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474 Credit Score: Is It Good or Bad?

474 Poor
Updated April 5, 2024
Written by Rachel Alulis

Holding a credit score at the 474 mark places you below the national average, categorizing your credit status as poor, or in plain terms, bad. Such a score typically reflects either past credit missteps or a minimal credit history. While this may limit your options with traditional lenders, many of whom prefer clients with scores of at least 670, hope is not lost. 

There is a niche market of lenders that aims to serve individuals with your credit profile. This post will delve into the meaning behind a 474 credit score, shed light on the types of loans and credit cards that may be within your reach, and provide a roadmap for building credit. With determination and the right strategies, you can improve your credit score and expand your financial opportunities. 

 

What kind of credit score is 474?

A credit score of 474 falls into the poor category, which ranges from 300 to 579. According to TransUnion, about 16% of Americans have a poor credit score. This score typically reflects past credit challenges such as late or missed payments, high debt levels, accounts in collections, or even bankruptcy. In some cases, a score this low may also indicate that you have little to no credit history, making it difficult for lenders to assess your creditworthiness.

Lenders use your credit score to determine how risky it might be to lend you money. If your score is poor, you're considered high risk, which means it will be more challenging to get approved for credit. When you are approved, you’ll likely face higher fees and interest rates compared to borrowers with better credit scores. This can make borrowing more expensive and repayment more difficult, potentially leading to further credit issues.

Given these challenges, the best course of action with a credit score of 474 is to focus on building and improving your credit. Start by ensuring all your payments are made on time, then reduce outstanding debt and keep your credit card balances low. Over time, these steps can help improve your credit rating, making it easier to qualify for loans and cards with better terms and lower interest rates.

 

Can I get a credit card with a 474 credit score?

Getting approved for a credit card with a 474 credit score is difficult but feasible. The majority of credit card companies and banks are hesitant to provide cards to those with scores under 670, viewing them as high-risk borrowers. When you have a score of 474, you’ll need to look for specific subprime credit cards designed to cater to individuals with poor or nonexistent credit histories. The catch is these cards typically come with higher fees and APRs to mitigate the issuer's risk of nonpayment.

Subprime credit cards often carry various costs, including annual fees, monthly maintenance fees, and higher interest rates, which can add up and make these cards expensive to use. However, they can still be a viable option if you manage them responsibly, as they provide an opportunity to build or rebuild your credit. Ensure you understand all the associated fees and terms before applying for a subprime credit card to avoid any unpleasant surprises.

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Annual Fee N/A
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Regular APR 10%
Credit Score Range 300-579
Monthly Fee $0

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If you prefer not to pay the high fees associated with subprime credit cards, consider applying for a secured credit card. Many banks offer secured credit cards specifically for individuals looking to rebuild their credit. These cards require a cash deposit, which is fully refundable and serves as your credit limit. For example, if you deposit $300, your credit limit will be $300. This reduces the risk for the lender since they can use the deposit to cover any missed payments. Secured credit cards generally have lower fees and APRs compared to unsecured cards for individuals with low scores and are easier to get approved for.

Another option is to become an authorized user on a friend or family member’s credit card. This arrangement allows you to use their credit card without having to submit your own application. It is crucial to ask someone with good credit to add you as an authorized user because your score can benefit from their responsible credit habits. As an authorized user, the primary cardholder’s payment history and credit utilization will be reflected on your credit report, potentially improving your credit score over time.

 

Can I get a personal loan with a 474 credit score?

Being approved for a personal loan when your credit score stands at 474 is no easy feat, given that lenders typically look for applicants with more robust credit profiles. Nevertheless, it's not an insurmountable task. A niche group of online lenders exists who focus on bad credit loans. These lenders place less emphasis on your credit score but will likely charge higher interest rates and additional fees to reflect their increased risk.

If you have an asset to offer as collateral—such as property, a vehicle, or a savings account—you can obtain a secured loan. Secured loans are easier to get approved for because they pose less risk to the lender. If you fail to repay the loan, the lender can seize your asset to recover the owed amount. As a result, you are more likely to receive approval and more favorable terms. Before taking out a secured loan, ensure you can repay it as agreed.

