Safer Credit Building
When you transfer money to Credit Builder, Chime keeps the money in your Credit Builder Secured Deposit Account (“Secured Deposit Account” or “Secured Account”) to secure the purchases you make on your credit card. The amount you transfer to your Secured Deposit Account is what you can spend with your Chime Credit Builder Visa® Credit Card (“Card” or “Card Account”).
Enable Safer Credit Building to automatically pay your monthly Card statement on time using the money in your Secured Deposit Account–no new money from your Checking Account is needed!
At the beginning of the month following a statement period, we’ll report your activity to the credit bureaus and you can expect to see an update to your credit report within 60 days.
Enabling Safer Credit Building also means you can choose to make your automatic payment as soon as possible, within one day of us letting you know the payment amount. Alternatively, you can set your automatic payment to be made ten days after receiving notice.
In the rare case that your payment due is more than the total amount that you’ve transferred into the Secured Deposit Account, we’ll make a partial payment in the amount in your Secured Deposit Account on the date your automatic payment is scheduled, and you will have until your current due date to pay off the remaining amount due.
You can change your automatic payment timing anytime in Credit Builder settings.