850 Credit Score: Is It Good or Bad?

A credit score of 850 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 850?

An 850 credit score places you among the elite group of U.S. consumers, far surpassing the national average. Approximately 23% of Americans have an exceptional credit score ranging from 850 to 850. These scores reflect exceptional credit management skills, including punctual payments and minimal credit utilization. Attaining such a score is the result of long-term diligence and consistency rather than quick fixes.

An excellent credit score makes you an attractive prospect to lenders. Financial institutions view this metric as a predictor of your likelihood to repay your debts. A higher score suggests a low probability of default, meaning you are seen as a low-risk borrower. Consequently, you will most likely qualify for the most favorable loan conditions and credit cards with premium rewards. This can include lower interest rates, higher credit limits, and access to exclusive financial products that are not available to those with lower scores.

Moreover, an 850 credit score can benefit you beyond just borrowing. It can positively impact your insurance premiums, as insurers often consider credit scores when determining rates. Additionally, it can improve your chances of securing rental agreements, as landlords frequently use credit scores to assess the reliability of potential tenants. To maintain this score, continue managing your credit responsibly by paying bills on time, keeping credit card balances low, and regularly monitoring your credit report for any inaccuracies.

Getting a credit card with an 850 credit score

Obtaining a credit card when you have an 850 credit score is usually a smooth process. Although approval is never absolute, chances are you’re eligible for almost every card available. Credit card issuers will likely present you with their premier offerings, including cards with very low interest rates, maximum rewards, and exclusive perks. The primary consideration is that many of these elite rewards cards come with hefty annual fees and elevated interest rates, so they could end up costing you more. Decide on what type of card you want and your ideal perks. Then, look for a card where the benefits outweigh the costs. That way, you can enjoy the perks of having a high score without accidentally paying more.

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Types of Rewards Credit Cards

Cash Back Cards

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

Pros:

Simple to understand and use

Flexible rewards that can be used for any expense

No or low annual fees for many cards

Cons:

Lower rewards rates compared to other types of cards

Few additional perks

Travel Cards

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

Pros:

High rewards rates on travel-related purchases

Valuable travel perks and protections

Can save money on travel expenses

Cons:

Rewards are usually restricted to travel

Often come with annual fees

Co-Branded Cards

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

Pros:

High rewards rates with the partner brand

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

Loyalty program integration

Cons:

Limited rewards flexibility

Benefits are mostly tied to the partner brand

Premium Cards

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

Pros:

Exceptional rewards and benefits

Comprehensive travel and purchase protections

Access to exclusive services and events

Cons:

High annual fees (often $450 or more)

Requires significant spending to justify the cost

Choosing the Right Card for You

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

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

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

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

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

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

Getting a personal loan with an 850 credit score

An 850 credit score makes the process of securing a personal loan relatively easy, as you are seen as an ideal borrower in the eyes of lenders. This status typically affords you access to the most competitive interest rates and attractive loan conditions. It remains a good idea to familiarize yourself with the current rates, aim for prequalification to gauge potential offers, and secure the most advantageous terms. With such an exemplary credit score, you will likely pay less for a loan than someone with bad credit, whether it's for debt consolidation, a substantial acquisition, or funding a personal endeavor.

Where to Find Different Types of Loans

Banks:

Traditional banks are a common source for personal loans, offering a wide range of loan products with competitive rates. They often have stringent qualification criteria, but with an 850 credit score, you’re likely to be approved for their best offers. These banks provide the security of established institutions, personalized service, and potential loyalty discounts if you have existing accounts. With your excellent credit, you can benefit from the most favorable terms, lower interest rates, and higher loan amounts, making traditional banks an excellent option for your borrowing needs.

Credit Unions:

Credit unions are member-owned financial institutions that typically offer lower interest rates and more personalized service than traditional banks. They prioritize their members' financial well-being, often providing more favorable terms for personal loans. If you have an account with a credit union, you may benefit from their community-focused approach and potentially easier qualification criteria. This makes credit unions an excellent option for securing personal loans, offering both competitive rates and a personalized touch to meet your financial needs.

