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. 

There’s no risk of racking up a balance you can’t pay off—the funds you deposited can only be used to pay off your credit card balance. 

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.

    Like
    • Faness no deposit 

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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.

    Like
  • 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!"

     

    "

    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. "

    Like
      • Gray Major
      • Gray_Major.14
      • 6 mths ago
      • Reported - view

      Tan Panther (0a8085aae832) that's completely inaccurate. There's 2 different products offered by Chime. One is your traditional checking account that comes with a debit card. Most people use it as a direct deposit for payroll as Chime gives you access to funds as soon as your employer sends the deposit. 

      The other is a secure credit card that can easily be found by googling Chime credit card or by it's actual name, Chime Credit Builder. This is a secure line of credit that is reported by Chime monthly. The literature is a little confusing on whether funds need to be transferred to the card account prior to purchase or it draws from your Chime checking account automatically, or both. 

      To summarize these are two completely different products. One is a debit card, the other is a secure credit card, but what's important to note is the credit card absolutely reports to the major credit bureaus. 

      Like
    • Gray Major I think the burden of proof is on you, buddy.  

      From the verbiage from their website I quoted above:  "We do not offer a Credit Card option yet, but this is something we are working on!"

      Like
      • Gray Major
      • Gray_Major.14
      • 6 mths ago
      • 1
      • Reported - view

      There's this new thing called Google to help when you have no idea what you're talking about. Pretty cool, right? Since you have no idea how to use it, here's some of that proof you were referring to.... buddy. 

      Like 1
      • Kit
      • kit
      • 6 mths ago
      • Reported - view

      Gray Major  is the attitude here really necessary? Usually it doesn't bother me because forums are a free-for-all, but come on. Be nice or neutral. 

      When I originally read this post I couldn't find any literature or mention of the Chime Credit Builder on their website, on Google, or on any credit card rating or debt management websites. Out of curiosity I asked friends who are in finance too; no one knew of it.

      Information on it would have been helpful in determining how the card should be tracked in YNAB, which would help answer the OP's question, no side dish of snark needed. 

      It is great to see you're an advocate for Google, but maybe it would've been better to back up your point with screenshots from Google then, and not a personal email. Obviously those emails are directed at a current Chime customer, which means Chime customers get notified of Chime products. It's also recent: the email begins with "Today, there's a new way to help build credit..." and the year at the bottom indicates it happened in 2020. 

      Seeing that the original poster asked their question just 3 months ago, add that to Chime customers being notified of Chime products likely before everyone else not with Chime, just Googling it wouldn't have helped anyone not with Chime in answering OP's question. I saw on another forum dated April 17th that Chime customers are talking about the new card. So safe to say no amount of searching prior to April would have helped. The email just doesn't support your "just Google it" point in context of the original posting date.

      The point of this forum is to learn and to help. It makes sense to support that mandate.

      Like
      • Gray Major
      • Gray_Major.14
      • 6 mths ago
      • Reported - view

      Kit ahhh yes, because that was my only response in this thread and I didn't already explain exactly what Chime credit was and how to easily find it yourself.

      I'm sorry that a little light hearted sarcasm was so devastating. Next time I have a conversation with another adult I'll keep your guidelines in mind. 

      OP: I'd like help with my credit card

      RP: That card doesn't exist because I can't find information about it

      Very helpful indeed.

      Like
      • Kit
      • kit
      • 6 mths ago
      • Reported - view

      Gray Major 

      Gray Major said:
      Next time I have a conversation with another adult I'll keep your guidelines in mind. 

       Thanks, that'd be appreciated. Kindness goes a long way 👍🏻

      Like
      • Cyan Cleric
      • Cyan_Cleric.15
      • 4 mths ago
      • Reported - view

      Tan Panther (0a8085aae832)  I have a Chime Credit Builder card. I can post a picture of it if you are still in disbelief. :)

      Like
  • This whole topic looks like an advertisement for Chime.

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  • how do i apply for the chime builder  card?

    Like
      • Cyan Cleric
      • Cyan_Cleric.15
      • 4 mths ago
      • Reported - view

      Cadet Blue Android They sent out the email for the invitation for it

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  • DO NOT APPLY FOR THIS!!! 

     

    YOU CAN DEPOSIT THE AMOUNT OF FUNDS YOU WANT FOR YOUR CREDIT LIMIT. 

     

    HOWEVER, CHIME DOES NOT REPORT YOUR CREDIT LIMIT TO YOUR CREDIT BUREAUS. CREDIT LIMIT IS VERY IMPORTANT FOR YOUR CREDIT UTILIZATION RATIO!!! 

     

    THEY WILL ONLY REPORT YOUR PAYMENT HISTORY. 

    Like 1
      • Tan Orca
      • Tan_Orca.15
      • 5 mths ago
      • Reported - view

      Steel Blue Orca That's no reason not to use it though. It still helps because it reports payments and payment history is vital in building credit. In fact reporting credit limit might hurt. Like if you have 100 and use 60 that would be considered high utilization and might have an adverse effect on your credit. Also, if you have a 100 dollar credit line added to your credit report it really won't boost it that much. The only way reporting credit limit will really help is if you deposit a good amount of money. Building a payment history with on time payments is super valuable and can help a whole lot. 

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    • Steel Blue Orca  yes. I'm completely pissed off by this. My credit utilization is showing 25% and my score just went down by 12 points because of this. This isn't a regular secured credit card. You don't put down a deposit and then the money is there no matter what because that's your credit limit. You have to continuously keep loading money onto the card in order for it to even work. So how the hell are they taking a month to report that it's paid. The money is literally already there because I have to load it. Wtf!

