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708 Credit Score: Is It Good or Bad?

708 Good
Updated April 6, 2024
Written by Rachel Alulis

A 708 credit score falls squarely into the category of good credit. According to data from Experian, the national average credit score for Americans is 715, placing it firmly in the good range. This score unlocks advantageous interest rates, better loan terms, and a wider selection of credit opportunities.

Lenders are generally inclined to approve those with a 708 credit score, interpreting it as a sign of consistent, on-time bill payments. This article delves into the significance of a 708 credit score in the context of loan and credit card applications and discusses actionable steps for elevating your score even further. By maintaining responsible credit habits, you can gradually improve your score, opening up even more financial opportunities.

What kind of credit score is 708?

Lenders use your credit score to assess your risk as a borrower, determining how likely you are to repay what you owe. A good credit score, ranging from 670 to 739, signals to lenders that you are a lower-risk borrower likely to pay back what they lend. In fact, 21% of Americans fall into this credit score category. Most lenders will consider applicants with scores in this range for approval. You will likely receive lower interest rates and better terms compared to those with lower scores.

However, while a 708 credit score is considered good, it does not reach the very good or exceptional categories. With a score of 708, you will not qualify for the absolute best interest rates or the most favorable loan terms available. Although this score indicates relatively low risk and is far from bad, many individuals with a 708 credit score may have had late payments, defaults in the past, or a limited credit history. These factors can make lenders a bit more cautious compared to dealing with borrowers who have top-tier scores. Consequently, improving your credit score further can open up even more advantageous financial opportunities and better borrowing terms.

 

Can I get a credit card with a 708 credit score?

Certainly, having a credit score of 708 opens up a plethora of credit card options for you. With this score, credit card companies see you as a trustworthy borrower. This increases your likelihood of securing cards that come with more favorable conditions and enticing benefits, including cash back, travel incentives, or zero-interest introductory periods.

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Regular APR 10%
Credit Score Range 300-579
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Here are some types of credit cards you can consider:

Cash Back Cards: Cash back credit cards reward you with a percentage of your spending back as cash. Typically, they offer 1-2% cash back on general purchases and higher percentages on specific categories like groceries, gas, or dining. For instance, a card might offer 3% cash back on dining and 1% on everything else. These cards are ideal for those seeking straightforward rewards that can be easily redeemed for statement credits, checks, or direct deposits into your bank account, making them a convenient and flexible choice for maximizing everyday spending.

Travel Cards: Travel credit cards provide rewards in the form of points or miles that can be redeemed for travel-related expenses, such as flights, hotel stays, and car rentals. They often come with additional perks like travel insurance, airport lounge access, and no foreign transaction fees. For example, a travel card might offer two miles per dollar spent on travel and dining and one mile per dollar on all other purchases. These cards are perfect for frequent travelers looking to maximize their travel experiences and save on costs, making travel more affordable and enjoyable.

Balance Transfer Cards: Balance transfer credit cards are designed to help you manage existing debt by offering a low or 0% introductory interest rate on balance transfers for a certain period, typically 12 to 18 months. This significantly reduces the interest you pay on your debt, allowing you to pay it off more quickly. These cards are an excellent choice if you have high-interest debt and need time to pay it down without accumulating additional interest, providing a financial breather and a structured path to becoming debt-free.

Brand-Specific Rewards Cards: Brand-specific rewards cards offer perks and incentives tailored to a particular brand, retailer, or service provider. These cards typically provide higher rewards rates for purchases made directly with the brand and may include benefits such as exclusive discounts, early access to sales, or special financing options. For example, a retail store credit card might offer 5% back on store purchases and 1% on other transactions. Brand-specific rewards cards are ideal for loyal customers who frequently shop with a particular brand, allowing them to maximize their savings and enjoy exclusive benefits.

With a good credit score, you will have your choice of cards, including rewards cards. That said, the most premium credit card deals, featuring the richest rewards and the highest level of perks, necessitate having a credit score in the very good to excellent range. Use your credit card responsibly and you'll be able to raise your credit rating and reach those top-tier cards.

Can I get a personal loan with a 708 credit score?

A 708 credit score significantly improves your chances of being approved for personal loans with competitive interest rates and favorable terms. Lenders consider you a moderate-risk borrower, making it easier to secure loans for various purposes be it debt consolidation, unexpected expenses, or home improvement. While rates and terms vary by lender, your score puts you in a strong position to negotiate and shop around for the best deals.