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If you want to avoid the high costs associated with an unsecured loan for bad credit, consider adding a co-signer or co-borrower with good credit to your application. Having an additional applicant with strong credit will enhance your chances of qualifying for the loan and securing more favorable terms. The lender perceives less risk since they can collect payment from the co-applicant if you default. A co-borrower will have equal access to the loan funds, whereas a co-signer will not.

Another option is to explore cash advance apps. These fintech applications provide you with a small amount of money almost instantly, which you repay with your next paycheck. You link them to your bank account rather than having to undergo a credit check. They do not charge interest, though some ask for a subscription fee or optional tip.

Credit unions are another excellent option for obtaining a loan with a poor credit score. These member-owned institutions tend to have more lenient requirements and may be willing to lend to members with low scores. Generally, you need to be a member for at least one month before you can apply for a loan.

Before you commit to a loan with high fees and interest rates, carefully consider the urgency of your financial needs. Assess whether your situation allows for a delay in borrowing until you've had a chance to improve your score. Improving your credit score, even slightly, can open up opportunities for lower-cost alternatives.

It's important to explore all available options before taking on additional debt. Consider alternatives like borrowing from friends or family, selling unused items, or tapping into emergency savings if possible.

Take your 474 credit score with a grain of salt

There is no universal definition of bad credit, as lenders have varying score requirements and prioritize different factors. It's not always clear what each lender considers acceptable, nor how much weight they give to credit scores in their decisions. Some lenders may place higher importance on your employment stability and housing situation, looking beyond just the numbers.

Nonetheless, a 474 credit score is undeniably low, but it is not a permanent condition. Credit scores are dynamic and can fluctuate over time based on your financial behavior. This perspective encourages taking proactive steps toward credit repair rather than succumbing to despair. By consistently paying bills on time, reducing debt, and correcting any errors on your credit report, you can gradually improve your credit score. With patience and effort, it's possible to move towards a more favorable credit standing, opening up better financial opportunities in the future.

 

How can I improve my 474 credit score?

Boosting a 474 credit score is pretty straightforward. The hardest part is being committed and disciplined.

Your score is calculated based on these five factors:

  • Timeliness of payments - 35%
  • Credit utilization ratio - 30%
  • Credit history length - 15%
  • Diversity in credit accounts - 10%
  • Inquiries for new credit - 10%

Before tackling these areas, identify the root causes of your low score. With this insight, you can formulate a plan to make targeted improvements. 

You can also use credit-building tools to boost your score. Credit builder loans, offered by credit unions and some fintech apps, are an easy way to establish a positive payment history. Alternatively, you can leverage bills you already pay. Some companies report rent, utilities, subscription payments, and more to the credit bureaus. This service helps you improve your score without taking on additional products or responsibilities.

Building your credit score is a marathon, not a sprint. Be prepared for a gradual process that will take several months at the least. Although it takes time, you'll likely start seeing positive changes more quickly than expected. Regularly monitor your progress, stay committed to responsible financial habits, and be patient. With consistent effort, you can steadily raise your credit score and unlock better financial opportunities in the future.


Review your credit report

The first step to improving your credit score is to check your credit report. You can obtain a free copy from each of the major credit bureaus—Equifax, Experian, and TransUnion—once a year at annualcreditreport.com. Review your report carefully for any errors, and if you find any inaccuracies, dispute them with the respective credit bureau. Correcting these mistakes can provide an immediate boost to your score.

Mistakes can be simple errors from financial institutions, or they can be signs of identity theft. If you suspect identity theft, freeze your credit report so that no one can open a new card in your name.

Next, analyze your report to understand why your score is low. Are there numerous late or missed payments? Do you have an account in collections? Is your credit utilization very high? Have you applied for a lot of credit cards or loans recently? These factors all contribute to a lower score. Identifying the specific issues affecting your credit allows you to take targeted steps to address them, paving the way for gradual and sustained improvement in your score.

 

Do some damage control

Now, it’s time to address past mistakes. Contact your creditors or collection agencies to discuss unpaid accounts. Creditors might be willing to delete negative information if you pay in full or agree to a payment plan. Demonstrating a commitment to resolving past issues can positively affect your credit score over time.

