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735 Credit Score: Is It Good or Bad?

735 Good
Updated April 6, 2024
Written by Rachel Alulis

A credit score of 735 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 735 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 735 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 735?

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 735 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 735 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 735 credit score?

Absolutely, possessing a credit score of 735 significantly boosts your chances of qualifying for a diverse selection of credit cards. This score signals to credit card issuers that you're a financially stable applicant. You will likely be eligible for credit cards that offer appealing rewards such as cash rebates, travel points, or introductory offers of 0% APR.

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Credit cards are broken down into various types. A few rewards cards you can choose from include:

Cash Back Cards: Cash back credit cards offer a percentage of your purchases back as cash rewards, making them ideal for everyday spending and providing significant savings over time. Typically, these cards offer higher rewards rates for specific categories such as groceries, gas, or dining. For example, a card might offer 3% cash back on groceries and 1% on all other purchases. This type of card is perfect for those who want to maximize their regular spending by earning rewards turning everyday purchases into savings or additional spending power.

Travel Cards: Travel credit 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 no foreign transaction fees, travel insurance, and access to airport lounges, enhancing the travel experience. Travel cards are particularly beneficial for frequent travelers who want to maximize their travel rewards and enjoy premium benefits. For instance, a travel card might offer 2x points on travel purchases and 1x points on other purchases, making it an excellent choice for those looking to make the most of their travel spending.

Balance Transfer Cards: Balance transfer credit cards allow you to transfer existing high-interest debt to a new card with a lower or 0% introductory APR for a specified period, typically ranging from 6 to 18 months. This can significantly reduce your interest payments and help you pay off debt faster. Balance transfer cards are ideal for individuals looking to consolidate debt and save on interest. However, it’s crucial to pay off the balance before the introductory period ends to avoid reverting to high interest rates, which can negate the benefits of the transfer.

Brand-Specific Rewards Cards: Brand-specific rewards cards offer perks and incentives tied to a particular brand or retailer. These cards provide benefits such as discounts, exclusive offers, and reward points that can be redeemed for brand-specific products or services. For example, a retail store card might offer 5% off all purchases made at the store, or a hotel-branded card might provide free nights or room upgrades. Brand-specific rewards cards are ideal for loyal customers who frequently shop or utilize services from a particular brand, allowing them to maximize their savings and enjoy special privileges.

With a credit score of 735, you have various credit card options to choose from. Each card type offers unique benefits tailored to different spending habits and financial goals. By selecting the right card and using it responsibly, you can maximize your rewards and take advantage of favorable terms to enhance your financial well-being.

Can I get a personal loan with a 735 credit score?

A credit score of 735 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 735 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 735, 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 735 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 735 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 735 credit score with a grain of salt

The concept of what constitutes good credit is not set in stone, as different lenders have their own criteria for what credit scores they deem satisfactory, and the importance they place on these scores varies widely. A credit score is just one factor among many in the lending decision process. Some financiers opt to consider a broader view of your financial health, considering aspects like employment, income levels, and outstanding debts. This comprehensive approach allows lenders to assess your overall financial stability and your ability to repay loans.

Achieving a 735 credit score is commendable, yet it's crucial to avoid resting on your laurels. Credit scores are dynamic and influenced by your ongoing financial behavior and choices. Regularly making on-time payments, maintaining low credit card balances, and avoiding new debt can help sustain and improve your score. Additionally, periodically reviewing your credit report for inaccuracies and promptly addressing any issues can safeguard your credit health.

Striving to elevate your credit score beyond 735 can unlock superior financial offerings. Higher credit scores can lead to lower interest rates, better loan terms, and access to premium credit cards with more attractive rewards and benefits. By continuing to manage your finances responsibly, you can achieve greater financial flexibility and security, ensuring that you are well-positioned to take advantage of the best opportunities available.

 

How can I make my good credit score great?

Sitting at a 735 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 735 credit score

Having a credit score of 735 is an accomplishment worth celebrating, yet there's still room for improvement to unlock access to top-tier credit offerings. A 735 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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