Online Lenders:

Online lenders have grown in popularity due to their convenience and fast application processes. They often provide competitive rates and flexible terms, making them an appealing option for many borrowers. Some online lenders cater specifically to those with excellent credit, offering attractive loan conditions such as lower interest rates, higher loan amounts, and expedited approval times. With their user-friendly platforms, online lenders simplify the borrowing process, allowing you to apply and receive funds quickly, all from the comfort of your home.

Loan Marketplaces:

Loan marketplaces allow you to compare offers from multiple lenders in one place, streamlining the search for the best rates and terms. These platforms enable you to view different options side-by-side, helping you make an informed decision without undergoing multiple hard credit inquiries. By leveraging a loan marketplace, you can efficiently identify the most competitive loan products tailored to your financial needs, ensuring you secure the best possible deal with minimal impact on your credit score.

Cash Advance Apps:

Cash advance apps provide small, short-term loans directly to your bank account, offering a fast and convenient solution in emergencies. Their easy access and quick approval process make them appealing for immediate financial needs. These apps usually have minimal requirements and don’t require a credit check, making them accessible to a wider range of borrowers. They do not charge interest but do have a few fees: a fast funding fee, flat rate fee, subscription fee, or optional tip. While the fees are minimal, they can add up.

Shopping Around and Prequalifying

Shopping around for the best loan deal is essential, even with an excellent credit score. Different lenders offer varying rates, terms, and fees, and prequalifying allows you to see potential offers without impacting your credit score.

When you prequalify, the issuer will do a soft credit pull and check your basic financial information to see if you meet their criteria. If you do, they will present you with an offer, including potential loan amount, rate, and terms. Your job is to compare potential offers and then officially apply for the best one.

When prequalifying, look for:

Interest Rates: Lower rates can save you a significant amount of money over the life of the loan.

Loan Terms: Flexible repayment terms can make a loan more manageable.

Fees: Origination fees, prepayment penalties, and other charges can add to the cost of the loan.

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

Repayment Options: Look for options that fit your financial situation.

Reasons You May Be Denied a Loan Despite an Exceptional Credit Score

While an 850 credit score is impressive, and you're likely to get any loan you want, lenders also consider other factors. If you fall short of these other financial parameters, your application may be denied. Lenders also look at:

High Debt-to-Income Ratio: Lenders prefer borrowers with a low ratio of debt to income. A high ratio suggests you may struggle to repay additional debt.

Insufficient Income: Even with a high credit score, if your income doesn’t meet the lender’s requirements, you may be denied.

Too Many Existing Loans or Credit Accounts: Having numerous active accounts can indicate overextension.

Unstable Employment: Lenders look for stable employment history to ensure you have a consistent income to repay the loan.

Lender-Specific Criteria: Each lender has unique criteria that can affect your loan approval.

If you're denied a loan, take stock of your entire financial situation. Perhaps you need to pay down debt or stay at your job for a little longer before applying again.

Take your 850 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 850 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'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 850 credit score

Achieving an 850 credit score is a clear indication that you are a responsible borrower. This stellar rating qualifies you for the most favorable loan and credit card conditions, including lower interest rates, higher credit limits, and exclusive rewards. Yet, maintaining a strong credit standing requires ongoing attention.

First, periodically check your credit reports from the three major credit bureaus. This practice helps you catch errors or fraudulent activities early, allowing you to address them promptly. Correcting inaccuracies can prevent unwarranted drops in your score. Second, continue to keep your credit utilization low. Aim to use less than 30% of your available credit, with under 10% being ideal for boosting your score further. Third, ensure timely payments by setting up reminders or automatic payments to avoid missing due dates. Even one late payment can significantly impact your score.

By maintaining the responsible credit habits, you'll continue to enjoy the benefits of a robust credit profile well into the future. Regularly monitoring your credit, managing your debts wisely, and staying informed about your financial status are key to preserving your exemplary credit standing.

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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850 Credit Score: Is It Good or Bad?

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