747 Credit Score: Is It Good or Bad?

A credit score of 747 is considered very good, placing you in an advantageous position to access some of the best financial products available. With this score, you are likely to qualify for the best personal loans and premium rewards credit cards on the market. While there's no such thing as guaranteed approval, having a score in the very good range certainly improves your chances significantly.

A very good credit score is well above the national average, indicating responsible credit management and financial reliability. However, it’s important to recognize that it’s not at the top yet. Understanding what your score means, learning how to maintain it, and taking steps to boost it even further can provide additional financial benefits.

What kind of credit score is 747?

Scores ranging from 740 to 799 are classified as very good, a status reached by 21% of the U.S. population. Holding a very good credit score positions you favorably in the eyes of most lenders, who see you as a low-risk borrower likely to make timely payments, maintain manageable debt levels, and navigate your finances wisely.

With a credit score of 747, lenders are confident in your ability to fulfill your borrowing obligations. Consequently, you stand a strong chance of being approved for loans with competitive interest rates, flexible terms, and credit cards that offer premium rewards. A very good credit score can also lead to better insurance rates, more lenient approval processes for renting apartments, and even potential employment opportunities.

While a 747 score is impressive, there is still room for improvement. Aiming for an exceptional score (800 or higher) can open even more financial doors, offering the best possible terms on loans and the most lucrative rewards on credit cards. Strategies to achieve this include maintaining a longer credit history, diversifying your credit mix, and continuing to demonstrate responsible credit behavior.

Getting a credit card with a 747 credit score

Holding a credit score of 747 puts you in a prime spot for securing credit cards with the most attractive offerings, including exceptional rewards, the lowest interest rates, and exclusive benefits. Credit card companies consider individuals with such scores to be highly attractive candidates, giving you the freedom to be discerning in your card selection to ensure it aligns with your financial needs and lifestyle.

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There are a variety of rewards cards to suit just about anyone. Take a look at the types below:

Cash Back Cards: One popular category is cash back credit cards, which reward you with a percentage of your spending as cash. These cards are excellent for everyday purchases, often offering higher cash back rates for specific categories such as groceries, gas, or dining. Some cards provide a flat rate on all purchases, simplifying the rewards process by eliminating the need to track rotating categories. This makes it easy to accumulate rewards consistently, allowing cardholders to benefit from their regular spending habits without extra effort.

Points Cards: Points credit cards allow you to earn points for every dollar spent, which can then be redeemed for various rewards such as gift cards, merchandise, or travel. These cards are often more versatile than cash back cards, as points can be used for a wide range of rewards. Additionally, some points cards offer bonus points for spending in specific categories like dining or travel, enabling you to maximize your rewards. This flexibility and the potential for increased earnings make points credit cards an attractive option for many consumers.

Miles Cards: Miles credit cards are tailored for frequent travelers, awarding miles for every dollar spent, which can be redeemed for flights, hotel stays, and other travel-related expenses. These cards often come with travel-specific perks such as free checked bags, priority boarding, and travel insurance, making them ideal for those who spend a lot of time in the air. Additionally, many miles credit cards offer bonus miles for purchases made with airlines or travel partners, further enhancing their value for avid travelers.

Co-Branded Cards: Co-branded credit cards are issued in partnership with specific brands or retailers, offering exclusive benefits and rewards for purchases made with the partner brand. Examples include airline and hotel credit cards, which provide perks like free checked bags, priority boarding, complimentary hotel stays, and elite status. These cards can be highly rewarding if you are loyal to a particular brand and frequently use their services. The tailored rewards and benefits can significantly enhance your experience and provide substantial savings on your preferred airline, hotel chain, or retailer.

Travel Cards: Travel credit cards are designed to offer benefits and rewards specifically for travel-related expenses. They often come with features such as no foreign transaction fees, travel insurance, and access to airport lounges. These cards can help you save money on international purchases and provide peace of mind with travel protection. Additionally, perks like airport lounge access can enhance your travel experience by offering a more comfortable and relaxing environment while you wait for your flight. These benefits make travel credit cards an excellent choice for frequent travelers.

