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723 Credit Score: Is It Good or Bad?

723 Good
Updated April 6, 2024
Written by Rachel Alulis

A 723 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 723 credit score, interpreting it as a sign of consistent, on-time bill payments. This article delves into the significance of a 723 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 723?

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 723 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 723 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 723 credit score?

A 723 credit score puts you in a favorable position to qualify for a wide range of credit cards. Credit card issuers view applicants with this score as financially reliable, increasing the likelihood of approval for cards with better terms and various perks. Here are some types of credit cards you might qualify for with a 723 credit score:

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Regular APR 10%
Credit Score Range 300-579
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1. Cash Back Cards: Cash back credit cards reward you with a percentage of your spending back in the form of cash rebates. Typically, these cards offer 1-2% cash back on most purchases, with higher percentages on specific categories such as groceries, gas, or dining. With a 723 credit score, you are eligible for many competitive cash back cards, enabling you to enjoy substantial savings over time. These cards not only provide a straightforward way to earn rewards on everyday expenses but also help in managing your finances more efficiently by offering tangible returns on your spending.

2. Travel Rewards Cards: Travel rewards credit cards allow you to earn points or miles that can be redeemed for travel-related expenses like flights, hotel stays, and car rentals. These cards often include additional perks such as travel insurance, airport lounge access, and no foreign transaction fees. With a 723 credit score, you qualify for several attractive travel rewards cards. However, the most premium cards, which offer extensive benefits, may still require a higher credit score. By using these cards wisely, you can enhance your travel experiences and save on travel costs.

3. Balance Transfer Cards: Balance transfer credit cards are designed to help you manage and pay down existing debt by offering low or 0% introductory APR on balance transfers for a specified period. This feature can save you significant amounts on interest if you have high-interest debt. With a 723 credit score, you are likely to qualify for balance transfer cards with favorable terms, making it easier to reduce your debt more efficiently. Utilizing these cards strategically can accelerate your journey to becoming debt-free while minimizing interest payments.

4. Low-Interest and 0% Intro APR Cards: These cards offer low ongoing interest rates or 0% introductory APR on purchases for a limited time, making them ideal for large purchases that you need a little longer to pay off. Be sure you can pay off the balance before the introductory period ends or you will likely be stuck with a much higher APR. With a good credit score of 723, you can secure access to these beneficial cards, aiding in more efficient financial management. By taking advantage of these offers, you can spread out the cost of major expenses while avoiding the burden of high interest, thereby maintaining better control over your budget and debt.

While a 723 credit score is solid and opens up many opportunities, it may not qualify you for the most exclusive credit card offers. Premium cards with lucrative rewards, higher cash back rates, and top-notch perks typically require very good to excellent credit, usually above 740. Nonetheless, maintaining and improving your credit score can eventually provide access to these top-tier credit options.

Can I get a personal loan with a 723 credit score?

A credit score of 723 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 723 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 723, 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 723 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 723 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 723 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 723 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?

With a credit score of 723, 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 723 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 723 credit score

Having a credit score of 723 is an accomplishment worth celebrating, yet there's still room for improvement to unlock access to top-tier credit offerings. A 723 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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