802 Credit Score: Is It Good or Bad?

A credit score of 802 is not merely good, it’s exceptional. Landing in this credit category signifies a history of responsible credit behavior, including timely payments, low credit utilization, and long-standing accounts. But what opportunities does such a stellar score unlock, and how can you ensure it remains at this peak?

Understanding the implications of your credit score is crucial, regardless of how high or low it is. In this article, we'll explore the significance of your outstanding credit rating, give you a rundown of what products you’re likely to qualify for, and offer tips to sustain your high score for years to come.

What kind of credit score is 802?

An 802 credit score places you among the elite group of U.S. consumers, far surpassing the national average. Approximately 23% of Americans have an exceptional credit score ranging from 802 to 850. These scores reflect exceptional credit management skills, including punctual payments and minimal credit utilization. Attaining such a score is the result of long-term diligence and consistency rather than quick fixes.

An excellent credit score makes you an attractive prospect to lenders. Financial institutions view this metric as a predictor of your likelihood to repay your debts. A higher score suggests a low probability of default, meaning you are seen as a low-risk borrower. Consequently, you will most likely qualify for the most favorable loan conditions and credit cards with premium rewards. This can include lower interest rates, higher credit limits, and access to exclusive financial products that are not available to those with lower scores.

Moreover, an 802 credit score can benefit you beyond just borrowing. It can positively impact your insurance premiums, as insurers often consider credit scores when determining rates. Additionally, it can improve your chances of securing rental agreements, as landlords frequently use credit scores to assess the reliability of potential tenants. To maintain this score, continue managing your credit responsibly by paying bills on time, keeping credit card balances low, and regularly monitoring your credit report for any inaccuracies.

Getting a credit card with an 802 credit score

With an 802 credit score, applying for a credit card often comes with few hurdles. While absolute approval might not exist, your score almost assures eligibility for a broad spectrum of cards offered. Issuers are inclined to propose their top-tier products featuring competitive APRs (annual percentage rate), lucrative rewards, and exceptional benefits. However, it's important to note that these premium offerings frequently include significant annual fees and increased interest rates. Prioritize which benefits matter most to you and select a card that offers more in value than it asks for in fees.

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When choosing the right credit card, consider the various types available:

Cash Back Cards:

Advantages: Straightforward rewards, typically offering a percentage back on every purchase.

Examples: 2% cash back on all purchases or tier rewards with 6% cash back on groceries and 1% cash back on everything else.

Ideal for: Those who prefer a simple rewards structure and frequent cash back.

Travel Cards:

Advantages: Rewards points or miles that can be redeemed for flights, hotel stays, and other travel-related expenses.

Examples: 1x points on travel and dining or 2x miles on all purchases made through a travel center.

Ideal for: Frequent travelers who can maximize travel-related rewards and benefits.

Co-Branded Cards:

Advantages: Specific rewards and benefits with a particular brand, often including discounts, bonus points, or elite status.

Examples: 6x points at hotels or 2x miles on airlines

Ideal for: Loyal customers of specific brands looking to enhance their rewards and benefits.

Premium Cards:

Advantages: High-end perks like airport lounge access, travel credits, concierge services, and comprehensive travel insurance.

Examples: $695 annual fee but extensive travel benefits or a $550 annual fee with a $300 travel credit

Ideal for: Individuals who travel frequently and can take full advantage of luxury perks and benefits to offset the high annual fees.

Business Rewards Cards:

Advantages: Tailored rewards for business expenses, often including higher rewards on office supplies, advertising, and travel.

Examples: 3x points on travel and business expenses or 4x points on select business categories

Ideal for: Business owners seeking to maximize rewards on business-related purchases.

How to Tell if You're Getting the Best Deal

With such a good credit score, you have a lot of choices. It can be easy to be tempted by some of the sign-up bonuses or shiny rewards that credit card issuers offer. The thing to keep in mind is that top-tier cards with lucrative rewards can be expensive. Yes, you get a lot back, but issuers still want to make money, so they'll charge a high annual fee and high interest rate. Make sure that the card you choose fits your budget and that you will get more back in benefits than you'll spend out of pocket. Otherwise you're simply paying to spend money.

To determine if you're getting the best deal, consider the following factors:

Annual Fee: Weigh the annual fee against the value of the rewards and benefits. High annual fees can be justified if the perks (e.g., travel credits, lounge access) outweigh the cost.
APR: Look for a card with a competitive APR, especially if you plan to carry a balance. However, paying your balance in full each month can negate the impact of high APR.
Rewards Rate: Compare the rewards rates across different spending categories. Choose a card that offers high rewards in the categories where you spend the most.
Sign-Up Bonus: Consider the value of the sign-up bonus and the spending requirement to earn it. A lucrative sign-up bonus can significantly boost your rewards in the first year.
Additional Benefits: Evaluate other benefits such as purchase protection, extended warranties, travel insurance, and customer service quality.