Business Cards: Business rewards credit cards cater to the needs of business owners, providing rewards and benefits tailored to business expenses. These cards typically offer higher rewards rates for common business expenditures such as office supplies, advertising, and travel. Additionally, business credit cards often come with tools to help manage expenses and track spending, making them a valuable asset for any business. These features can streamline financial management, enhance budgeting accuracy, and maximize the value of your business expenditures, ultimately contributing to more efficient and effective business operations.

Balance Transfer Cards: If you're working to pay down debt, a balance transfer card featuring a 0% introductory APR might provide the financial relief you need. These cards allow you to transfer high-interest debt to a new card with no interest for a specified period, usually between 12 and 21 months. This can significantly reduce your interest payments and help you pay off your debt faster. By taking advantage of this interest-free period, you can focus on reducing the principal balance more effectively, ultimately saving money and becoming debt-free sooner.

With a credit score of 747, you have access to a wide array of rewards credit cards tailored to different spending habits and lifestyle preferences. By carefully considering your financial needs and goals, you can select the card that provides the most value and enhances your overall financial well-being.

Getting a personal loan with a 747 credit score

Obtaining a personal loan with a credit score of 747 is usually straightforward. The majority of lenders set their minimum requirement at or below 740, making it highly improbable that your application would be declined based on your credit score alone. With such a commendable score, lenders are likely to consider you an ideal borrower, presenting you with advantageous loan conditions and competitive interest rates.

With a very good credit score, you have a wide selection of loans and lenders at your disposal. Whether you need a loan to buy a house, finance a car, or consolidate debt, your credit score positions you to secure the best rates and terms available.

Personal Loans: Personal loans are versatile financial tools that can be used for a variety of purposes, including debt consolidation, home improvement, medical expenses, or other major purchases. With a 747 credit score, you are in an excellent position to secure a personal loan with favorable terms such as low interest rates and flexible repayment periods. Lenders view you as a low-risk borrower, which can result in higher loan approval amounts and more competitive rates. This strong credit score enhances your borrowing power, making personal loans an attractive option for financing various financial needs.

Debt Consolidation Loan: A debt consolidation loan can be a smart move for managing multiple high-interest debts. By combining various debts into a single loan with a lower interest rate, you simplify your monthly payments and potentially save money on interest. This approach can also improve your credit score by reducing your credit utilization ratio and showing a more manageable debt profile. However, it’s essential to maintain disciplined financial habits and avoid accruing new debt to maximize the benefits of a consolidation loan. Always compare offers to ensure you secure the best terms possible.

Secured Loans: Secured loans require collateral, such as a vehicle, home, or savings account, to back the loan. This collateral reduces the lender's risk, often resulting in lower interest rates and higher borrowing limits compared to unsecured loans. Common types of secured loans include auto loans, mortgages, and home equity loans. While they offer favorable terms, failure to repay can lead to the loss of the collateral. Therefore, it's crucial to borrow responsibly and ensure you can meet the repayment terms to avoid jeopardizing your assets. Secured loans can be a valuable financial tool when used wisely.

Business Loans: For entrepreneurs and business owners, a high credit score is essential when applying for business loans. These loans can be used to start a new business, expand operations, purchase inventory, or cover other business-related expenses. With a 747 credit score, you can access various types of business loans, including term loans, lines of credit, and equipment financing, often with lower interest rates and more attractive terms. Your strong credit score demonstrates to lenders that you have a history of managing debt responsibly, significantly increasing your chances of securing the necessary funding to support and grow your business.

Auto Loans: Auto loans are specifically designed to help you purchase a new or used vehicle. A high credit score of 747 can significantly lower the interest rate on an auto loan, making your monthly payments more affordable and reducing the total cost of the loan. Lenders are more willing to offer better terms to individuals with very good credit because they pose less risk of defaulting on the loan. This can result in savings over the life of the loan and make it easier to manage your finances while enjoying your new vehicle.