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Most personal loans are installment loans, meaning you repay the money you borrow over a set period of time. These loans are generally easier to manage since you don't have a lump sum of cash due at once. Most of the loans types we've listed are installment loans, but one is a lump-sum loan since it is only for small borrowing amounts.

Here are the main types of personal loans you might consider:

Secured Loans: Secured loans require collateral, such as a car, home, or other assets, to back the loan. Because they pose less risk to lenders, these loans typically offer lower interest rates and higher borrowing limits. They are suitable for borrowers looking to make significant purchases or investments. Having a 708 credit score generally makes the approval process smoother, as it demonstrates financial reliability. With secured loans, you can leverage your assets to obtain favorable loan terms, making it an effective option for substantial financial needs.

Unsecured Loans: Unsecured loans do not require collateral and are granted based on your creditworthiness. They are repaid in fixed monthly payments over a set period, making them ideal for debt consolidation, home improvement projects, or other major expenses. With a 708 credit score, you are likely to qualify for favorable terms and interest rates, though they may not be the lowest available. These loans offer flexibility and convenience for managing larger financial needs without risking your assets, making them a popular choice for many borrowers.

Payday Alternative Loans: Payday Alternative Loans (PALs) are small-dollar loans offered by federal credit unions as a safer and more affordable option compared to traditional payday loans. PALs typically range from $200 to $1,000 and have lower interest rates (no more than 28%) and fees, making them a more manageable solution for short-term financial needs. Borrowers must be credit union members for at least one month to qualify. With repayment terms of one to six months, PALs help borrowers avoid the debt traps often associated with payday loans, promoting financial stability and responsible borrowing.

Cash Advance Apps: Cash advance apps offer short-term loans to help cover expenses until your next paycheck. You simply link your bank account for easy access to the money. Some apps require access to your timesheet, while others may require direct deposit. In general, they do not require a credit check, nor do they charge interest. They do, however, charge fees or request tips. There may be a flat rate for an advance or a subscription fee. Many will charge a fast funding fee if you need the cash instantly. Otherwise, you can get your money in one to three business days for free. While these loans provide convenient access to quick cash, they can become costly if you tip too much or start to rely on them.

Now that you have an idea of the different types of loans available, let's go over where to find them.

Banks: Traditional banks offer a wide range of personal loans with various terms and rates, catering to different financial needs. Banks often have stricter lending criteria, but with a 708 credit score, you stand a good chance of being approved. They provide a reliable option for both secured and unsecured loans, offering the security and trustworthiness of established financial institutions. By choosing a traditional bank, you can benefit from personalized service and the peace of mind that comes with borrowing from a reputable source.

Credit Unions: Credit unions are member-owned financial institutions that often provide lower interest rates and more personalized service compared to traditional banks. They typically have more flexible lending criteria, making them an excellent option for individuals with a 708 credit score. Credit unions can be particularly beneficial for unsecured loans and small to medium-sized loan amounts, offering competitive terms and a more community-focused approach to banking. Their member-centric model ensures that borrowers receive attentive, customized service tailored to their financial needs.

Online Lenders: Online lenders provide a convenient and competitive alternative to traditional banks and credit unions, often featuring quicker approval processes and a diverse range of loan products. With a 708 credit score, you can access various online loan options with competitive rates and terms. However, it's crucial to research and select reputable lenders to avoid predatory practices. By choosing trustworthy online lenders, you can benefit from the efficiency and flexibility they offer, making it easier to secure the financing you need without the lengthy procedures of traditional banking institutions.

While your 708 credit score makes you a strong candidate for many loan options, not every lender will approve you. Some may require higher scores well into the 700s, especially for the best rates and terms. If denied, you can request an adverse action notice. Lenders are required to tell you why they rejected your application. The adverse action notice will tell you why and provide the credit information that they used to come to that decision. Knowing these details can help you continue improving your credit score and better prepare for future loan applications.

 

Take your 708 credit score with a grain of salt

There is no universal definition of good credit, as lenders have varying score requirements and criteria. What one lender considers acceptable may differ from another, and the weight they assign to your credit score can vary. While your credit score is a significant factor, it's only one piece of the puzzle. Many lenders look beyond the score to assess your overall financial picture, including job status, income, and existing debts.

