774 Credit Score: Is It Good or Bad?

Having a 774 credit score places you firmly within the very good credit category, unlocking potential access to top-tier financial offerings. This score significantly enhances your likelihood of securing prime personal loans, high-end rewards credit cards, and favorable interest rates. Although approval can never be entirely assured, possessing a very good credit score greatly improves your chances.

Being well above the national average, a very good credit score is commendable but doesn't represent the pinnacle of creditworthiness. It indicates a strong history of financial responsibility and low credit risk to lenders. We'll delve into the implications of such a score, explore ways to sustain it, and discuss methods to elevate your credit even higher.

What kind of credit score is 774?

A credit score within the 740 to 799 range is deemed very good, a milestone that 21% of Americans have reached. Such a score renders you a desirable candidate to a vast majority of lenders, marking you as a borrower who is likely to settle bills, wisely manage debt, and make prudent financial decisions punctually.

Having a 774 credit score places you in a favorable position with lenders who trust in your ability to repay borrowed funds. This trust means you are less likely to encounter protective measures such as additional fees or security deposits, which are often required for those with lower credit scores.

Achieving and maintaining a very good credit score is not only a testament to your financial acumen but also opens doors to the best financial products on the market. By continuing to make timely payments, keeping your credit utilization low, and avoiding unnecessary debt, you can further solidify your financial standing and even aim for an excellent credit score. This proactive approach will ensure you continue to benefit from the most favorable financial terms available.

Getting a credit card with a 774 credit score

With a credit score of 774, you're well-positioned to apply for basically any credit card you want. A very good credit score gets you access to cards that offer the finest rewards, most competitive interest rates, and exclusive perks on the market. This score range makes you a sought-after applicant for credit card issuers, empowering you to select cards that fit your lifestyle perfectly and offer the rewards you want.

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Here are some types of rewards credit cards you might consider:

Cash Back Cards: Cash back cards are popular for their straightforward rewards structure. These cards offer a percentage of your purchases back as cash, typically ranging from 1% to 5%. Some cards provide higher cash back rates for specific categories such as groceries, gas, or dining, allowing you to maximize rewards based on your spending habits. This type of card is ideal for those seeking flexible, easy-to-understand rewards that can be redeemed as statement credits, checks, or direct deposits, making them a convenient option for everyday use.

Points Cards: Points cards reward you with points for every dollar spent, which can then be redeemed for various items, including merchandise, gift cards, or travel. Each card issuer has its own rewards program, offering different redemption values and options. These cards are versatile and can be especially beneficial if you frequently shop with specific retailers or brands that offer additional points for purchases. This flexibility allows you to tailor your rewards to fit your preferences, making points cards a valuable option for maximizing your spending benefits.

Miles Cards: Miles cards are tailored for frequent travelers, offering 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 priority boarding, free checked bags, and travel insurance. They are ideal for reducing travel costs and enjoying added conveniences, making them a great choice for those who travel often and want to maximize the value of their spending on travel-related purchases.

Co-Branded Cards: Co-branded cards are offered in partnership between a credit card issuer and another company, such as a retailer, hotel chain, or airline. These cards provide rewards specific to the partner brand, like discounts, special offers, or loyalty points. If you frequently use services from a particular brand, a co-branded card can offer significant value through enhanced rewards and exclusive benefits, making it easier to save money and enjoy perks when shopping, staying, or flying with the partner brand.

Travel Cards: Travel cards generally offer a range of travel-related rewards and perks. They might provide points or miles that can be redeemed through the card issuer's travel portal. Benefits often include travel credits, free accommodation, access to airport lounges, and complimentary service upgrades. Although these cards usually come with higher annual fees, the travel benefits can outweigh the costs for frequent travelers, providing significant value through enhanced travel experiences and savings on travel-related expenses.

