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553 Credit Score: Is It Good or Bad?

553 Poor
Updated April 6, 2024
Written by Rachel Alulis

A credit score of 553 is significantly below the national average and is considered poor. This score often indicates past credit difficulties or a lack of credit history, both of which can negatively impact your financial opportunities.

With a poor credit score, obtaining approval for loans or credit cards becomes challenging, as most lenders prefer borrowers with better credit scores to minimize risk. However, it's important not to lose hope. Some lenders specialize in offering financial products to those with poor credit, providing a pathway to rebuild your creditworthiness.

Let's delve deeper into what a 553 credit score means for you. We'll explore the types of loans and credit cards you might still qualify for despite your low score. Additionally, we'll discuss actionable steps you can take to improve your score over time. A higher score will help you to achieve better financial health and access to more favorable credit options in the future.

 

What kind of credit score is 553?

A credit score of 553 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 553 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 553 credit score?

Obtaining a credit card with a 553 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.

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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 553 credit score?

Securing a personal loan with a 553 credit score is difficult, as most lenders prefer significantly higher scores - 670 and up - to mitigate risk. However, it’s not entirely impossible. If you have an asset to put up for collateral - property, vehicle, or savings account - you can get a secured loan. Secured loans are easier to get because they pose less risk for the lender. If you fail to repay the money, the lender can seize your asset to recoup what you owe. Therefore, you are more likely to be approved and with more favorable terms. Before you take out a secured loan, make sure you can repay it as agreed.

Most people don't have an asset for a secured loan. In this case, look into online lenders and lending marketplaces. Many of these online institutions specialize in offering loans to individuals with bad credit. These lenders understand the challenges faced by those with low credit scores and are willing to work with them. They may place more emphasis on your income or employment stability than on your score. Be prepared for higher interest rates and additional fees to compensate for the increased risk the lender is taking.

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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 553 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 553 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 553 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 553 credit score?


Improving a 553 credit score requires patience and discipline, but it is achievable. There are five main factors used to calculate your credit score:

  1. Payment history - 35%
  2. Credit utilization - 30%
  3. Length of credit history - 15%
  4. Credit mix - 10%
  5. New credit - 10%

While these are essential to know and follow, the first thing you need to do is understand why your score is so low. Once you understand the underlying issues, you can take targeted steps to improve it. 

While building credit takes time and won't happen overnight, you may see improvements faster than expected with consistent effort. You can also use credit building tools to give your score an additional boost. Credit builder loans offered by credit unions and some fintech apps are any easy way to establish a positive payment history. Or you can get credit fill bills you already pay. Certain companies report rent, utilities, subscription payments and more to the credit bureaus. This service helps you grow your score without any additional products or responsibilities. 

Remember, every positive financial decision contributes to a better credit score. A higher credit score leads to a better financial 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

For those with a 553 credit score, a secured credit card is often the most effective way to repair credit and establish a positive payment history. Secured cards require a security deposit that sets your credit limit. This deposit is fully refundable if you close your account in good standing, making it a better deal compared to the annual fees often associated with subprime credit cards.

The security deposit reduces the risk for the credit card issuer, making these cards accessible to nearly everyone. To maximize the benefits of a secured credit card, use it to make small purchases and ensure you pay your balance in full each month. This practice helps establish a positive payment history, which is a crucial factor in improving your credit score.

You might be surprised by the positive impact that even a few months of responsible use can have on your credit score. Consistent on-time payments and maintaining low credit utilization can lead to significant improvements, gradually increasing your credit score and opening up better financial opportunities in the future. By starting with a secured credit card, you can take control of your credit journey and work towards a healthier financial future.

 

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Next steps for your 553 credit score

A 553 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.
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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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