Choosing the right card depends on your spending habits and the specific benefits you value most. If you travel a lot, a travel card may be perfect. If you have a favorite hotel or airline, a co-branded card may offer better rewards. With an exceptional credit score, you can choose from the best options available. Decide what perks you want, then do your research to ensure you get a card with maximum benefits and minimum costs.

Getting a personal loan with an 802 credit score

An 802 credit score makes the process of securing a personal loan relatively easy, as you are seen as an ideal borrower in the eyes of lenders. This status typically affords you access to the most competitive interest rates and attractive loan conditions. It remains a good idea to familiarize yourself with the current rates, aim for prequalification to gauge potential offers, and secure the most advantageous terms. With such an exemplary credit score, you will likely pay less for a loan than someone with bad credit, whether it's for debt consolidation, a substantial acquisition, or funding a personal endeavor.

Where to Find Different Types of Loans

Banks:

Traditional banks are a common source for personal loans, offering a wide range of loan products with competitive rates. They often have stringent qualification criteria, but with an 802 credit score, you’re likely to be approved for their best offers. These banks provide the security of established institutions, personalized service, and potential loyalty discounts if you have existing accounts. With your excellent credit, you can benefit from the most favorable terms, lower interest rates, and higher loan amounts, making traditional banks an excellent option for your borrowing needs.

Credit Unions:

Credit unions are member-owned financial institutions that typically offer lower interest rates and more personalized service than traditional banks. They prioritize their members' financial well-being, often providing more favorable terms for personal loans. If you have an account with a credit union, you may benefit from their community-focused approach and potentially easier qualification criteria. This makes credit unions an excellent option for securing personal loans, offering both competitive rates and a personalized touch to meet your financial needs.

Online Lenders:

Online lenders have grown in popularity due to their convenience and fast application processes. They often provide competitive rates and flexible terms, making them an appealing option for many borrowers. Some online lenders cater specifically to those with excellent credit, offering attractive loan conditions such as lower interest rates, higher loan amounts, and expedited approval times. With their user-friendly platforms, online lenders simplify the borrowing process, allowing you to apply and receive funds quickly, all from the comfort of your home.

Loan Marketplaces:

Loan marketplaces allow you to compare offers from multiple lenders in one place, streamlining the search for the best rates and terms. These platforms enable you to view different options side-by-side, helping you make an informed decision without undergoing multiple hard credit inquiries. By leveraging a loan marketplace, you can efficiently identify the most competitive loan products tailored to your financial needs, ensuring you secure the best possible deal with minimal impact on your credit score.

Cash Advance Apps:

Cash advance apps provide small, short-term loans directly to your bank account, offering a fast and convenient solution in emergencies. Their easy access and quick approval process make them appealing for immediate financial needs. These apps usually have minimal requirements and don’t require a credit check, making them accessible to a wider range of borrowers. They do not charge interest but do have a few fees: a fast funding fee, flat rate fee, subscription fee, or optional tip. While the fees are minimal, they can add up.

Shopping Around and Prequalifying

Shopping around for the best loan deal is essential, even with an excellent credit score. Different lenders offer varying rates, terms, and fees, and prequalifying allows you to see potential offers without impacting your credit score.

When you prequalify, the issuer will do a soft credit pull and check your basic financial information to see if you meet their criteria. If you do, they will present you with an offer, including potential loan amount, rate, and terms. Your job is to compare potential offers and then officially apply for the best one.

When prequalifying, look for:

Interest Rates: Lower rates can save you a significant amount of money over the life of the loan.

Loan Terms: Flexible repayment terms can make a loan more manageable.

Fees: Origination fees, prepayment penalties, and other charges can add to the cost of the loan.

Loan Amounts: Ensure the lender can provide the amount you need.

Repayment Options: Look for options that fit your financial situation.

Reasons You May Be Denied a Loan Despite an Exceptional Credit Score

While an 802 credit score is impressive, and you're likely to get any loan you want, lenders also consider other factors. If you fall short of these other financial parameters, your application may be denied. Lenders also look at:

High Debt-to-Income Ratio: Lenders prefer borrowers with a low ratio of debt to income. A high ratio suggests you may struggle to repay additional debt.

Insufficient Income: Even with a high credit score, if your income doesn’t meet the lender’s requirements, you may be denied.

Too Many Existing Loans or Credit Accounts: Having numerous active accounts can indicate overextension.

Unstable Employment: Lenders look for stable employment history to ensure you have a consistent income to repay the loan.

Lender-Specific Criteria: Each lender has unique criteria that can affect your loan approval.

If you're denied a loan, take stock of your entire financial situation. Perhaps you need to pay down debt or stay at your job for a little longer before applying again.

Take your 802 credit score with a grain of salt

Your financial well-being encompasses more than just your credit score. Lenders consider additional factors such as income, job stability, and existing debt levels when evaluating your application. While an 802 credit score is undoubtedly commendable, it is just one aspect of your overall financial health. If your debt levels are too high, or you're applying for a lot of financial products at once, or you've recently moved and changed jobs, lenders are going to be less inclined to approve you. They like stability and reassurance that you will repay what you borrow.

