805 Credit Score: Is It Good or Bad?

A credit score of 805 isn't merely good—it's outstanding. A score in the exceptional range reflects a long-established history of on-time payments, low credit utilization, and responsible credit management. What advantages does this premier credit score offer, and how can you maintain such a high standard? It's beneficial to comprehend the impact of your excellent credit score fully. We aim to provide an overview of the benefits such a score provides, what financial products you’ll likely be approved for, and offer guidance on ensuring your score remains among the elite.

What kind of credit score is 805?

An 805 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 805 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 805 credit score

With an 805 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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Moneyfor rating Moneyfor's ratings are determined by our editorial team. The scoring formula takes into account the type of card being reviewed (such as cash back, travel or balance transfer) and the card's rates, fees, rewards and other features.

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Fees & Rates of Сards for bad Сredit

Annual Fee N/A

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Regular APR 10%

Credit Score Range 300-579

Monthly Fee $0

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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 805 credit score

Holding an 805 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 805 credit score with a grain of salt

A credit score is an important piece but not the only thing lenders look at. Many will consider factors beyond your score, including your income, employment status, and current debt-to-income ratio. An 805 credit score marks a significant accomplishment, yet it forms just a part of your overall financial health. Not only that, but a credit score is subject to change for good or for bad, depending on your financial behavior.

Avoid becoming overly content with your current score. Continue your good credit habits - a low usage rate and consistent timely bill payments. Besides this, look to reduce your debts and find stable employment with a decent income. This holistic approach not only keeps your score high but also makes you an attractive prospect to lenders, enhancing your chances of securing favorable loan terms and financial opportunities.

Tips for maintaining your exceptional credit score

With your credit score now in the exceptional range, safeguarding it from decline is key. The first step in doing that is knowing how scores are calculated. There are two main scoring models, FICO and VantageScore. Both models look at similar patterns of behavior and rate scores from 300 to 850. There are some key differences in how exactly they calculate your scores.

FICO Score:

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

FICO scores are the most commonly used by lenders.

VantageScore:

Payment history (40%)
Depth of credit (21%)
Utilization (21%)
Balances (11%)
Recent credit (5%)
Available credit (3%)

VantageScore is known for using different algorithms and can sometimes offer scores for people with a shorter credit history.

Let’s consider the key factors that got your score in the top tier to begin with and how you can keep it there.

Check Your Report

Regularly checking your credit report is crucial for maintaining an exceptional credit score. This helps you identify and correct any errors or inaccuracies that could negatively impact your score. You are entitled to a free credit report annually from each of the three major credit bureaus—Experian, TransUnion, and Equifax—via AnnualCreditReport.com. Reviewing your report also allows you to spot any signs of identity theft or fraud early. Ensuring all information is accurate and up-to-date not only protects your credit score but also contributes to your overall financial health.

Prompt Payment of Bills

Your outstanding score likely reflects a history of no late payments. Maintaining this record is crucial, as consistent on-time payments are the cornerstone of a high credit score. To prevent human forgetfulness, implement autopay or set reminders for upcoming bills. A late payment can severely hurt your score, especially when it’s high. If you do miss a bill, contact your creditor immediately and ask for leniency. On the first offense, they may forgive the mistake and not report it to the credit bureaus, helping to preserve your excellent credit standing.

Managing Credit Balances

The ratio of your credit usage to your total credit limit, known as credit utilization, should ideally be below 30%. With an exceptional score, you likely maintain a utilization of less than 10%. Keep this up to ensure your score stays in the exceptional range. Maintaining a low credit utilization ratio can be easier with a higher credit limit. Many creditors are willing to increase limits for consistently responsible customers, so consider requesting one. Alternatively, pay down balances ahead of time to avoid approaching your credit limit, ensuring your utilization remains low.

Account Longevity

The age of your credit accounts significantly contributes to your overall credit score. The longer you’ve had credit, the better, as it shows a history of responsible credit management. Keeping older accounts open supports a lengthy credit history, while closing them can adversely affect both your credit age and utilization ratio. To prevent issuers from closing inactive accounts, use them for occasional purchases. Consider closing an account only if it incurs substantial fees, understanding that the initial negative impact will lessen over time. Maintaining older accounts can help preserve and enhance your credit score.

Selective Credit Inquiries

New credit inquiries can cause your credit score to dip, so it's important to limit these inquiries by applying for new credit only when necessary. While a single inquiry typically has a minimal impact, multiple inquiries within a short period can signal potential financial distress to lenders. This could result in higher interest rates or even denial of credit. To protect your credit score, be selective about when and why you apply for new credit, ensuring that each application is strategically planned and truly needed.

Varied Credit Portfolio

Managing a mix of credit types, such as installment loans and credit cards, can enhance your credit score. This diversity demonstrates your ability to handle various types of credit responsibly. However, acquiring additional loans solely to diversify your credit mix is unnecessary for maintaining an exceptional score. It's important not to take on debt you don't need, as this can lead to unnecessary financial strain. Focus on managing your existing credit responsibly, making timely payments, and keeping your balances low to maintain your excellent credit standing.

Maintaining your exceptional credit score involves more than just a high score. It’s about continuously demonstrating responsible financial behavior across various facets of credit management. By understanding the nuances of how your score is calculated and diligently managing your financial activities, you can ensure your credit remains exemplary.

Next steps for your 805 credit score

A credit score of 805 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.

Related scores

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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.

805 Credit Score: Is It Good or Bad?

What kind of credit score is 805?

Getting a credit card with an 805 credit score