Business Rewards Cards: Business rewards cards are designed for small business owners and entrepreneurs, offering rewards on business-related expenses such as office supplies, advertising, and travel. Additionally, they often come with tools for managing expenses and may provide employee cards at no extra cost. These cards help you maximize rewards on your business spending, providing valuable benefits and savings while also keeping your personal and business expenses separate, enhancing your financial management and efficiency.

Balance Transfer Cards: For those grappling with considerable debt, balance transfer cards that provide a 0% introductory APR can be a strategic choice. These cards allow you to transfer high-interest debt from other credit cards and pay it off during the introductory period without accruing additional interest. This can help you save significantly on interest, manage debt more effectively, and potentially pay off your balances faster. Utilizing a balance transfer card can be a practical step toward achieving better financial stability and reducing overall debt.

While deluxe rewards cards offer attractive perks, they often come with substantial annual fees and higher APRs post-introductory period. It's crucial to assess the overall value of the benefits in relation to the costs to determine if a card is worth it. Careful consideration of your spending habits and financial goals will help you choose the card that offers the best rewards for your lifestyle.

Getting a personal loan with a 774 credit score

Acquiring a personal loan when you have a 774 credit score typically entails a hassle-free experience. Given that most lending institutions don't ask for a credit score above 740, the likelihood of being turned down based on your credit alone is minimal. Your very good credit score positions you as a top-tier applicant in the eyes of lenders, who in turn are inclined to offer you loans with attractive terms and reduced interest rates.

Numerous types of loans are available to you with your very good score. Peruse the list below and see if any suit your needs. Then visit your local credit union, bank, or go online to find the lenders with the best offers.

Personal Loans: Personal loans are versatile, allowing you to borrow a lump sum for various purposes such as home improvement, medical bills, or even vacations. With a 774 credit score, you can secure personal loans with favorable terms, including lower interest rates and flexible repayment options. These loans are typically unsecured, meaning you don't need to put up collateral. This makes them an accessible and convenient option for covering significant expenses without the need to pledge assets, providing financial flexibility and peace of mind.

Debt Consolidation Loans: If you're struggling with multiple high-interest debts, a debt consolidation loan can simplify your payments by combining them into a single loan with a lower interest rate. This approach can save you money on interest over time and make managing your finances easier. With a high credit score, you’re more likely to qualify for these loans at competitive rates, making it a practical solution for streamlining your debt repayment and reducing your financial burden efficiently.

Business Loans: For entrepreneurs, business loans are essential for funding operations, expansion, or new projects. A strong credit score can help you secure business loans with favorable terms, including lower interest rates and longer repayment periods. Lenders view a high credit score as a sign of reliability and financial stability, increasing your chances of approval. This access to capital allows business owners to invest in growth opportunities, manage cash flow, and enhance their operations, ultimately contributing to the success and sustainability of their business.

Secured Loans: Secured loans require collateral, such as a car or home, which the lender can seize if you default. These loans often have lower interest rates because they pose less risk to the lender. Even with a high credit score, opting for a secured loan can help you obtain even better rates and terms. This makes secured loans a viable option for significant expenses or refinancing existing debt, providing favorable financial conditions and enhanced borrowing power due to the reduced risk for lenders.

Auto Loans: Auto loans are specifically for purchasing vehicles. With a credit score of 774, you can expect to receive some of the best interest rates available, making your car purchase more affordable. Whether you’re buying a new or used car, your strong credit score will be a significant asset, allowing you to secure favorable loan terms. This can lead to lower monthly payments and overall savings on interest, making it easier to finance your vehicle without straining your budget.

Mortgages: Mortgages are loans used to purchase property. A high credit score can help you secure a mortgage with a low interest rate, potentially saving you thousands of dollars over the life of the loan. Additionally, a high credit score can increase your chances of being approved for a mortgage, even with a smaller down payment. This advantage can make homeownership more accessible and affordable, allowing you to invest in a property with favorable financial terms and manageable monthly payments.

