804 Credit Score: Is It Good or Bad?

An 804 credit score is not just commendable; it’s exceptional. Such a score demonstrates a commitment to responsible credit usage, including timely repayment of debts, low utilization of available credit, and the maintenance of aged accounts. Yet, what benefits accompany such a distinguished credit score, and how can its integrity be preserved?

Irrespective of the height your score has reached, it's beneficial to understand its value to you personally. This article will detail the perks associated with an exceptional credit score, identify the financial products you're apt to be eligible for, and provide tips for keeping your score in the highest echelon moving forward.

What kind of credit score is 804?

An 804 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 804 to 850. These scores reflect excellent credit management skills, including punctual payments, minimal credit utilization, and responsible handling of various types of credit. Attaining such a score is the result of long-term diligence and consistency rather than quick fixes.

With an outstanding credit score, you become an ideal candidate for creditors. Lenders use your score to assess your reliability in repaying borrowed funds. An exceptional credit rating indicates a low risk of default, making you more likely to be approved for loans with competitive interest rates, higher credit limits, and better terms. Additionally, you may qualify for premium credit cards offering attractive benefits such as cashback, travel rewards, and exclusive perks.

Beyond loans and credit cards, an excellent credit score can also lead to lower insurance premiums, as insurers often use credit scores to determine risk levels. In the housing market, landlords may favor applicants with high credit scores, offering better rental terms. Furthermore, some employers check credit scores during the hiring process, particularly for positions requiring financial responsibility, so a high score could enhance your job prospects. Keep up your responsible credit practices to ensure you remain among the elite and can enjoy ongoing financial advantages.

Getting a credit card with an 804 credit score

Obtaining a credit card when you have an 804 credit score is usually a smooth process. Although approval is never absolute, chances are you’re eligible for almost every card available. Credit card issuers will likely present you with their premier offerings, including cards with very low interest rates, maximum rewards, and exclusive perks. The primary consideration is that many of these elite rewards cards come with hefty annual fees and elevated interest rates, so they could end up costing you more. Decide on what type of card you want and your ideal perks. Then, look for a card where the benefits outweigh the costs. That way, you can enjoy the perks of having a high score without accidentally paying more.

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Types of Rewards Credit Cards

Cash Back Cards

Cash back cards reward you with a percentage of your spending back in cash. These cards are straightforward and versatile, allowing you to earn rewards on everyday purchases. Some cards offer a flat rate on all purchases, while others provide higher rates in specific categories such as groceries, gas, or dining. Choose a card whose rewards categories align with your spending habits.

Pros:

Simple to understand and use

Flexible rewards that can be used for any expense

No or low annual fees for many cards

Cons:

Lower rewards rates compared to other types of cards

Few additional perks

Travel Cards

Travel cards are designed for those who frequently travel. These cards often offer points or miles that can be redeemed for flights, hotel stays, and other travel-related expenses. They may also provide travel-related perks like airport lounge access, travel insurance, and no foreign transaction fees.

Pros:

High rewards rates on travel-related purchases

Valuable travel perks and protections

Can save money on travel expenses

Cons:

Rewards are usually restricted to travel

Often come with annual fees

Co-Branded Cards

Co-branded cards are issued by a bank in partnership with a specific brand, such as an airline, hotel chain, or retail store. These cards offer enhanced rewards and benefits when used with the co-branded partner.

Pros:

High rewards rates with the partner brand

Exclusive perks, such as free checked bags or priority boarding for airline cards

Loyalty program integration

Cons:

Limited rewards flexibility

Benefits are mostly tied to the partner brand

Premium Cards

Premium cards come with high annual fees but offer a range of luxury benefits and rewards. These cards often provide high earning rates on various spending categories, extensive travel perks, concierge services, and access to exclusive events.

Pros:

Exceptional rewards and benefits

Comprehensive travel and purchase protections

Access to exclusive services and events

Cons:

High annual fees (often $450 or more)

Requires significant spending to justify the cost

Choosing the Right Card for You

When selecting a rewards credit card, consider the following factors:

Annual Fees: Premium cards with high annual fees should offer benefits that outweigh the cost. Calculate the value of the rewards and perks you’ll use to see if the fee is justified.

Spending Habits: Choose a card that aligns with your spending patterns. For example, if you spend a lot on travel, a travel card with high rewards on airfare and hotels may be best. If you prefer simplicity, a cash back card with a flat rate on all purchases might be ideal.

Rewards Flexibility: Consider how you want to use your rewards. If you prefer cash or statement credits, a cash back card is suitable. If you travel frequently, a travel card or co-branded card may offer more value.