If your creditor or collection agency refuses to delete negative marks, don’t despair. Negative information typically stays on your report for seven years, but its impact lessens over time. Focus on consistent positive financial behavior: pay all your bills on time and keep your credit utilization low, ideally below 30% of your available credit. These actions will help your score improve steadily.

Consider setting up automatic payments or payment reminders to ensure you never miss a due date. All people make mistakes, and forgetting bills is a common one. Almost every issuer or bank offers autopay to ensure they get their money on time.

To help keep your credit utilization low, pay off your balance throughout the month. Issuers only report your utilization at the end of the month. Paying your balance down before they report will let you use credit and help your score grow.

As you work towards a better score, regularly monitor your credit report to track your progress.

By addressing past mistakes and establishing responsible financial habits, you can gradually rebuild your score and improve your financial health. Remember, persistence and discipline are key to achieving and maintaining a good credit score.

Get a secured credit card

A secured credit card can be an optimal tool for mending credit and establishing a positive payment history for anyone with a 474 credit score. Secured cards are backed by a security deposit, which effectively becomes your credit limit. This cash deposit is fully refundable upon account closure, provided all your bills are paid. This feature offers a significant advantage over the nonrefundable fees charged by subprime credit cards.

The security deposit reduces the risk to the issuer, as they can use the deposit to cover any missed payments. Therefore, secured cards are easier to qualify for, even if your credit score is low. To use a secured card effectively, treat it like a regular credit card. Make small purchases and pay off the balance in full every month. This practice helps build credit by demonstrating responsible credit usage and timely payments.

The positive impact of a few months of diligent card usage might surprise you. Consistently paying your balance in full not only helps improve your credit score but also instills good financial habits. Over time, as your credit improves, you may qualify for unsecured credit cards and loans with more favorable terms. A secured credit card is a valuable stepping stone on your path to rebuilding your credit and achieving a healthier financial future.

 

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Next steps for your 474 credit score

A score of 474 is low and can make it challenging to qualify for loans or secure credit cards without upfront deposits. However, it's important to stay positive and remember that enhancing your credit score is a feasible goal. Start by reviewing your credit report to understand the root causes of your low score. Next, adopt responsible credit habits: pay your bills on time and in full, minimize your credit usage by keeping balances low, and limit new credit inquiries to avoid further hard inquiries on your report. Consistently making timely payments and maintaining low credit utilization are key factors in improving your score.

As you establish these responsible habits, your score will gradually improve. Take moments to acknowledge each small victory along the way, such as a month of on-time payments or a reduction in your credit card balances. These milestones are indicators of your progress and motivation to continue your efforts.

While you have a ways to go, achieving a good credit score is within your grasp with consistent effort. Stay committed to your financial goals, and over time, you will see significant improvements in your credit score, leading to better financial opportunities and greater financial stability.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
2. Paycheck Advance is an earned wage access service and is not a loan or credit product.
3. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and/or Cross River Bank, Member FDIC. The Current Visa® Debit Card, which may be issued by Choice Financial Group and/or Cross River Bank, and the Current Visa® secured charge card, which is issued by Cross River Bank, are all issued pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. A Current debit account is required to apply for the Current Visa® secured charge card. Independent approval required.
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6. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.
7. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.
8. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.
9. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC.
10. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank.
11. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
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13. For eligible customers only. You may earn Points in connection with your Build Card purchases at retailers whose merchant code is classified as: Dining (e.g., restaurants) and Groceries (e.g., supermarkets) and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. Points will expire 365 days after they settle. For more information (including specific eligibility criteria), please refer to the Current Points Terms and Condition.
14. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.
15. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equalling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions.
16. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.
17. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.
18. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
19. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
20. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
21. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
22. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
23. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
24. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
25. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
26. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
27. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
28. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
29. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
30. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime 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 Anyone 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.
31. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
32. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
33. On-time payment history may 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.
34. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
35. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
36. Tipping or not tipping has no impact on your eligibility for SpotMe®.
37. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
38. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
39. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
40. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.
41. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.
42. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.
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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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