Cash Advance Loans: Cash advance loans from fintech apps offer a quick and convenient way to access small amounts of money before your next paycheck. Unlike traditional payday loans, these apps typically avoid high fees and interest rates. Instead, they may charge a small flat fee, request a voluntary tip, or require a subscription. Additionally, many apps charge a fast funding fee if you need the money immediately. While the fees are minimal, they can add up. These apps can help manage short-term financial needs but it's important to use them responsibly to avoid dependency.

Prequalifying and Comparing Offers: Before committing to a loan, it's wise to prequalify with multiple lenders. Prequalification involves a soft credit check, which doesn’t affect your credit score, and gives you an idea of the loan terms you might qualify for. By comparing offers from various lenders, you can ensure you’re getting the best possible deal.

Consider factors such as:

Interest Rates: Lower interest rates decrease the total cost of the loan.
Repayment Terms: Longer terms can reduce monthly payments but may result in more interest paid over the loan's duration.
Fees: Watch out for origination fees, prepayment penalties, and other charges.
Customer Service: Select a lender known for excellent customer service and transparent communication.

This process helps you make an informed decision, securing the most favorable loan conditions tailored to your financial needs and goals.

With a credit score of 774, you have access to a wide range of loan options with favorable terms. Whether you need a personal loan, a mortgage, or a business loan, your strong credit score positions you as a desirable borrower. Take advantage of your high credit score by prequalifying and comparing offers to find the best loan for your needs, ensuring you benefit from the lowest rates and most favorable terms available.

Take your 774 credit score with a grain of salt

While a 774 credit score is certainly a cause for celebration, it's important not to become complacent. Credit scores are fluid, and maintaining—or even improving—your score requires continuous attention to your financial habits. Regularly monitoring your credit report for errors or fraudulent activity is essential, as these can negatively impact your score if left unchecked.

It's also important to remember that while your credit score is very good, it’s only one component lenders consider. Other crucial factors include your income, employment status, and debt levels. For example, you might have a very good credit score but still be rejected for a loan if your debt-to-income ratio is too high. This ratio reflects the amount of your income that goes toward debt repayment and can indicate to lenders whether you can manage additional debt.

Additionally, opening too many new credit accounts within a short period can raise red flags for lenders, even if your credit score is high. This behavior can be interpreted as a sign of financial instability or overextension, potentially leading to loan denials.

While a 774 credit score is a strong asset, it's essential to maintain responsible financial practices and be aware of other factors that influence lending decisions. Celebrate your high score, but stay vigilant and proactive to ensure your financial health remains robust.

How can I get my score even higher?

Being in the very good credit score range sets you apart from those with poor credit, and typically, you'll have access to premier financial products. However, you can go further if you want to be part of the exclusive 800s group. Continue practicing solid credit habits and be patient, as time plays a crucial role in achieving top-tier credit scores.

Understanding Credit Score Calculation

The two main credit scoring models are FICO by the Fair Isaac Corporation and VantageScore, jointly created by the three main credit bureaus: Experian, Equifax, and TransUnion. The scoring models are very similar but the exact weight they put on factors differs a bit. In general, if you have a very good score in one you will have a very good score in the other. We will talk more about FICO as this is the older model used by the vast majority of lenders.

FICO scores are calculated based on five key factors:

Payment History (35%): This is the most significant factor and reflects your track record of making timely payments. Late payments, defaults, and collections negatively impact your score.
Credit Utilization (30%): This ratio compares your total credit card balances to your total credit limits. Lowering your utilization rate below 30%, and ideally under 10%, can boost your score.
Length of Credit History (15%): The age of your oldest account, the average age of all your accounts, and the age of your newest account are considered. Longer credit histories typically result in higher scores.
New Credit (10%): Opening several new accounts in a short period can be seen as risky behavior, potentially lowering your score.
Credit Mix (10%): A variety of credit types, such as credit cards, mortgages, and auto loans, can positively affect your score.

