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712 Credit Score: Is It Good or Bad?

712 Good
Updated April 6, 2024
Written by Rachel Alulis

A 712 credit score is considered good and places you right in the middle of the credit score spectrum. According to Experian, the average credit score among Americans is 715, which also falls squarely in the good camp. A credit score of 712 opens up numerous financial opportunities, including access to better interest rates, more favorable loan terms, and a wider range of borrowing options.

Most lenders will approve an applicant with a 712 score as it shows that you generally pay your bills on time. In this article, we’ll dive deeper into what a 712 credit score means when it comes to applying for loans and credit cards and the steps you can take to bring your score to the next level.

What kind of credit score is 712?

Credit scores serve as a gauge for lenders to evaluate your risk level as a borrower. They essentially estimate your likelihood of repaying your loan or credit card bill. Scores ranging from 670 to 739 are considered good, indicating a high probability of meeting debt obligations and categorizing you as a low-risk borrower. Approximately 21% of Americans fall within this scoring bracket. With a score in this range, you meet the approval criteria for most lenders, positioning you favorably for loan and credit card approvals under more attractive interest rates and terms.

However, a 712 credit score, while deemed good, is not very good or exceptional. Holding a score at this level means you might miss out on the most competitive interest rates and loan conditions available. Despite being viewed as relatively low risk, a 712 score suggests you may have made financial missteps in the past, such as late payments or defaults, or it could reflect a shorter credit history. These factors contribute to lenders exercising more caution than they would with higher scores.

 

Can I get a credit card with a 712 credit score?

Certainly, having a credit score of 712 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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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 712 credit score?

A credit score of 712 greatly enhances your chances of getting a personal loan with competitive rates and agreeable terms. You're viewed by creditors as a borrower with moderate risk, making it easier to secure loans for debt consolidation, covering unforeseen costs, or funding home renovations. Although the specifics of rates and terms will differ across lenders, your credit score puts you in a good position to shop around and get a good deal.

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There are a variety of types of personal loans. With your score falling in the good range, you are likely to qualify for them. Let's go over the most common choices:

Secured Loans: Secured loans require collateral, such as a car or savings account, which the lender can claim if you default on the loan. Because they pose less risk to the lender, secured loans often come with lower interest rates and more favorable terms compared to unsecured loans. They are a good option if you have valuable assets and want to benefit from lower interest rates. Additionally, secured loans can be easier to obtain for those with less-than-perfect credit, as the collateral provides the lender with added security.

Unsecured Loans: Unsecured loans do not require collateral, relying solely on your creditworthiness to determine your eligibility. While they typically have higher interest rates than secured loans, your 712 credit score should help you secure a loan with a reasonable rate. These loans are versatile and can be used for various purposes, such as debt consolidation, medical expenses, home improvements, or even vacation funding. Because they don’t require collateral, unsecured loans are an attractive option for borrowers who don’t have valuable assets to pledge or prefer not to risk their property.

Installment Loans: Installment loans provide you with a lump sum that you repay in fixed monthly payments over a predetermined period, usually ranging from one to seven years. This structure makes budgeting easier, as you know exactly what you owe each month. These loans are suitable for large expenses, such as home improvements, major purchases, or consolidating high-interest debt. The predictability of fixed payments helps you manage your finances more effectively, ensuring that you can plan for future expenses while steadily working towards paying off the loan.

Cash Advance Apps: Cash advance apps offer small, short-term loans, typically up to a few hundred dollars, to tide you over until your next paycheck. These apps usually charge a small fee or ask for a voluntary tip instead of traditional interest. There is no credit check and the money is typically deducted from your next paycheck. They are best used for minor, urgent expenses like unexpected bills or emergencies.

Now, we'll go over where to get personal loans:

Banks: Traditional banks offer a wide range of personal loans with competitive rates, especially if you have an existing relationship with the bank. They often require a thorough application process and credit check, but with a credit score of 712, you will typically be eligible for favorable terms. These loans can be used for various purposes, such as home improvements, debt consolidation, or major purchases. Additionally, banks may offer personalized service and financial advice, helping you find the best loan options tailored to your needs and financial situation.

Credit Unions: Credit unions are member-owned financial institutions that often provide more personalized service and lower interest rates on loans compared to traditional banks. Because they prioritize their members' needs, credit unions may offer more flexible lending criteria, making it easier for members to qualify for loans. This can be especially beneficial if you have a lower credit score or need more tailored financial solutions. As a member, you can take advantage of the community-focused approach and potentially better loan terms, enhancing your overall financial wellbeing.

Online Loan Marketplaces: Online loan marketplaces offer a convenient way to apply for personal loans, allowing you to compare multiple offers quickly. You submit one application online and they connect you with online lenders within their network. Many online lenders cater to borrowers with a wide range of credit scores. You compare potential offers and then apply for the loan that's the best deal for you. Most online lenders offer streamlined application processes, fast funding, and provide competitive rates and terms, making them an excellent choice for borrowers with a 712 credit score. The ease of access and quick approval times make online lenders a practical option for those seeking efficient and flexible loan solutions.

Peer-to-Peer Lending Platforms: These platforms connect borrowers directly with individual investors willing to fund loans, often offering competitive rates. They can be a good option if you have a strong credit score. The approval process is typically quick, and the terms can be quite favorable, as the peer-to-peer nature allows for more flexibility than traditional lending institutions. This can result in lower interest rates and more personalized loan terms, making peer-to-peer lending an attractive choice for those seeking efficient and cost-effective borrowing options.

