Home Learn about your credit score 582 Credit Score

582 Credit Score: Is It Good or Bad?

582 Fair
Updated April 6, 2024
Written by Rachel Alulis

A credit score of 582 is below the national average of 715 and is generally considered subprime, but it won’t necessarily stop you from borrowing money. There are plenty of loans and credit cards available you can qualify for with a 582 credit score.

A 582 credit score falls into the fair category - any score from 580-669 is considered fair. A fair score is a step up from poor or bad credit, but it is still a sign of past credit difficulties or a lack of credit history. Understanding a 582 credit score is crucial for financial planning. By improving your score, you can gain access to better financial products and more favorable interest rates in the future.

Let's explore what a 582 credit score means and how you can enhance your credit profile for better financial opportunities ahead.

 

What kind of credit score is 582?

A credit score of 582 falls into what's considered the fair category. 18% of Americans have scores within this bracket. Lenders look at your credit score to determine your lending risk or, in simpler terms, your reliability in repaying borrowed money. Being in the fair score range means lenders see you as a higher risk compared to those with good to excellent credit, though not as risky as individuals with poor scores.

A fair credit score indicates you've encountered some financial difficulties in the past, such as late or missed payments, high debt amounts, or collections accounts. Or perhaps you have an insufficient credit history. These issues contribute to the overall lower score, signaling to lenders that there have been challenges in managing credit responsibly. This makes it tougher to secure loans or credit cards with favorable terms, as lenders are cautious about the potential risks.

To access credit with a fair score, you'll need to demonstrate strong financial qualifications, such as a good income, steady employment, and few debt obligations. These factors can help offset the perceived risk and improve your chances of approval. However, if you are approved, expect loans or credit cards to come with elevated interest rates and added fees. These higher costs reflect the increased risk lenders associate with fair credit scores, making it more expensive to borrow money. Improving your credit score over time can help you qualify for better terms and lower costs in the future.

The best thing you can do is raise your credit rating to unlock more favorable financial opportunities. Consistently paying bills on time, reducing outstanding debt, and minimizing new credit inquiries are crucial steps towards building a healthier credit profile. Over time, these efforts can improve your creditworthiness, enabling you to qualify for loans and credit cards with better terms and lower interest rates.

 

Can I get a credit card with a 582 credit score?

Yes, you can get a credit card with a 582 credit score, but your options will be limited to cards designed for applicants with low scores.

These cards are considered subprime credit cards. They give you a chance to access credit no matter your score. The catch is they are typically pretty basic. It's hard to find perks and rewards with these cards, but not out of the question. If you look hard enough, you can find some subprime cards with rewards. Most of them, though, have numerous fees and high APRs. Be aware of how much the card costs and make sure you can afford it before you apply. The good news is, that these cards can help you build credit. Once you move your score into the good range, you can qualify for cards with more perks and fewer fees.

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

A secured credit card could be a smarter choice for those with fair credit. Secured cards have lower fees and interest rates than their unsecured subprime counterparts. The catch is they require a refundable security deposit upfront. The deposit not only determines your spending limit but also minimizes risk for the credit card provider by acting as collateral should you miss a bill. These cards are designed to help individuals rebuild or establish credit, as they report to the major credit bureaus, allowing responsible usage to positively impact your credit score over time.

For those aiming to better their credit situation, secured cards represent an excellent starting point. They provide an opportunity to bolster your score and foster responsible credit use, paving the way to qualify for a standard credit card with favorable terms and benefits. Over time, with consistent on-time payments and responsible credit use, you can graduate to an unsecured card with better perks.

Alternatively, you could become an authorized user on someone else’s account. This approach grants you access to credit and the chance to benefit from a friend or family member’s positive payment history and low credit usage, all while bypassing the need for your own credit application. As an authorized user, their good credit behavior can reflect positively on your credit report, helping to boost your score. However, it’s crucial to ensure that the primary account holder maintains good credit habits, as their negative actions can also impact your score.

One strategy to increase your chances of approval and improve your credit score over time is to prequalify for a credit card. Prequalification involves a soft credit inquiry, which doesn't affect your score and helps you understand which cards you might qualify for. This step can prevent unnecessary hard inquiries that could further lower your score if you’re denied. After you prequalify, compare card offers and choose the best one for you.

Can I get a personal loan with a 582 credit score?

Securing a personal loan with a 582 credit score is feasible, but it often comes with strings attached, such as high interest rates, additional fees, and less flexible repayment terms. Despite these challenges, several options are available for those with fair credit. Understanding these options can help you make informed decisions and potentially improve your financial situation.

