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721 Credit Score: Is It Good or Bad?

721 Good
Updated April 6, 2024
Written by Rachel Alulis

A credit score of 721 is considered good credit, comfortably positioned in the middle of the credit spectrum. According to Experian, the average credit score in America is 715, which also falls into the good credit category. This score indicates that you’ll likely receive competitive interest rates, advantageous loan agreements, and a broader range of credit options.

Individuals with a credit score of 721 are often met with approval from lenders, as this score reflects a habit of punctual bill payments and responsible credit usage. In this article, we will delve deeper into what having a 721 credit score means for your loan and credit card application prospects. Additionally, we will provide practical advice on how to enhance your credit standing further, ensuring even better financial opportunities in the future.

 

 

What kind of credit score is 721?

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 721 credit score is considered good, it does not reach the very good or exceptional categories. With a score of 721, 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 721 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 721 credit score?

Yes, a 721 credit score places you in a strong position to be eligible for numerous credit card options. Issuers consider individuals with such scores to be financially dependable, enhancing your chances of approval for credit cards offering advantageous terms.

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Credit cards can be broadly categorized based on the rewards and benefits they offer. Here are some of the most common types:

Cash Back Cards: Cash back credit cards reward you with a percentage of your spending returned as cash. These cards typically offer varying rates depending on the purchase category. For example, you might earn 1% cash back on all purchases, but 3% on groceries or 2% on gas. This system allows you to save money on everyday expenses. These cards are particularly beneficial if you prefer a straightforward reward system that effectively reduces your net spending, making them an excellent choice for those looking to maximize their purchasing power.

Travel Rewards Cards: Travel rewards cards offer points or miles that can be redeemed for travel-related expenses such as flights, hotels, and car rentals. These cards often come with additional perks like travel insurance, no foreign transaction fees, and airport lounge access. They are ideal for frequent travelers who want to maximize their spending benefits for future trips. By using these cards for everyday purchases, you can accumulate points quickly and enjoy significant savings and enhanced travel experiences.

Balance Transfer Cards: Balance transfer cards allow you to transfer existing high-interest debt from one or more credit cards to a new card with a low or 0% introductory APR on balance transfers for a specified period, usually 12-18 months. These cards can help you save on interest and pay down debt faster. However, they often charge a balance transfer fee, typically 3-5% of the amount transferred. This fee can add up, so it's important to calculate whether the interest savings outweigh the cost of the transfer.

Brand-Specific Rewards Cards: Brand-specific rewards cards are designed to offer exclusive benefits and rewards for purchases made with a particular retailer or brand. These cards often provide higher reward rates for spending within the brand’s stores or online platforms, such as 5% cash back or bonus points on purchases. Additionally, they may offer perks like early access to sales, special financing options, and exclusive discounts. Brand-specific rewards cards are ideal for loyal customers who frequently shop with the brand, allowing them to maximize their savings and enjoy added benefits tailored to their shopping preferences.

While your 721 credit score makes you eligible for many of these cards, achieving a higher credit score can unlock access to even better credit card offers. Cards that demand very good to excellent credit often come with more generous rewards, superior perks, and higher credit limits. Therefore, while you explore your options, consider strategies to improve your credit score further, such as maintaining low credit card balances, making timely payments, and avoiding unnecessary credit inquiries. By doing so, you can enhance your credit profile and qualify for the most attractive credit card offers available.

Can I get a personal loan with a 721 credit score?

A 721 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 721 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 721 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 721 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 721 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 721 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 721 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 721 credit score with a grain of salt

Good credit does not have a one-size-fits-all definition across the lending industry. Different lenders have varying score requirements and place different levels of importance on credit scores. Your credit score represents just a fraction of the overall criteria. Many lenders are inclined to assess the entirety of your financial situation, including job stability, income, and the debts you currently carry.

