807 Credit Score: Is It Good or Bad?

A credit score of 807 is not merely good, it’s exceptional. This score is a testament to a track record of impeccable credit management, including punctual bill payments, minimal credit usage, and the cultivation of long-standing accounts. But what doors does such an illustrious score open, and what steps can you take to maintain this pinnacle of credit achievement?

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, the types of financial products you can expect to access, and strategies for preserving your elite credit status over the long haul.

What kind of credit score is 807?

An 807 credit score places you in the top tier of U.S. consumers and well above the national average. Approximately 23% of Americans have an exceptional credit score within the range of 807-850. Achieving an exceptional score is a testament to consistently managing your credit well over the years. This includes making on-time payments, maintaining a low credit utilization rate, and having a long credit history. Building an 807 credit score does not happen quickly; it requires time, patience, and disciplined financial habits.

Having an excellent credit score positions you as a highly desirable borrower to lenders. This three-digit number is derived from information on your credit report and is used by lenders to predict your likelihood of repaying borrowed money. An excellent credit score indicates to lenders that you are a low-risk borrower, meaning there is a lower chance of you defaulting on loans compared to the average consumer.

As a result of being a low risk borrower, you are more likely to be approved for loans with favorable interest rates and terms, as well as credit cards that offer lucrative rewards and benefits. Your credit score will not be a hindrance but will help you get any financial product you'd like. This financial stability can open doors to better opportunities and help you save money on interest over time.

Getting a credit card with an 807 credit score

Obtaining a credit card when you have an 807 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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Credit Score Range 300-579

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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 807 credit score

With an 807 credit score, you are a preferred candidate for lenders and will have a smooth pathway to securing a personal loan. You will most likely be eligible for the most favorable interest rates and loan terms on the market. However, it's prudent to explore and compare your loan options diligently. Familiarize yourself with the prevailing rates for your score range and prequalify for loans to compare different offers. Leveraging an excellent credit score can result in substantial financial savings over the life of a loan.

Where to Find Different Types of Loans:

Banks:

Description: Traditional banks offer a variety of loans, including personal, auto, and mortgage loans. They often provide competitive rates, especially for customers with high credit scores.

Best For: Those who prefer a personal relationship with their lender and value in-person services.

Credit Unions:

Description: Member-owned financial institutions that typically offer lower interest rates and fees than traditional banks. Membership requirements vary but often include geographical or occupational commonality.

Best For: Those who qualify for membership and prefer a more personalized service.

Online Lenders:

Description: These lenders operate entirely online, providing a convenient application process and quick approval. They offer a range of loans, including personal, student, and business loans.

Best For: Those who value convenience and quick access to funds.

Loan Marketplaces:

Description: Platforms that allow you to compare loan offers from multiple lenders by submitting a single application. They provide a broad overview of available rates and terms.

Best For: Borrowers who want to shop around without applying individually to multiple lenders.

Cash Advance Apps:

Description: These apps provide small, short-term loans or advances on your paycheck with lower fees than traditional payday loans. They are often designed to help users cover unexpected expenses.

Best For: Those needing small, quick loans to bridge the gap until their next paycheck.

Shop Around and Prequalify:

Shopping around and prequalifying for loans, especially with an excellent credit score, pays off. Different lenders will offer varying rates, terms, and fees, so comparing potential loans is crucial. Don't settle for the first option, even if it seems promising. The simplest way to compare loan offers is through prequalification. Prequalifying has no impact on your credit score as the lender only performs a soft credit check and reviews your basic financial details to assess your eligibility. If you qualify, they will provide a potential offer detailing the loan amount, rate, and terms. You can then compare these offers and officially apply for the most favorable one.

When comparing potential loans, consider the following factors:

Interest Rates: Compare the interest rates offered by different lenders. The lower the rate, the less you’ll pay in interest over the life of the loan.

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

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

Repayment Flexibility: Flexible terms can help if your financial situation changes. Look for lenders that allow changes to your payment schedule or provide hardship options.

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 Credit Score for Loan Denial:

While it's hard to get a better credit score, there are other reasons a lender might deny your application.

High Debt-to-Income Ratio (DTI): Lenders prefer borrowers with a low DTI ratio, indicating they have enough income to cover new debt. Reduce existing debt before applying for a new loan.

Insufficient Income: Lenders need assurance that you have the income to repay the loan. Provide proof of stable and sufficient income.

Too Many Existing Loans or Credit Accounts: Having multiple open accounts or loans can signal overextension. Pay down existing debts and avoid opening new accounts before applying.

Unstable Employment: Lenders prefer borrowers with stable job histories. Maintain steady employment and document your job history.

Lender-Specific Reasons: Some lenders have unique criteria that may not be disclosed. Research each lender's requirements and ask questions during the prequalification process.

With an excellent credit score, you have access to the best loan products on the market. However, it’s essential to shop around, compare offers, and prequalify to ensure you get the best deal. Evaluate interest rates, terms, and fees carefully to maximize your financial benefits. Additionally, understanding and addressing potential reasons for loan denial can further strengthen your application. By leveraging your credit score and conducting thorough research, you can secure favorable loan terms that support your financial goals.