Mortgages: A 747 credit score is a major advantage when applying for a mortgage. It can qualify you for the best interest rates and terms available, whether you’re looking for a fixed-rate mortgage, an adjustable-rate mortgage (ARM), or a jumbo loan. Lower interest rates can save you tens of thousands of dollars over the life of the loan, making homeownership more affordable. Additionally, a strong credit score can increase your negotiating power, giving you leverage to secure better deals on the purchase price and other terms, further enhancing your financial position.

Cash Advances: Cash advance apps provide a convenient way to access small amounts of money quickly without the stringent credit checks typical of traditional loans. These apps allow you to borrow against your next paycheck, helping cover unexpected expenses or urgent bills. While they offer speed and flexibility, it's important to use them judiciously due to potential fees and the risk of falling into a cycle of dependency. Always read the terms carefully and ensure you can repay the advance on time to avoid additional charges and financial strain.

Prequalifying and Comparing Offers: Prequalifying for a loan involves submitting basic information to a lender to get an estimate of the loan amount, interest rate, and terms you might qualify for. This process does not affect your credit score and allows you to compare offers from different lenders. With a 747 credit score, prequalifying can help you identify the best loan options available, ensuring you get the most favorable terms.

When comparing loan offers, consider the following factors:

Interest Rates: Lower interest rates reduce the overall cost of the loan.
Repayment Terms: Longer terms can lower monthly payments but may increase the total interest paid over the life of the loan.
Fees: Be aware of origination fees, prepayment penalties, and other charges.
Customer Service: Choose a lender with a reputation for good customer service and clear communication.

A 747 credit score opens up a wide range of loan opportunities with favorable terms and competitive interest rates. Whether you need a personal loan, business loan, auto loan, mortgage, or cash advance, your strong credit score positions you as an ideal borrower. Prequalifying and comparing offers can help you find the best loan to meet your financial needs and goals.

Take your 747 credit score with a grain of salt

Celebrating a 747 credit score is appropriate, yet it's essential to remain proactive in managing your credit. Since credit scores fluctuate, perpetually monitoring and adjusting your financial habits is key to keeping your score on the higher end or improving it. Periodically review your credit report, as any discrepancies or fraudulent activities can harm your score. Keep on top of your bills and usage so that your score stays high.

While having a very good credit score is advantageous, lenders consider various other aspects in their decisions, such as your income, job security, and debt burden. A 747 score does not guarantee loan approval, particularly if your debt-to-income ratio is high or you've made several new credit inquiries within a year. These factors can impact lenders' perceptions of your creditworthiness, sometimes outweighing the benefits of a high score.

Therefore, while it is important to take pride in your very good score, understanding its limitations is equally important. You need to maintain an overall healthy financial state to access the very best financial products. To do this, pay down your debt, have stable employment, and pay all your bills on time.

Staying informed and vigilant about your overall financial health will help ensure you continue to enjoy the benefits of a high credit score and make informed decisions about your credit and loans.

How can I get my score even higher?

A very good credit score is a significant achievement and generally qualifies you for the best credit products. However, to reach the elite category of credit scores—in the 800s—you need to continue practicing good financial habits and have patience, as time is a crucial factor in achieving the highest scores.

How Credit Scores Are Calculated

There are multiple credit scoring models, with FICO and VantageScore being the most popular. FICO, by the Fair Isaac Corporation, is used by 90% of lenders, so we'll focus more on its factors here. Luckily, the factors considered by both FICO and VantageScore are very similar. Therefore, if you have a very good score with one, you likely have a very good score with the other.