While reaching a 721 credit score is noteworthy, it's vital to remain proactive in managing your finances. Credit scores can easily change for better or worse. Maintaining a good credit score requires ongoing attention to several factors, such as making timely payments, keeping credit card balances low, and avoiding new debt accumulation. Additionally, regularly monitoring your credit report for errors or inaccuracies is crucial, as even minor discrepancies can impact your score.

It's also beneficial to diversify your credit mix by having various types of credit accounts, such as credit cards, installment loans, and mortgages. This diversification can positively influence your credit score over time. Ultimately, while a 721 credit score positions you well within the "good" range, aiming even higher can qualify you for more advantageous financial options, such as lower interest rates, higher credit limits, and better loan terms. Keeping up the good work to preserve and improve your score will open up more opportunities and provide greater financial flexibility.

 

How can I make my good credit score great?

Sitting at a 721 credit score puts you comfortably in the good category, yet there's more ground to cover before you achieve an exceptional score. While there isn't a magic formula, certain proactive measures can boost your score further, enhancing your appeal to lenders.

Credit scores are determined by weighing the following five factors:

  • Payment history - 35%
  • Credit usage - 30%
  • Length of credit history - 15%
  • Mix of credit - 10%
  • New inquiries - 10%

Take a look at your credit report. You can get a free report annually from annualcreditreport.com. Carefully review it for any errors or discrepancies, which might be simple mistakes to dispute with the issuing bureau or signs of identity theft. Next, identify any negative habits impacting your score. Recognizing these habits enables you to make the necessary changes to enhance your credit standing.

Now that you have a better idea of where you stand, consider adopting these strategies:

Minimize Credit Utilization: Aim to use no more than 30% of your total credit line; aiming for 10% is even better. Individuals with FICO scores above 800 tend to utilize just 5.7% of their available credit. Work on reducing your debt, request an increase in your credit limits, and strive to settle your bills in full each month. Minimal credit usage is key. This strategy demonstrates to lenders that you are not overly reliant on credit and can manage your available credit responsibly.

Timely Bill Payments: Paying your bills on time is fundamental to credit building. The impact of a late payment varies, but recent payments over 30 days late can significantly drag down your score. Remarkably, 95% of those with FICO scores over 800 have never missed a due date. Consistently making timely payments ensures that your credit history reflects reliability and financial responsibility, which is critical to maintaining and improving your score.

Age Your Credit: The longevity of your credit accounts contributes positively to your score. A more extended credit history offers lenders a comprehensive view of your credit management skills. Patience is essential here, as the only strategy is to let time pass. The typical consumer with a FICO score above 800 boasts an average account age of 10.5 years. To benefit from this factor, keep your oldest accounts open and active.

Keep Old Accounts Open: Although it might be tempting to close old accounts, doing so can harm your credit. Closing old accounts increases your utilization ratio and reduces the average age of your credit. The exception to this rule is if your account has hefty fees. Keeping old accounts open helps to maintain a favorable credit utilization rate and a longer credit history, both of which positively impact your credit score.

Selective Credit Applications: Only apply for new credit when absolutely necessary. Each application involves a hard inquiry, which temporarily lowers your score. It should bounce back within a few months to a year. Additionally, new accounts can lower the overall age of your credit history. Being selective about applying for new credit prevents unnecessary hard inquiries and maintains the average age of your credit accounts.

Credit Mix: Lenders like to see that you can handle different types of credit, namely credit cards and loans. While it’s beneficial to have a mix of credit, only borrow when you need to. A diverse credit mix, including installment loans and revolving credit accounts, can enhance your credit score by demonstrating your ability to manage various types of credit responsibly.

Credit building is a marathon, not a sprint. By continuing with your responsible financial habits, you're on the right path to seeing your credit score climb even higher. Consistently minimizing credit utilization, making timely payments, maintaining the age of your credit, and being selective with new credit applications will help you move closer to an exceptional credit score. Keep old accounts open when possible and diversify your credit mix responsibly. With patience and persistence, you can achieve an even higher credit score, opening doors to better financial opportunities.

 

Next steps for your 721 credit score

A 721 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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