Over time, you should see your credit scores improve. Some Chime members have seen increases to their credit scores up to 71 points with on-time payments.¹¹

Are you ready to start building credit safely³ with Chime? Signing up for a Chime Card™ only takes a few taps – and signing up won’t impact your credit score.

If you’re new to Chime and want to apply for a Chime Card, you’ll need to open a Chime checking account. Learn how to get a Chime Card today!

The Chime Card will become available to all existing members over the coming weeks and months. When available, current Credit Builder cardholders can upgrade directly in the app.