831 Credit Score: Is It Good or Bad?

A credit score of 831 is not merely good, it’s exceptional. Landing in this credit category signifies a history of responsible credit behavior, including timely payments, low credit utilization, and long-standing accounts. But what opportunities does such a stellar score unlock, and how can you ensure it remains at this peak?

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

What kind of credit score is 831?

An 831 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 831-850. 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 831 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 831 credit score

With an 831 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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Credit Score Range 300-579

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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 831 credit score

With an 831 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 831 credit score with a grain of salt

Your credit score represents just a segment of your overall financial health. In addition to your score, lenders evaluate aspects such as your income, job stability, and the amount of debt you carry. While achieving an 831 credit score is a noteworthy milestone, it's merely one component of your broader financial picture. To access the best loans and cards, you'll want to have ideal financial health.

Credit scores can also change. It's important not to rest on your laurels but to continue to manage your score actively. Pay your bills on time, keep your usage low, reduce your debt, and ensure stable employment to maintain a robust financial standing overall. By focusing on these areas, you can secure better loan terms, achieve financial goals more efficiently, and ensure long-term financial stability.

Tips for maintaining your exceptional credit score

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

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

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

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

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

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

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

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

Check Your Report

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

Pay Your Bills on Time

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

Keep Your Balances Low

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

Let Your Accounts Age

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

Only Apply for New Credit When Needed

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

Maintain a Credit Mix

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

While an 831 credit score is a strong indicator of financial responsibility, maintaining overall financial health requires ongoing effort. By managing your debts and continuing to uphold good credit habits, you can remain an appealing candidate to lenders.

Next steps for your 831 credit score

Holding an 831 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.

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831 Credit Score: Is It Good or Bad?

What kind of credit score is 831?

Getting a credit card with an 831 credit score