Home Learn about your credit score 521 Credit Score

521 Credit Score: Is It Good or Bad?

521 Poor
Updated April 6, 2024
Written by Rachel Alulis

Holding a credit score at the 521 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 521 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 521?

A 521 credit score is classified as poor, placing you well below the national average. Any score ranging from 300 to 579 falls into this category. According to TransUnion, approximately 16% of U.S. residents are in this bracket. Most individuals have poor scores due to previous financial missteps, such as late or missed payments, high balances, or accounts in collections. Others may simply lack sufficient credit history. 

This score signifies a high-risk borrower. Lenders are often reluctant to work with individuals in this range because they want assurance that their money will be repaid. Consequently, it becomes harder to be approved for a loan or credit card, and if you are approved, you’ll likely face high interest rates and additional fees.

The best course of action is to focus on improving your score. This involves paying bills on time, reducing outstanding debt, and avoiding new credit inquiries. If waiting isn't an option, there are lenders who specialize in working with people who have poor credit scores, but be prepared for higher costs associated with these financial products.

 

Can I get a credit card with a 521 credit score?

Obtaining a credit card with a 521 credit score is difficult but not impossible. Most banks and other financial institutions are cautious about issuing cards to consumers with poor credit. This is because you have a much higher risk of default - not paying your bills. 

However, several options are available for individuals in this situation. One option is to apply for subprime credit cards, which are designed for applicants with little to no credit history or poor credit scores. These credit cards typically come with higher fees and interest rates (APRs) to protect the issuer from the increased risk of default.

Bad Credit? Get $1,000 with No Deposit

Bad Credit? Get $1,000 with No Deposit
4.9
Moneyfor rating Moneyfor's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.
  • Instant Approval Credit Cards
  • Bad Credit Credit Cards with no Deposit
  • Best Credit Card Offers
Sponsored Links Explore more
  • Instant Approval Credit Cards
  • Bad Credit Credit Cards with no Deposit
  • Best Credit Card Offers

Fees & Rates of Сards for bad Сredit

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

Are you struggling with a low credit score and feeling the impact on your financial opportunities? It's time to turn the tide with our specially designed credit cards for bad credit! Our cards offer a lifeline to those who need a fresh start, providing the perfect tools to rebuild your credit score and regain financial stability.

Apply Now

 

For those wary of the costs associated with subprime cards, a viable alternative lies in secured credit cards. Offered by numerous banks, these cards are tailored for people aiming to rebuild their credit. By depositing a sum of money that then becomes your credit limit, you not only lower the financial risk to the bank but also gain access to cards with more favorable terms, such as lower fees and APRs, compared to their unsecured counterparts.

To effectively use a secured card, make small purchases and consistently pay off the balance in full each month. This practice will help you build a positive payment history and improve your credit score over time.

A third strategy to circumvent the fees of obtaining a personal credit card is to be added as an authorized user on someone else's card. Being an authorized user allows you to benefit from the card owner’s responsible credit habits without having to put in an application. Be sure to ask someone with good credit habits to add you as an authorized user. Their positive credit actions will reflect on your credit report, potentially boosting your score over time.

While accessing a credit card with a 521 credit score presents obstacles, it is not impossible. By exploring subprime and secured credit cards or becoming an authorized user, you can find viable pathways to rebuilding your credit. Consistently practicing responsible financial habits, such as making timely payments and maintaining low balances, will gradually improve your score, opening doors to better credit opportunities in the future. Patience and disciplined financial management are key to achieving and sustaining a healthier credit profile.

 

Can I get a personal loan with a 521 credit score?

Being approved for a personal loan when your credit score stands at 521 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.

Discover related topics

  • Up to $1000 Loan Today no Credit Check
  • Direct Deposit Loans in Minutes no Credit
  • $1000 Loan Today no Credit Check
  • Bad Credit Loans with Monthly Payments
  • Apply for Personal Loan
  • Fast Cash Direct Deposit with Bad Credit in Minutes

 

If you want to avoid the high costs of an unsecured loan for bad credit, see if you can add a co-signer or a co-borrower with good credit. Having another name on the application will improve your chances of qualifying and of getting more favorable terms. The lender sees you as less risky since they can get the money from your co-applicant if you fail to pay. A co-borrower will have equal access to the loan funds, while a co-signer will not.

Another option is to look into cash advance apps. These fintech apps send you a small amount of money almost instantly that you pay back with your next paycheck.  Generally, they are connected to your bank account and may ask you to link your direct deposit. There is no credit check, nor do they charge interest. Some of these apps ask for a subscription, while others may request an optional tip for the service.

Credit unions are yet another good place for a loan when you have a poor score. These institutions are member-owned and usually less strict than traditional banks. Many have more lenient requirements and may lend to members with low scores. You usually have to be a member for at least one month before you can take out a loan.

Before you proceed with taking out a loan with a 521 credit score, it is crucial to consider whether you genuinely need the money right now or if it can wait until you’ve improved your score. Taking on a loan with poor credit often results in paying more in interest and fees, making it a more expensive option compared to borrowing with good credit.

It's important to explore all available options before deciding to take on additional debt. Consider other avenues such as borrowing from friends or family, selling old items, or even tapping into emergency savings if possible.