It's important to give them that. Continue to be responsible with credit. You should also pay down debts and maintain stable employment to be a well-rounded and desirable candidate. By managing these aspects effectively, you enhance your overall financial health and improve your chances of securing favorable loan terms.

Tips for maintaining your exceptional credit score

Now that you have an exceptional credit score, you’ll want to make sure it does not drop. In order to do that, you'll need to know how your score is calculated. The information on your credit reports is put into credit scoring models that analyze it and spit out your score. FICO and VantageScores are two of the most commonly used credit scoring models. Both scores range from 300 to 850, but they are calculated differently.

FICO scores, created by the Fair Isaac Corporation, are used by 90% of top lenders. They consider five key factors:

Payment history (35%)
Amounts owed (30%)
Length of credit history (15%)
New credit (10%)
Credit mix (10%)

FICO scores are heavily influenced by your payment history and how much you owe relative to your credit limits.

VantageScores, developed by the three major credit bureaus (Equifax, Experian, and TransUnion) also use similar factors but weigh them differently. They focus on:

Payment history (40%)
Age and type of credit (21%)
Percentage of credit used (20%)
Total balances/debt (11%)
Recent credit behavior (5%)
Available credit (3%)

VantageScores tend to place more emphasis on recent credit behavior and available credit.

Now that you have a better idea of how scores are calculated, let’s go over the key things you can do to keep it in the top tier.

Check Your Report

Regularly checking your credit report is essential to maintaining your exceptional score. By reviewing your report, you can catch errors, fraudulent activities, or identity theft early. Each of the three major credit bureaus—Equifax, Experian, and TransUnion—allows you to obtain a free report annually through AnnualCreditReport.com. Look for inaccuracies in your personal information, account statuses, and credit inquiries. Dispute any errors you find immediately to ensure they don’t negatively impact your score. Regular monitoring helps you stay proactive in protecting and maintaining your top-tier credit status.

Pay Your Bills on Time

With such a high score, there’s a good chance you don’t have a single late payment on your credit reports. Keep it up. A flawless payment history is the single most important thing for maintaining your score. Set up reminders or autopay for all your accounts to ensure you never miss a payment. A single late payment can have a big impact on your score, especially when it’s up so high. If you do miss a due date, give your credit issuer a call. They may agree to remove the negative mark if it’s never happened before.

Keep Your Balances Low

Your credit utilization ratio is calculated by dividing the amount of credit you’re using by the amount of credit available to you. Your utilization is probably already under 30%. Aim for under 10% to solidify your high score further. Two ways to keep your credit utilization ratio low are to get higher credit limits and to pay off balances early. Ask your creditor to increase your limit; they just may with a history of responsible behavior.

Let Your Accounts Age

The length of your credit history or how long you’ve had active accounts contributes to your credit score. Time here is your best friend. Keep older accounts open to demonstrate a long history of responsible credit use. Closing older accounts not only lowers your average credit age but negatively affects your utilization ratio. Card issuers may close old accounts if you’re not using them. To avoid this, occasionally make small purchases on old accounts. If your account has a lot of fees, consider closing it. Time will offset the negative impact.

Only Apply for New Credit When Needed

Each new credit application results in a hard inquiry into your credit report, temporarily lowering your score by five to ten points. Your score should bounce back within a few months. Apply for new credit sparingly to minimize this impact. A single inquiry won’t do much damage. Still, multiple inquiries in a short period will have a larger negative effect and signal to lenders that you’re in desperate need of credit.

Maintain a Credit Mix

Lenders want to know that you can juggle different types of credit, such as credit cards and installment loans. Demonstrating that you have experience using various types of credit can boost your score. However, don’t apply for a loan and take on debt solely to improve your score. This is a small factor, and it’s possible to achieve and keep an exceptional credit score with only credit cards.

While an 802 credit score is a strong indicator of financial responsibility, maintaining overall financial health requires ongoing effort. By managing your debts and continuing to uphold good credit habits, you can remain an appealing candidate to lenders.

Next steps for your 802 credit score

Achieving an 802 credit score is a clear indication that you are a responsible borrower. This stellar rating qualifies you for the most favorable loan and credit card conditions, including lower interest rates, higher credit limits, and exclusive rewards. Yet, maintaining a strong credit standing requires ongoing attention.

First, periodically check your credit reports from the three major credit bureaus. This practice helps you catch errors or fraudulent activities early, allowing you to address them promptly. Correcting inaccuracies can prevent unwarranted drops in your score. Second, continue to keep your credit utilization low. Aim to use less than 30% of your available credit, with under 10% being ideal for boosting your score further. Third, ensure timely payments by setting up reminders or automatic payments to avoid missing due dates. Even one late payment can significantly impact your score.

By maintaining the responsible credit habits, you'll continue to enjoy the benefits of a robust credit profile well into the future. Regularly monitoring your credit, managing your debts wisely, and staying informed about your financial status are key to preserving your exemplary credit standing.

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

796 797 798 799 800 801 803 804 805 806 807 808

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802 Credit Score: Is It Good or Bad?

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