A 712 credit score opens up various personal loan options. However, approval is not guaranteed. Should you be denied, you can ask for an adverse action notice. This notice explains the lender's decision and discloses the credit details that influenced their judgment. If your credit score is the hurdle, it's comforting to know that you're already on the trajectory toward improvement.

 

Take your 712 credit score with a grain of salt

There isn't a universally agreed-upon definition of good credit since lenders set their own benchmarks for acceptable credit scores and assign varying degrees of importance to them. Your credit score is just one aspect of your financial profile. Some creditors prefer to delve deeper into your financial circumstances, evaluating your employment situation, income, and any existing financial obligations.

Securing a 712 credit score marks a significant milestone, but it's essential to keep pushing forward. Your credit score is subject to change for better or worse based on your financial behavior. Therefore, it’s crucial to continue your responsible credit habits not only to maintain but potentially increase your score.

Continue what you're probably already doing. Always pay your bills on time, keep your credit card balances low, and avoid unnecessary debt. You can also check your credit report to make sure everything is well. By doing so, you can be eligible for even better financial products, such as loans with lower interest rates, higher credit limits, and more rewarding credit card options. While your score is good, you still have a ways to go to make it great. Consistent and responsible financial management can open doors to top-tier financial products and rewards in the future.

 

How can I make my good credit score great?

Your 712 credit score is commendable and places you well above the threshold of poor credit. However, there's still room for improvement to reach higher tiers of creditworthiness. While there's no exact formula for achieving a perfect credit score, you can take several steps to continue raising your score and becoming a more attractive credit risk for lenders.

First of all, let's go over how credit scores are calculated. The credit scoring models take into account the following five factors:

  • Payment history - 35%
  • Credit utilization - 30%
  • Length of credit history - 15%
  • Credit mix - 10%
  • New inquiries - 10%

Your first step towards even better credit should be to check your credit report. You can get your credit report once a year for free from annualcreditreport.com. Look it over for errors or discrepancies. These can be simple mistakes you should dispute with the issuing bureau or signs of identity theft. Next, see what you're doing wrong. Knowing what habits you have that are keeping your score down lets you know what you need to change.

Now, here are some essential principles to implement to bring your score to even greater heights:

Lower your utilization: Aim to use only 30% of your available credit, and even better, keep it below 10%. Credit utilization significantly impacts your credit score. The average consumer with a FICO score of 800 uses only 5.7% of their available credit. To lower your utilization, pay down existing debts, consider increasing your credit limits, and always pay your bills in full. The less credit you use, the better, but it's also crucial to keep your cards active to show responsible usage.

Pay your bills on time: Timely bill payment is the most critical factor in building and maintaining a high credit score. The impact of a late payment on your score depends on how late the payment is and how recently it was missed. An impressive 95% of consumers with FICO scores of 800+ have never missed a payment. Consistently paying your bills on time will demonstrate your reliability to lenders.

Let your credit age: The length of your credit history matters significantly. A longer credit history indicates more credit experience and provides lenders with more data on your financial behavior. There's not much you can do to speed up this process except to wait. Consumers with FICO scores of 800+ have an average account age of 10.5 years. Patience and consistent use of credit over time will benefit your score.

Don’t close old accounts: While it might be tempting to close old accounts, doing so can decrease your available credit, increase your credit utilization ratio, and shorten your credit history length. However, if an account has high fees, it may be worth closing. Generally, keeping old accounts open helps maintain a favorable credit utilization rate and a longer credit history.

Apply for new credit sparingly: Only apply for new credit when absolutely necessary. Each application results in a hard inquiry, which can negatively impact your credit score for about a year. Additionally, newly opened accounts lower the average age of your credit history. Limiting new credit applications helps maintain a stable and strong credit profile.

Diversify your credit mix: A diverse credit mix, including both credit cards and installment loans, can positively impact your credit score. However, you should only take on new debt if you need it. Demonstrating responsible management of various credit types shows lenders your ability to handle different forms of credit.

Building credit takes time, but you're already halfway there. By consistently following these principles and maintaining responsible financial behavior, your credit score will continue to rise. Remember, improving your credit is a gradual process, but with patience and diligence, you can achieve an excellent credit score and unlock even better financial opportunities.

 

Next steps for your 712 credit score

Having a credit score of 712 is an accomplishment worth celebrating, yet there's still room for improvement to unlock access to top-tier credit offerings. A 712 score demonstrates responsible financial behavior, but reaching higher tiers, such as very good (740-799) or excellent (800-850), can provide even greater benefits.

Start by familiarizing yourself with your credit score and carefully reviewing your credit reports for any inaccuracies. Regularly monitoring your reports can help you catch and dispute errors that might negatively impact your score.

Next, focus on strategies to elevate your score. Maintain low credit utilization by keeping your credit card balances well below your limits, ideally under 30%. Make timely payments a priority, as late payments can significantly harm your score. Also, aim to lengthen your credit history by keeping old accounts open and managing different types of credit responsibly.

Achieving a very good or excellent credit score will position you favorably for securing loans at the most competitive interest rates and obtaining credit cards that offer the best rewards. By adopting these strategies and maintaining responsible financial habits, you can improve your credit score, opening doors to superior financial opportunities and enhancing your 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.
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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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