Secured Loans: One option is a secured loan, which requires collateral, such as a car, savings account, or other valuable assets. Because the loan is backed by collateral, lenders view it as less risky. This often results in lower interest rates and better terms than unsecured loans. However, if you default on the loan, the lender can seize the collateral and sell it to recoup their losses. Only take out a secured loan if you're certain you can make payments.

Joint Loans: Applying for a joint loan with a co-borrower or co-signer who has a higher credit score can also improve your chances of approval and secure better terms. The co-applicant shares the responsibility for repayment, which reduces the lender's risk. Ensure that both parties understand the obligations and consequences of the loan. Failing to pay can hurt both your credit scores and your relationship, too.

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

Online Lenders: Many online lenders and lending marketplaces specialize in providing loans to individuals with fair to poor credit. These lenders often consider your credit score as just one part of your overall financial picture. They also evaluate your income, employment status, and current debt levels. While these lenders tend to place less emphasis on your credit score, the APRs and fees still can be very high. Shop around and compare offers from different online lenders - most will let you prequalify. This extra legwork can help you find the best deal and save money.

Credit Unions: Credit unions are member-owned financial institutions that often offer more favorable terms than traditional banks, especially for those with lower credit scores. They may be more willing to work with you to find a loan that fits your needs and budget. Many federal credit unions offer Payday Alternative Loans (PALs) that accept applicants with lower scores. The interest rates on these loans are capped at 28%. Joining a credit union and building a relationship with them can get you access to lower-cost loans and provide additional financial benefits in the long run.

Cash Advance Apps: Cash advance apps provide short-term loans without a credit check. All you have to do is link your bank account and set up direct deposit. These apps typically offer small advances on your paycheck - from $50 up to $500. How much you can advance depends on your earnings and your repayment history. The advanced amount is then automatically repaid on your next payday. Most have no interest, minimal fees, and let you reschedule a payment at least once. The fee structure on these apps varies but it's usually a flat fee, subscription fee, or optional tip. While these can be convenient for covering immediate expenses, they should not be relied on and the fees can add up fast, so watch out.

While a 582 credit score presents challenges, several options are available to secure a personal loan. By exploring secured loans, joint loans, online lenders, credit unions, and cash advance apps, you can find a solution that meets your needs. Carefully consider the costs and terms of each option. Try to prequalify and compare multiple lenders to ensure that you make the best choice for you.

Note that short-term loans tend to be more expensive and harder to pay back than installment loans that are spread out over two to seven years. No matter if you choose a short-term loan, installment loan, or secured loan, be sure that you have a payment plan in place. Making on time payments will improve your credit score while missing payments or defaulting on a loan will not only hurt your score but lead to a cycle of debt.

Take your 582 credit score with a grain of salt

There is no universal definition of fair credit nor a single metric accurately predicting a consumer’s financial reliability. Consequently, lenders have varying score requirements, and it’s not always clear what they consider acceptable or how much weight they give to credit scores. Some lenders look beyond a borrower’s credit score and emphasize factors like employment stability and housing situation. This means that even with fair credit, a solid employment history, and stable housing can enhance your chances of securing credit.

Understanding that your credit score is a three-digit number derived from information on your credit reports is crucial. This score is not static; it can be improved with deliberate effort. Actions such as paying bills on time, reducing outstanding debt, and avoiding new credit inquiries can positively impact your score over time. Additionally, regularly reviewing your credit reports for errors and disputing any inaccuracies can also help boost your score.

Improving your credit score from fair to good or even excellent can open doors to better financial products, lower interest rates, and more favorable loan terms. While fair credit might limit your options currently, proactive steps can lead to significant improvements and greater financial opportunities in the future. Remember, your credit score is a dynamic reflection of your financial behavior and can be enhanced with consistent, positive financial habits.

 

How can I grow my 582 credit score?

Boosting your credit score is one of the best things you can do to improve your financial situation. A higher credit score means borrowing becomes not only easier but also more affordable. A positive credit history translates to lower interest costs, access to more credit products, and an easier time renting an apartment or getting a job.

With your credit score at 582, the path to good credit might appear daunting, but achieving a good score is attainable. First, look at the key factors that determine your score:

  • Payment history: This is the most significant factor. Ensure you make all payments on time.
  • Credit utilization ratio: Aim to keep your credit usage below 30% of your available credit.
  • Age of credit accounts: Older accounts positively impact your score, so keep them open and active.
  • Variety in types of credit: Having a mix of credit types (e.g., credit cards, installment loans) shows you can manage different kinds of credit responsibly.
  • Inquiries for new credit: Limit the number of new credit applications, as frequent inquiries can lower your score.

Next, review your credit report to understand why your score is low. Identify any past credit mistakes, such as late payments or high balances, and take effective steps to address them. By focusing on these key areas and making consistent, responsible financial decisions, you can gradually improve your credit score, enhancing your financial opportunities and stability.

