
Chime credit builder
Hi, I’m using a chime credit builder card to assist with my credit. I’ve tried adding the account as a credit card, although it appear that isn’t the best option here. The way this card work is “
Meet Credit Builder |
Build credit as you spend—safely. |
You decide how much you can spend with the Credit Builder card by depositing funds into your secured account. |
Never miss a payment. |
With automatic payments, you’ll pay off your full credit card balance on time each month. We’ll report the payments to the top three credit bureaus.1 |
No fees. No interest. No credit check. |
We won’t charge you annual fees or interest. Plus, there’s no credit check when you apply for a Credit Builder card.” I’m unsure on how to manage this. Any help is appreciated |
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Edit:
It's come to our attention that Chime offered a new product by email invitation only. We aren't associated with Chime and can't offer details on their consumer offers. There is contact information to reach Chime directly at the bottom of their About Us Page (an email address and phone number) where you can gather more information.
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Hi Gray Gazelle !
Does the Chime credit card require you deposit money in advance of spending it? For instance, you have to deposit $100 to that account in order to spend $100? If so, that sounds more like a Checking account since the account isn't allowed to go negative and has to be funded in advance.
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It looks like it functions more like a cash or checking account than a credit card, even though you swipe it as a credit card. It's probably best to set it up that way since you have to pre-fund the purchases before you can make them on the card. You'll know the difference in how you handle your money, but for it to make sense to YNAB that seems like the way to go.
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This was posted two months ago, and I cannot find any mention of a Chime Credit Builder Card on Chime's website. They have a spending account option, but that is just a bank account. They do not report to credit agencies. This post comes up in the google searches a lot, and it's misleading.
"When you open a Chime Spending Account you get a Chime Debit Card that can be used at any merchant that accepts Visa. Your Chime Debit Card can also be used with mobile-payment providers such as Apple PayTM, Google PayTM or Samsung PayTM. Other features our members love about our Chime Visa Debit Card are instant transaction notifications anytime your card is swiped, the ability to instantly block your card and order a replacement Debit Card all from within the Chime mobile app. We do not offer a Credit Card option yet, but this is something we are working on!"
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Does Chime run a credit check or help build my credit score?
No, we don't perform credit checks or report to any credit bureaus regarding your activity. The privacy and security of your personal information is our top priority, and we never share or sell your personal information. "
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Do not get this card it's trash. You load the money onto the card so it's already there yet my score went down 12 points because they take over a month to report it being paid that makes no sense. Now it's showing my credit utilization at 25% .There should be no reason why my credit score should go down if the money is already there. It's not like they're giving you a credit line. It's my own money that I load in order to use the card. And I didn't even have to apply for the card they automatically gave it to me yet somehow it appeared as a hard hit on my credit
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I can honestly vouch for this card. Use it my self and I notice my credit score going up. My TransUnion was about 525 a few months ago and now it's 702 score. My Equifax was about the same as my TransUnion but now sits at 633. It's been nice using it without having to use a different card. Finally for the first time my credit hasn't stopped me from getting a new car for my wife.
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I would advise NOT to use the credit builder card. Reasons.......the statements are confusing, not updated and balances do not agree what is on your credit report. The statement does reflect as paid on the CB but balances remain the same. The card does not have a limit because it is based on what you deposit on the account, so credit utilization is not able to be factored in. IMHO you are better off to get a secured card from a known company.