Additional Perks: Look at the extra benefits provided by the card, such as travel insurance, purchase protections, or access to exclusive events. These perks can add significant value, especially if you use them regularly.

By carefully evaluating these aspects and aligning them with your financial goals and lifestyle, you can choose the right credit card that offers the most value for you.

Getting a personal loan with an 804 credit score

Holding an 804 credit score makes acquiring a personal loan a more straightforward task. Lenders view you as a very attractive borrower, allowing you to benefit from the lowest available interest rates and the most favorable terms. Nonetheless, it's beneficial to conduct thorough research and comparison shop for loans. Investigate the prevailing rates, strive to prequalify for a glimpse at possible offers, and ensure you snag the best deal. An outstanding credit score like yours could lead to considerable savings throughout the loan's lifespan.

Where to Find Different Types of Loans

Banks:

Overview: Banks offer a diverse array of loan products, including personal loans, mortgages, auto loans, and more, catering to various financial needs and goals.

Pros: Established reputation, personalized service, potential for loyalty discounts if you have existing accounts.

Cons: Often stricter lending criteria, potentially slower approval process.

Credit Unions:

Overview: Member-owned financial cooperatives offer services akin to banks, typically with more favorable terms, including lower interest rates and fees, benefiting their members directly.

Pros: Generally offer lower interest rates and fees, member-focused service.

Cons: Must be a member to apply, which can involve certain eligibility criteria.

Online Lenders:

Overview: Financial institutions operating exclusively online offer a range of loan options, often with competitive rates, and the convenience of managing your finances from anywhere.

Pros: Quick and convenient application process, competitive rates, and often faster funding.

Cons: Less personalized service, potential for higher fees.

Loan Marketplaces:

Overview: Online platforms allow you to compare loan offers from multiple lenders simultaneously, helping you find the best rates and terms quickly and efficiently.

Pros: Ability to compare multiple offers from various lenders with one application, potentially better rates.

Cons: Information sharing with multiple lenders can lead to increased solicitations.

Cash Advance Apps:

Overview: Mobile apps offer small, short-term loans or cash advances against your upcoming paycheck, providing quick financial relief and convenience when unexpected expenses arise.

Pros: Immediate access to small amounts of cash, no credit check required.

Cons: Typically high fees, short repayment terms.

Prequalify Before You Apply

Shopping around for the best loan deal is essential, even with an excellent credit score. Different lenders offer varying rates, terms, and fees, so it's a good idea to check and compare offers before you settle on a loan. Prequalifying allows you to do just that. You can view potential offers without affecting your credit score. During prequalification, the lender conducts a soft credit pull and reviews your basic financial information to determine if you meet their criteria. If you qualify, they will provide an offer outlining the potential loan amount, rate, and terms. Your task is to compare these offers and then officially apply for the most favorable one.

Take a look and compare the following factors to ensure you get the best deal:

Interest Rates: Compare the interest rates offered by different lenders. A lower rate means lower overall cost.

Loan Terms: Consider the length of the loan and monthly payment amounts. Shorter terms may have higher payments but lower total interest.

Fees: Watch for origination fees, prepayment penalties, and late payment fees.

Total Loan Cost: Look at the total repayment amount, including interest and fees.

Reasons Other Than Your Credit Score You May Be Denied

While a high credit score means you are a highly desirable candidate, you could still be denied a loan. Lenders consider your overall financial health and ability to repay the money when choosing who to approve. Reasons they may deny your loan application may include:

High Debt-to-Income Ratio: Lenders assess your ability to manage monthly payments. A high ratio suggests you have too much existing debt relative to your income.

Insufficient Income: Lenders require proof of sufficient income to ensure you can repay the loan.

Too Many Existing Loan or Credit Accounts: Having multiple loans or credit accounts can indicate higher risk.

Unstable Employment: Lenders prefer borrowers with stable and consistent employment history.

Lender-Specific Reasons: Each lender has unique criteria that may include factors like loan purpose, geographic location, and loan amount.

If you're denied, lenders must, by law, send you an adverse action notice within 60 days. Take the time to read this notice as it will outline the specific reasons why your loan application was denied and what credit information the lender used to come to that decision. You can then take action to rectify the issues.

Take your 804 credit score with a grain of salt

Your score is only one part of your financial well-being. Lenders also consider other factors like income, employment, and debt levels to determine if they will lend to you. Yes, an 804 credit score is an impressive achievement, but it’s only part of your financial health. Some lenders don't even consider it at all. Do not become complacent, as scores can change for better or worse.