Strategies to Enhance Your Credit Score

To inch closer to an exceptional credit score, remember these key strategies:

Review Your Report: Regularly checking your credit report is essential for maintaining a healthy credit score. By reviewing your report, you can identify and correct any inaccuracies or signs of unauthorized activity that could negatively impact your credit standing. Annual credit report checks also help you stay informed about your financial health and ensure that all information is up-to-date and accurate.

Embrace Autopay: Even with a strong track record indicated by a 774 score, mistakes happen. Autopay can prevent missed payments by automatically paying the full balance or minimum due before the due date, safeguarding against oversight. This simple step ensures you maintain your very good credit rating by avoiding late fees and protecting your credit history from negative impacts.

Reduce Credit Utilization: Aim to lower your credit utilization even further, from 30% to under 10%. Active credit use is necessary for building credit, so continue making purchases with your cards judiciously. This strategy helps maintain a healthy credit score by demonstrating responsible credit management and keeping your debt levels low relative to your credit limits.

Pay Down Balances: Paying down your balances throughout the month can help manage your credit utilization more effectively. By reducing your outstanding balances before your statement closing date, your reported credit utilization ratio will be lower, positively impacting your credit score. This proactive approach ensures that your credit report reflects lower balances, demonstrating responsible credit management and potentially boosting your overall credit score.

Hold Onto Old Accounts: The urge to close unused accounts might be strong, but doing so can negatively impact your score by increasing your utilization ratio and shortening your credit history. Unless the costs outweigh the benefits, keep these accounts open. Maintaining older accounts helps preserve your credit length and overall score stability.

Apply for New Credit Sparingly: Frequent credit applications can signal to lenders an overreliance on credit, potentially lowering your score. To maintain your strong credit rating, apply for new credit only when necessary. This cautious approach helps prevent unnecessary hard inquiries on your credit report, ensuring your credit score remains stable and reflective of responsible financial behavior.

Age Your Credit: The longer your accounts are open, the more data lenders have on your financial reliability. Credit users with scores above 800 often have a credit history extending over a decade. Patience is key; allow your credit accounts to age naturally. Consistently practicing good credit habits over time will help you achieve and maintain a high credit score.

Maintaining a high credit score requires ongoing diligence and strategic financial behavior. By adhering to these guidelines and understanding how your score is calculated, you can not only sustain your current score but also work towards joining the elite group with scores in the 800s.

Next Steps for your 774 credit score

Your credit standing qualifies you for the crème de la crème of financial offerings. This achievement is something to take pride in, and it sets a solid foundation for continuing positive financial behavior. Should your ambitions stretch even further, aiming for the 800s could bring an additional layer of satisfaction, marking you as an exceptionally creditworthy individual. To ascend to such heights, persist in practicing sound credit habits, minimize your debt levels, ensure full payment of your balances, and remember that reaching exceptional creditworthiness demands time and patience.

To ascend to such heights, persist in practicing sound credit habits. Implementing autopay to avoid late payments, paying bills mid-month to manage credit utilization, and regularly checking your credit report for errors are essential practices. Minimize your debt levels by keeping your credit utilization ratio below 10% and be selective about applying for new credit to avoid unnecessary hard inquiries.

Additionally, reconsider closing old accounts as this can negatively affect the average age of your credit history, which is a critical factor in credit scoring. Cultivate a lengthy credit history by keeping accounts open and demonstrating long-term responsible credit use.

Reaching exceptional creditworthiness demands time and patience. Continue to pay your balances in full each month and maintain a consistent record of timely payments. By staying vigilant and proactive with your credit management, you can gradually move from a very good credit score into the elite 800s range, unlocking even more advantageous financial opportunities and benefits.

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

768 769 770 771 772 773 775 776 777 778 779 780

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774 Credit Score: Is It Good or Bad?

What kind of credit score is 774?

Getting a credit card with a 774 credit score