Take your 807 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 807 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've achieved an exceptional credit score, it's time to maintain it.

FICO vs. VantageScores

FICO and VantageScores are the two primary credit scoring models used by lenders. Both scores range from 300 to 850 and are calculated using information from your credit reports. While they are similar, they do have differences in their calculation methods and criteria.

FICO Scores:

FICO scores are the most widely used by lenders.
They are calculated based on five factors: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%).
FICO updates its scoring models periodically, with FICO 8 and FICO 9 being among the most common versions used today.

VantageScores:

VantageScores are less commonly used but still significant in the lending industry.
They are calculated based on six factors: payment history (40%), depth of credit (21%), utilization (20%), balances (11%), recent credit (5%), and available credit (3%).
VantageScore 4.0 is the latest model and incorporates trends such as trended data, which looks at longer-term behaviors.

Understanding both scores can help you better manage your credit and predict how actions might affect your creditworthiness.

The good news is you don't have to manage and monitor both your FICO and VantageScores actively. Since they are similar, if you have an excellent score in one, you are highly likely to have an excellent score in the other.

Review Your Report

Now that you've achieved an exceptional credit score, it's essential to maintain it. Regularly checking your credit report is crucial. Review your reports from the three major credit bureaus—Equifax, Experian, and TransUnion—at least once a year. This helps you spot and dispute any inaccuracies or fraudulent activities promptly. Ensure all reported information is accurate and up-to-date. Correcting any errors can prevent unwarranted drops in your score. By staying vigilant and addressing discrepancies early, you can protect and sustain your high credit rating over time.

Timely Bill Payments

Your high credit score likely reflects a history devoid of late payments. Maintaining this perfect payment record is crucial for score maintenance. To prevent missed payments, enable reminders or set up autopay. A missed payment can significantly impact your score, especially when it's notably high. If you do miss a payment deadline, contact your credit issuer promptly. They might be willing to remove the negative entry if it's a rare occurrence. Consistently on-time payments are essential to sustaining your exceptional credit rating and financial health.

Low Credit Balances

Your credit utilization—how much of your available credit you’re using—should remain below 30% to maintain a healthy credit score. To boost your score even further, aim to bring it under 10%. A higher credit limit can make it easier to keep your utilization low. Creditors may increase your limits based on your history of responsible use. Alternatively, you can pay off your balances multiple times per month to reduce your utilization rate. Both strategies help demonstrate responsible credit management and can contribute to an improved credit score.

Aging Your Accounts

How long you’ve had credit plays a significant role in your credit score. The longer your accounts have been open and active, the better, as this provides lenders with more data to assess your creditworthiness. Closing old accounts can reduce your average account age and negatively impact your credit utilization rate. To prevent this, make occasional, minor purchases with your older accounts. However, if an account incurs high fees, it might be wise to close it to save money. The negative effects will dissipate over time, as account age isn't the biggest factor in your credit score.

Judicious Credit Applications

Every application for new credit results in a hard inquiry, which temporarily lowers your credit score by five to ten points. To minimize their impact, only apply for credit when absolutely necessary. While a single inquiry has a minor effect, multiple inquiries in a short timeframe can significantly damage your score and signal financial instability to lenders. This can make you appear as a higher risk candidate, potentially leading to higher interest rates or even denial of credit. By being selective and strategic about when you apply for new credit, you can better maintain your high credit score.

Credit Mix

Lenders want to see that you can manage various types of credit well. Ideally, you'll have a mix of installment credit (loans) and revolving credit (credit cards) to demonstrate your ability to handle different credit types. However, it's not necessary to take on debt just to diversify your credit portfolio. This factor has a minimal impact on your overall score. An exceptional score is achievable with responsible credit card use alone. Focus on maintaining low balances, making timely payments, and managing your existing credit effectively to sustain and even improve your high credit rating.

Next steps for your 807 credit score

Holding an 807 credit score reflects your financial diligence and significantly enhances your position in the credit marketplace. This exceptional score brings with it the finest terms for loans and the best credit card offers. However, effective credit management is an ongoing process. It's important to monitor your credit utilization continuously, ensuring it remains low, ideally under 10% of your available credit. Always pay your bills promptly to maintain your impeccable payment history, which is crucial for preserving your high score.

Additionally, regularly review your credit statements and reports for any discrepancies or signs of unauthorized activity. Identifying and addressing errors or fraudulent activities early can prevent potential damage to your credit score.

Staying committed to these financial practices not only preserves your credit's strength but also ensures its utility for many years to come. An excellent credit score opens doors to the best financial products and services, from low-interest loans to premium credit cards. By maintaining your disciplined approach to credit management, you can continue to enjoy these benefits and safeguard your financial future.

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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807 Credit Score: Is It Good or Bad?

What kind of credit score is 807?

Getting a credit card with an 807 credit score