FICO scores are calculated using five factors, each with it's own weight:

Payment History (35%): This is the most significant factor. Consistently paying your bills on time positively impacts your score, while late payments, collections, and bankruptcies can severely harm it.
Credit Utilization (30%): This ratio measures how much of your available credit you are using. A lower utilization rate is better, as it shows you’re not overly reliant on credit.
Length of Credit History (15%): The longer your credit accounts have been open, the more beneficial it is for your score. This factor includes the age of your oldest account, the age of your newest account, and the average age of all your accounts.
Credit Mix (10%): Having a variety of credit types (credit cards, installment loans, mortgages) can positively affect your score.
New Credit (10%): Opening several new credit accounts in a short period can indicate risk and lower your score temporarily.

Practical Tips to Boost Your Score

Check Your Report: Regularly reviewing your credit report is essential for maintaining a high credit score. It helps you spot and correct any errors or signs of fraudulent activity that could negatively impact your score. Make it a habit to check your report from all three major credit bureaus at least once a year to ensure accuracy and safeguard your financial health.

Set Up Autopay: Even with a high credit score, human error can lead to missed payments. Setting up autopay ensures you never miss a due date, maintaining your excellent payment history and preventing late fees. This simple step helps safeguard your credit score and ensures your financial management remains consistent and reliable.

Lower Your Utilization: If you currently use about 30% of your available credit, aim to reduce it to 10% or less. Lower utilization is viewed favorably by lenders and can significantly boost your credit score. Keeping your credit utilization low demonstrates responsible credit management and can enhance your financial profile.

Pay Bills Mid-Month: Paying your credit card bills mid-month, in addition to your regular due date, can help lower your credit utilization rate. By reducing your balance before the statement closes, you present a lower utilization ratio to the credit bureaus. This practice can positively impact your credit score, demonstrating better credit management and financial responsibility.

Keep Old Accounts Open: Closing old, unused accounts can decrease your available credit and increase your utilization rate. It also shortens the average age of your credit accounts, which can negatively impact your score. To maintain a healthy credit profile, keep these accounts open unless they have high fees, ensuring your credit utilization stays low and your credit history remains robust.

Apply for Credit Only When Needed: Multiple credit applications within a short time frame can be a red flag for lenders, indicating potential financial instability. To avoid negatively impacting your score, apply for new credit sparingly and only when necessary. This cautious approach helps maintain your credit score and ensures you appear as a low-risk borrower to potential lenders.

Let Your Credit Age: Time is a critical factor in achieving an excellent credit score. Consumers with scores of 800 or higher typically have had credit accounts for over 10 years. Be patient and allow your accounts to age, providing a long history of responsible credit use. This patience and consistency help demonstrate financial stability and reliability to lenders.

By adhering to these practices, you can potentially boost your credit score further. Maintaining good financial habits over time will not only help you reach the elite credit score range but also ensure long-term financial health. Consistency in responsible credit use, timely payments, and prudent financial management will significantly enhance your credit profile and financial stability.

Next Steps for your 747 credit score

By and large, with a 747 credit score, you're in a position to access the premier financial products available. This includes top-tier credit cards with superior rewards, low-interest personal loans, and competitive mortgage rates. To maintain this standing, continue upholding the beneficial financial practices you've established. However, if you aspire to breach the 800s and achieve an exceptional credit score, you'll need to adopt even more rigorous credit management strategies.

Achieving an exceptional score requires adherence to exemplary credit management. This includes making all payments on time, reducing your overall debt, and settling balances completely each month. Additionally, aim to lower your credit utilization ratio to under 10%, as this can significantly impact your score. Keeping old accounts open to lengthen your credit history and avoiding unnecessary credit inquiries are also crucial.

Exercising patience is vital in this process. Credit scores are partly influenced by the length of your credit history, so allowing your accounts to age naturally will contribute positively over time.

While reaching an 800+ score is entirely possible, it demands consistent, disciplined financial behavior and time. Stay diligent and proactive in monitoring your credit report for any inaccuracies or unauthorized activity. By continuing to manage your credit responsibly, you can maximize your score’s potential and achieve financial excellence.

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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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.

Related scores

741 742 743 744 745 746 748 749 750 751 752 753

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747 Credit Score: Is It Good or Bad?

What kind of credit score is 747?

Getting a credit card with a 747 credit score