To maintain your status as a strong financial candidate, you must continue to practice sound financial habits. Maintain your score by continuing to pay your bills on time and keeping your usage low. Then, continue to pay down your existing debts and stay employed to be considered a good candidate all around. By upholding responsible financial habits, you can remain a well-rounded and appealing candidate to lenders.

Tips for maintaining your exceptional credit score

Now that you’ve achieved excellent credit, it’s time to maintain it. It's relatively easy to maintain your credit score and you're probably doing all of this already. Let's revisit the responsible behaviors that elevated your score to begin with just to make sure you're not missing anything.

Look Over Your Credit Report

Regularly checking your credit report is essential for maintaining an excellent credit score. You can obtain a free report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year through AnnualCreditReport.com. Reviewing your report allows you to verify that all information is accurate and up-to-date. Look for errors such as incorrect personal information, inaccurate account details, or unauthorized transactions, which could negatively impact your score. If you find any discrepancies, report them immediately to the credit bureau to have them corrected. Monitoring your report helps safeguard your credit health and detect potential fraud early.

Timely Payments

Given your excellent score, it's likely you have a perfect payment record, which is crucial for maintaining your high credit score. To continue this trend, utilize payment reminders or set up autopay for your accounts to avoid any missed payments. Even one late payment can significantly hurt your score. If you accidentally miss a payment, contact your credit issuer immediately. If it’s your first time, they may be willing to remove the negative mark as a courtesy. Consistently making timely payments will help preserve your exceptional credit standing.

Low Credit Utilization

You likely already use less than 30% of your available credit, which is good practice. However, bringing your utilization down to under 10% can yield even better results for your credit score. One way to achieve this is by requesting a credit limit increase. Creditors may be willing to grant it given your history of responsible credit management. Another effective strategy is to pay off your balance throughout the month, ensuring you never come close to your credit limit. Both methods help maintain a low credit utilization rate, benefiting your overall credit health.

Credit History Length

The longer your account history, the higher your credit score will be. It's advantageous to keep older accounts active to show lenders a long history of responsible credit usage. Inactive accounts might be closed by issuers, which can negatively impact your score. To prevent this, periodically use these older cards for small transactions. However, if an account carries significant fees, it may be better to close it and accept the temporary dip in your score. Maintaining older accounts can enhance your credit profile and support long-term financial health.

Selective Credit Applications

New credit applications temporarily reduce your score because lenders conduct a hard inquiry into your credit. Therefore, it's best to only apply for new credit when absolutely necessary. While a single inquiry has a minimal effect, numerous inquiries within a short period can significantly harm your score and signal to lenders that you may be in financial distress. This can make you appear riskier to potential creditors. To maintain your excellent credit standing, be selective and strategic about when and why you apply for new credit.

Diverse Credit Portfolio

Having a mix of credit types, such as credit cards and installment loans, enriches your credit profile and demonstrates to lenders that you can manage various types of debt effectively. This diversity can positively impact your credit score. However, acquiring debt solely to diversify your credit is unnecessary and not recommended. An exceptional credit score can still be maintained with responsible credit card use alone, without the need to take on additional types of debt. Focus on managing your existing credit well to preserve your high score.

Maintaining your excellent credit score involves continuing responsible behaviors.

Understanding Credit Scores: FICO vs. VantageScore

There are two primary credit scoring models: FICO and VantageScore. Both range from 300 to 850 and are used by lenders to evaluate creditworthiness. While similar, they have slight differences in their calculations, resulting in different scores.

FICO Score:

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

VantageScore:

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%)

By understanding how both FICO and VantageScore are calculated, you can make informed decisions to preserve and even improve your credit standing.

Next steps for your 804 credit score

A credit score of 804 signifies excellent financial management and unlocks the best financial products. With such a score, you'll receive loans with the most advantageous terms and credit cards with the best rewards and perks. This includes lower interest rates, higher credit limits, and access to premium credit cards offering substantial cash back, travel rewards, and exclusive benefits.

However, maintaining a high credit score requires ongoing vigilance rather than a passive approach. It's essential to sustain low credit utilization, ideally below 10%, to demonstrate responsible credit usage. Pay all your bills punctually, as late payments can significantly damage your score. Lastly, keep old accounts active so that lenders have plenty of good data to review.

By adhering to the financial principles that helped you achieve this high score—such as prudent borrowing, timely payments, and regular credit monitoring—you can ensure your credit remains in top shape for the foreseeable future, securing your financial well-being.

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.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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This content is general in nature and is provided for informational purposes only. MoneyFor is not a financial advisor and does not offer financial planning services. This content may contain references to products and services offered through MoneyFor marketplace.

804 Credit Score: Is It Good or Bad?

What kind of credit score is 804?

Getting a credit card with an 804 credit score