845 Credit Score: Is It Good or Bad?

An 845 credit score is not just commendable; it’s exceptional. Such a score demonstrates a commitment to responsible credit usage, including timely repayment of debts, low utilization of available credit, and the maintenance of aged accounts. Yet, what benefits accompany such a distinguished credit score, and how can its integrity be preserved?

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

What kind of credit score is 845?

An 845 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 845-850. 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 845 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 845 credit score

Acquiring a credit card with an 845 credit score is straightforward. Though outright approval is never guaranteed, your excellent score makes it highly likely that you will be eligible for any card you'd like. Credit card companies will likely offer you their best products, providing access to cards with the lowest interest rates, highest reward earnings, and unmatched perks. The main drawback is that such reward cards often come with significant annual fees and higher interest rates. Before you choose a card, evaluate your spending to see which rewards will be the most beneficial. Once you've identified the perks you value most, select a card where the benefits clearly outweigh any fees.

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Types of Rewards Credit Cards:

Cash Back Cards:

Description: These cards offer a percentage of your spending back as cash. Commonly, they provide flat-rate cash back on all purchases or higher cash back rates in specific categories such as groceries, dining, or gas.

Best For: Individuals who prefer straightforward rewards and do not travel often.

Example: A card offering 2% cash back on all purchases or 3% on groceries and 1% on everything else.

Co-Branded Cards:

Description: Co-branded cards are issued by banks in partnership with another company, such as airlines, hotels, or retailers. These cards often provide enhanced rewards when used with the co-branding partner.

Best For: Loyal customers of a particular airline, hotel chain, or store.

Example: An airline card offering free checked bags, priority boarding, and bonus miles for purchases made with the airline.

Travel Cards:

Description: Travel cards offer points or miles that can be redeemed for travel-related expenses like flights, hotels, and rental cars. They often come with travel-related perks such as no foreign transaction fees, travel insurance, and access to airport lounges.

Best For: Frequent travelers looking to maximize travel rewards and benefits.

Example: A card providing 3x points on travel and dining, and access to airport lounges.

Premium Cards:

Description: These cards come with high annual fees but offer extensive perks, including generous rewards rates, luxury travel benefits, concierge services, and comprehensive insurance protections.

Best For: Individuals who travel frequently and can take full advantage of the high-end benefits.

Example: A card offering 5x points on travel booked through its portal, airport lounge access, and a $300 annual travel credit.

Business Rewards Cards:

Description: Designed for business owners, these cards provide rewards on business-related purchases such as office supplies, advertising, and travel. They often include tools to help manage expenses and employee cards at no additional cost.

Best For: Small business owners looking to earn rewards on business expenses.

Example: A card offering 2% cash back on all business purchases or bonus points on office supplies and advertising.

Choosing the Right Card:

Evaluate Your Spending Habits: Analyze where you spend the most money. If you frequently travel, a travel or co-branded airline card might be best. If you have varied spending, a general rewards or cash back card might suit you better.

Consider the Annual Fee: Premium cards often have high annual fees but offer extensive benefits. Calculate if the perks and rewards justify the cost. For example, if a card offers $500 in travel credits and airport lounge access valued at $300, the annual fee of $450 might be worthwhile.

Compare Interest Rates: If you carry a balance month-to-month, a card with a lower interest rate will save you money. Rewards cards often have higher interest rates, so if you don’t pay your balance in full, the interest could negate any rewards earned.

Assess the Rewards Program: Look for cards that offer the highest rewards in categories you spend the most in. Additionally, consider how easy it is to redeem rewards. Some programs have blackout dates or restrictions that make it harder to use your points or miles.

Review the Perks: Benefits like travel insurance, purchase protection, and extended warranties can add significant value. If these perks are important to you, prioritize cards that offer them.

Choosing the right credit card involves understanding your spending habits, evaluating the benefits versus the costs, and ensuring that the card’s perks align with your lifestyle. With an excellent credit score, you have access to the best products on the market. Take the time to research and compare options to find a card that offers the greatest value for your unique financial situation.

Getting a personal loan with an 845 credit score

With an 845 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 845 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 845 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 excellent credit, it’s time to maintain it. It's relatively easy to maintain your credit score and you're probably doing all of this already. Let's revisit the responsible behaviors that elevated your score to begin with just to make sure you're not missing anything.

Look Over Your Credit Report

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

Timely Payments

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

Low Credit Utilization

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

Credit History Length

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

Selective Credit Applications

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

Diverse Credit Portfolio

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

Maintaining your excellent credit score involves continuing responsible behaviors.

Understanding Credit Scores: FICO vs. VantageScore

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

FICO Score:

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

VantageScore:

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

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

Next steps for your 845 credit score

Holding an 845 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

839 840 841 842 843 844 846 847 848 849 850

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845 Credit Score: Is It Good or Bad?

What kind of credit score is 845?

Getting a credit card with an 845 credit score