Take your 521 credit score with a grain of salt

The concept of "bad credit" is not universally defined. Different lenders accept different minimum credit scores, and some do not prioritize scores at all. Instead, they emphasize other aspects of your financial life, such as employment history and housing stability.

Nevertheless, it's important to note that a score of 521 is considered low by most standards. However, it's not an end-all-be-all situation. Credit scores are dynamic and can change based on how you manage your finances. With dedicated effort, you can improve your score over time.

To elevate your credit score, start by making all payments on time. Payment history is a significant factor in your credit score, so ensuring timely payments can make a big difference. Additionally, work on reducing outstanding debts, which can improve your credit utilization ratio—another key component of your credit score. Avoid applying for new credit too frequently, as each application results in a hard inquiry that can temporarily lower your score.

With patience and disciplined financial habits, you can gradually move your score into the "good" category. Improving your credit score opens up more financial opportunities and better terms, ultimately contributing to greater financial stability and health.

 

How can I improve my 521 credit score?

Boosting a 521 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 in improving your credit score is reviewing your credit report. You're entitled to a complimentary copy from each major credit bureau—Equifax, Experian, and TransUnion—once per year through annualcreditreport.com. Scour your report for inaccuracies and challenge any discrepancies directly with the respective bureau. Rectifying erroneous negative entries can lead to a quick uplift in your score.

Mistakes can result from simple errors by financial institutions or could indicate identity theft. If you suspect identity theft, freeze your credit report to prevent anyone from opening a new card in your name.

As you go through your report, analyze the reasons behind your less-than-ideal score. Look for missed payments, accounts handed over to collections, excessive credit utilization, or a recent flurry of credit applications. These factors can significantly hurt your score. Knowing what you’ve done to drag your score down can help you identify what behaviors need to change to build your score up. By understanding the specific issues affecting your credit score, you can take targeted actions to address them.

 

Do some damage control

Addressing past financial mistakes can be an effective way to boost your credit score. Contact your creditors or collection agencies to see how you might settle any unresolved accounts. There's a possibility that creditors will consent to purge negative details from your credit report upon receiving full payment or establishing a payment schedule. Taking the initiative to resolve these issues can have a beneficial effect on your score over the long haul.

If your creditor or the collection agency is adamant about not removing negative annotations, don't be discouraged. Such information does not stay on your report forever. Most negative entries will remain on your report for seven years, but their adverse impact lessens as time moves on. Meanwhile, you can focus on other aspects of your credit behavior. Pay all your bills on time and keep your credit utilization rate below 30%.

Prioritize on-time bill payments, as payment history is a significant factor in your credit score. Set up reminders or automatic payments to ensure you never miss a due date.

To maintain low credit utilization, pay your bills in part throughout the month. Issuers report your usage at the end of the month, so paying bills before they're due will help reduce your balance and keep your utilization rate low.

Avoid applying for new credit frequently, as multiple inquiries can temporarily lower your score. Instead, concentrate on managing your existing credit responsibly. By maintaining these good financial practices, you can gradually improve your credit score, even if negative marks remain on your report. Remember, rebuilding your credit is a gradual process, but with consistent effort and discipline, you can achieve a healthier credit profile and access better financial opportunities in the future.

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 521 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.

 

9.7
Moneyfor score

Get up to $750 if you qualify1

  • No Credit Checks2
  • Build Secured Credit Card3
  • Get Paid Faster with Direct Deposit4

Get up to $750 if you qualify1

Get Started
Review 12,985

Next steps for your 521 credit score

A 521 credit score means you have a significant journey ahead to improve your creditworthiness. This score makes it challenging to be approved for loans or to get credit cards that don’t require a deposit. However, don't get discouraged. With time and effort, you can increase your score. The more you build up your credit, the more likely you are to qualify for better financial offers.

Start by reviewing your credit report to understand why you scored poorly. Identifying the specific issues allows you to address them directly. Establish responsible credit behaviors such as paying your bills on time and in full each month, keeping your credit utilization low (ideally below 30% of your available credit), and applying for new credit cards only when necessary.

As you work on building your credit, remember to celebrate the small achievements along the way. Each step forward, no matter how minor it may seem, is progress toward a better credit score. Consistency is key, and over time, your efforts will pay off. While the journey to good credit is long, it is within your reach with disciplined financial habits and a positive outlook. Stay committed to your goals, and you'll gradually see your credit score improve, opening up more opportunities for favorable credit terms and 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.
4. 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.
5. Debit card: Fees may apply, including out of network cash withdrawal fees, third-party fees, cash load fees, inactivity fees, account closure fees, international transaction fees, replacement card fees, express mail fees and escheatment fees.                                                                                                                                                       Build Card: 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.
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.
12. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Eligible Direct Deposits into your Current Account over the preceding 35-day period and fulfill other requirements subject to Current’s discretion. Negative balances must be repaid within 60 days of the first Eligible Transaction that caused the negative balance. For more information, please refer to Fee-free Overdraft Terms and Conditions. Individual Current Accounts only.
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.
* EarnIn is not available for Connecticut residents
Read more

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.

Read more
Related scores
515516517518519520522523524525526527

This content is general in nature and is provided for informational purposes only. MoneyFor is not a financial advisor and does not offer financial planning services. This content may contain references to products and services offered through MoneyFor marketplace.