Monitor your credit

Start by reviewing your credit report from all three major credit bureaus: Equifax, Experian, and TransUnion. Each bureau may have slightly different information, so it’s essential to check all three. You can get a free copy of your report from each bureau once a year at annualcreditreport.com. Carefully examine your report for errors or inaccuracies. If you find any incorrect or outdated information, dispute it with the respective credit bureau. Removing negative marks can give your score an immediate boost.

Next, analyze your credit report to understand why your score is low. Identify if you have late or missed payments, accounts in collections, or high credit utilization. Also, check if you’ve applied for numerous credit cards or loans recently, as these actions can lower your score.

Additionally, consider the possibility of identity theft. Unauthorized accounts or unfamiliar activities on your credit report could indicate that someone has stolen your identity and is damaging your credit. If you suspect identity theft, report it immediately to the credit bureaus and take steps to protect your information.

By identifying the reasons for your low score, whether due to personal financial habits or potential fraud, you can take targeted steps to improve it.

Do damage control

Now that you understand the mistakes dragging down your score, it’s time to correct them. Negative information can stay on your credit report for up to seven years, but its impact lessens over time. Since your score is not poor, you likely don’t have too many recent negative marks to address. 

Start by contacting your creditors or collection agencies. See if you can negotiate with them to improve your credit report. For instance, they may agree to delete a negative item if you pay a delinquent account in full or stop reporting late payments if you bring your account current. Both these actions will get accurate negative marks off your report and help boost your score.

Creditors might be willing to assist because they prefer to recover their money rather than continue pursuing a delinquent account. Take the time to call and discuss your situation with them. It's a worthwhile effort. Be honest and polite. The worst they can say is no. If they say yes, then you'll have taken proactive steps to improve your score.

Get credit and use it

Improving your credit score hinges on responsible credit use. Lenders gauge your dependability as a borrower by how well you manage credit obligations. The most straightforward method to show you can be trusted with credit is to consistently borrow and repay as per the terms agreed upon. Credit cards make this easy to do.

If you haven't yet, apply for a credit card. Either a secured or unsecured card will help you as long as the issuer reports your payment history. Use it for small, manageable purchases each month—expenses you could easily cover with cash. Pay off the entire balance by the end of each billing cycle. Consider setting up autopay or payment reminders to avoid late or missed payments. Establishing and maintaining a history of on-time payments is vital since payment history is the biggest part of calculating your score. Even one late payment can drastically drag down your credit rating.

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

The second most significant aspect is your credit utilization rate. Keep your credit usage under 30% of your available credit to demonstrate that you aren’t overly dependent on borrowing. If you can bring it lower, that’s even better. To help manage this, you might opt to make multiple payments throughout the month.

Credit builder tools can also be beneficial. Many financial institutions offer credit builder loans, which are designed to help individuals establish or improve their scores. With these loans, the borrowed amount is held in a secured account while you make monthly payments. Once you’ve paid off the loan, the funds are released to you, and your successful payments are reported to the credit bureaus, boosting your score.

Rent reporting services can also play a role in improving your credit rating. These services report your on-time rent payments to the credit bureaus, which can help build a positive payment history, especially if you do not have many other credit accounts.

Personal loans can be another tool. Make your payments on time each month and your score will go up. The concern here is it's rarely a good idea to take on debt you don't need.

Consistently paying your bills on time and keeping your utilization low proves that you are responsible with credit and will gradually boost your score. As your score increases, you’ll qualify for more advantageous financial products, helping you achieve better financial stability and growth.

Up to $1,000 Credit Limit!

Fortiva Mastercard
Apply Now

Next steps for your 582 credit score

A 582 credit score is not ideal and can make obtaining a loan or credit challenging, but it is not impossible. The offers you do receive will likely come with higher interest rates and additional fees as lenders seek to mitigate their risk. This can make borrowing more expensive and less favorable for you.

The good news is that a fair credit score is not a permanent condition. With dedication and effort, you can raise your score and improve your financial standing. Start by paying your bills on time, as timely payments are a significant factor in your credit score. Even one missed payment can have a substantial negative impact.

Additionally, focus on reducing your overall debt. High levels of debt can drag down your score, so work on paying down balances, especially on high-interest accounts. This not only helps improve your credit utilization ratio but also saves you money on interest payments.

Keeping your credit utilization low is another crucial step. Aim to use less than 30% of your available credit limit, as this demonstrates to lenders that you are managing your credit responsibly. If necessary, make multiple payments throughout the month to maintain a low utilization rate.

By following these steps and maintaining good financial habits, you can gradually boost your credit score from fair to good. This will open up opportunities for better loan terms, lower interest rates, and more favorable credit offers, ultimately improving your overall financial health.

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
576577578579580581583584585586587588

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.