Achieving a 708 credit score is commendable, reflecting a solid financial foundation. However, it's crucial not to become complacent. Credit scores fluctuate based on your financial activities and decisions. For instance, late payments, high credit utilization, or new credit inquiries can negatively impact your score. Therefore, it's essential to continue practicing good financial habits, such as paying bills on time, keeping credit card balances low, and avoiding unnecessary credit inquiries.

Aiming to improve your credit score even further can open doors to more favorable financial products, including lower interest rates on loans and premium credit cards with better rewards. Regularly monitoring your credit report for errors and staying informed about your credit standing can help you maintain and improve your score. Remember, a higher credit score not only enhances your borrowing power but also signifies financial stability to potential lenders.

 

How can I make my good credit score great?

With a credit score of 708, you're beyond the poor credit category but still have a ways to go before you reach an exceptional score. There isn't a single strategy to boost your credit score, but there are specific actions you can take to improve your credit standing and make yourself more attractive to lenders.

First, let's review how credit scores are calculated. Credit scoring models consider the following five factors:

  • Payment history - 35%
  • Amount used - 30%
  • Length of credit history - 15%
  • Mix of credit types - 10%
  • New inquiries - 10%

Your initial step towards improving your credit should be to check your credit report. You can obtain a free report annually from annualcreditreport.com. Review it for any errors or discrepancies, which may be simple mistakes to dispute with the issuing bureau or indicators of identity theft. Next, identify any negative habits affecting your score. Understanding these habits allows you to make necessary changes to boost your credit standing.

Now, here are some essential principles to follow to elevate your score even further:

Lowering Utilization Rates: Strive to use less than 30% of your credit limit, though below 10% is ideal. Consumers with scores over 800 often use under 6% of their available credit. To achieve lower utilization rates, consider paying down your debt, requesting increased credit limits, and fully paying off your balances each month. These actions can help keep your credit usage low and improve your score.

On-time Payments: Paying your bills on time every time is critical to maintaining a healthy credit score. The severity of a late payment's impact on your score depends on how late the payment is and how recent it is. The vast majority of individuals with scores over 800 have a perfect payment record. Set up reminders or automatic payments to ensure you never miss a due date.

Age of Credit: The longevity of your credit history plays a significant role in your credit score. Older accounts demonstrate your seasoned use of credit, making you more attractive to lenders. While this factor requires time to develop, it's noteworthy that top scorers typically have credit histories averaging over 10 years. Keeping old accounts open and active can help maintain a longer average credit age.

Avoid Closing Old Accounts: Closing older accounts can hurt your score by increasing your utilization rate and reducing the length of your credit history. Unless an account carries substantial fees, it's generally better to keep it open to benefit your credit score. If an old account has a high annual fee or other significant costs, consider transferring the balance to a no-fee card before closing it.

Judicious Credit Applications: Limit new credit applications to when absolutely necessary. Each hard inquiry can impact your score for up to a year and reduce the average age of your credit accounts. Plan your credit applications carefully and avoid multiple applications within a short period.

Varied Credit Portfolio: While it’s wise to avoid unnecessary debt, having a diverse array of credit accounts can enhance your score. This might include a mix of credit cards, installment loans, and a mortgage. A varied credit portfolio shows lenders that you can handle different types of credit responsibly.

Building a strong credit profile is a gradual process. At a 708 score, you're already demonstrating good credit management. By continuing these practices—lowering your utilization rate, making on-time payments, maintaining a lengthy credit history, avoiding closing old accounts, being cautious with new credit applications, and maintaining a varied credit portfolio—your score is likely to climb even higher. Each step you take not only improves your credit score but also enhances your overall financial health and stability.

 

Next steps for your 708 credit score

A 708 credit score is good and you should be proud of yourself, but there is still room for improvement before you can access the very best credit products. To reach the next level, take the time to thoroughly understand your credit score and regularly assess your credit reports for accuracy and areas of improvement. This proactive approach allows you to identify and address any issues that may be hindering your score.

To boost your score, focus on key factors like lowering your credit utilization, making timely payments, and maintaining a long credit history. Aim to use no more than 30% of your available credit, and ideally, keep it under 10%. Paying bills on time is crucial, as late payments can significantly damage your score. Additionally, avoid closing old accounts, as they contribute to your overall credit history length and available credit.

Achieving a very good (740-799) or excellent (800+) credit score will position you for loans with the lowest interest rates and access to premium credit cards offering top-tier rewards and benefits. By consistently practicing responsible financial habits and staying vigilant about your credit health, you can elevate your score and unlock the best financial opportunities available.

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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