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    • Tan Orca yeah but the difference is it doesn't report the amount of money that you're loading on the card so your credit utilization always stays High. They really shouldn't call it a secure card if you can load whatever amount you want at anytime. Once that money is gone it's gone you don't get to continuously use the card because there's no credit line. You don't load money you don't use the card. So that's far from a secured credit card

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      • Tan Orca
      • Tan_Orca.15
      • 4 mths ago
      • Reported - view

      Steel Blue Screwdiver 25% isn't high credit utilization. You should be less than 30%. If you just started with this your credit score probably dropped because its shown as a new account. When a new account is added to your credit it may drop your credit score because the average age of your accounts has went down. This may happen with ANYTHING you add be it a secured or unsecured card. 

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    • No, it isn't high but If you check with any credit professional they say its better to be at 10% or less. Which btw has benefited me greatly! Every month I was seeing my score increase and multiple times throughout the month. I know I will see a decrease because its new but what I don't like is it seems like they would trouble determining a correct credit utilization since the card has no actual limit like any other card would. I don't know if that plays into any factors but just a thought.

      Like
  • 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

    Like
      • Tomato Boa
      • Tomato_Boa.4
      • 4 mths ago
      • Reported - view

      Steel Blue Screwdiver 

      You dont know how credit cards work it seems.

      1. When new credit is opened. Your score will dip slightly.

      2. Credit card companies report to the credit reporting companies once a month. Usually at certain time.

      Only thing i dislike is the limit should be set.$200,500 etc.

      And you should have to deposit it all at once.

      That would help credit scores better then what it does currently.

       

      Still not a bad card to have.

      You sacrifice "credit limit" for no APR.

       

      Reporting payments still helps credit.

      Like
    • Tomato Boa I actually DO know how credit cards work! Iknow that with all my other cards if I charge something to them and pay them off within the next week they're actually paid. For example I loaded $500 on my Chime credit builder card May 13th and used it all for online purchases yet Chime isnt reporting it to any agencies that its been paid until 6/12. I like to keep my credit utilization at 10% and I do so by paying it off withing a week of the actual purchase which clearly isn't possible with this card. 

      Like
      • Tomato Boa
      • Tomato_Boa.4
      • 4 mths ago
      • Reported - view

      Steel Blue Screwdiver 

      So you want to use the card on the 13th. And have it reported immediately or within a few days?  Thats not how it works.

      So no you dont know how credit cards work

      Like
    • Tomato Boa so after this I'm going to remove myself from this conversation because you clearly don't understand English. I'm not asking to have it reported immediately. I'm asking that my payment doesn't take a month to reflect when it's already been paid immediately.  My credit my credit utilization always stays at 9% no matter how much I use my card throughout the month. Which I'm using at least $600 monthly which is clearly more than 9% given  the amount that I have in credit. It's low because I pay immediately before the statement even comes out or before they even have time to report it to any of the agencies. That's why it always a low utilization. So the fact that they are waiting a whole month to report that I have paid something that has already been paid within the first couple of days is causing my credit utilization to jump up. I'm not stupid I know how it works. If the card didn't work the way I've been using it in my credit utilization would be through the roof. I just purchased $300 worth of things off of my other credit card and I paid it 2 days Later and that's why when I look at my credit utilization for that card it says 0 because it was already paid before they could report it. But okay genius you know everything just please stop you're starting to work my nerves

      Like
      • Tan Orca
      • Tan_Orca.15
      • 4 mths ago
      • 1
      • Reported - view

      Steel Blue Screwdiver I'm not going to say you don't know how credit cards work but I don't understand what you're saying either. They only report to agencies once a month so it won't reflect you using it and immediately paying it off through the month. I think you probably should just stop using the card. It sounds like the best option for your particular situation. 

      Like 1
      • Tomato Boa
      • Tomato_Boa.4
      • 4 mths ago
      • Reported - view

      Steel Blue Screwdiver 

      Thank you please do that. Cause all your doing is trolling.

      You obviously have good credit because u keep your bills paid and work hard to maintain a low ratio.

      So why would u use a card thats meant to help build up credit.

      Thats just plain dumb.

      Credit cards are required to report to the bureaus at least 1x every 30 days.

      They dont report fast enough to your liking and thats fine so the cards useless? Maybe to you thats the case.

      But for some people that have had their credit destroyed due to divorce,bankruptcy or just plain poor money management its a start back up the hill.

       

      Seems like you are already up the hill and thats great. Others arent

      Every card has its pros/cons.

       

      Go troll somewhere else.

      Have a good day.

      Like
    • Tan Orca exactly, I work for a credit bureau you are correct it’s only reported every 30 days period point blank. There’s no company that will report before the 30 days whether it’s a secured credit card or unsecured. 30 days is 30 days! 

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  • Who here are employees of Chime by a show of hands? I will rule out Steel Blue Orca .

    Like 1
      • Tan Orca
      • Tan_Orca.15
      • 4 mths ago
      • Reported - view

      Superbone That doesn't make any sense. This isn't something that's offered to the general public or even all chime customers. So why would "chime employees" be here talking up something that the majority of people can't even have access to?

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 4 mths ago
      • Reported - view

      Tan Orca Maybe you can enlighten me. It just looks like an ad at the beginning of this thread.

      Like
      • Tan Orca
      • Tan_Orca.15
      • 4 mths ago
      • Reported - view

      Superbone Its the email and information people get when they invite you to try it. You have to bank with Chime and I'm not even sure how or who they choose to offer the credit builder card to but they randomly sent me an email a few months ago and I decided to join. So a thread like this makes sense because there isn't a lot of information out there about it because it's not offered to everyone. That's what brought me here. Trying to find out more info about it. 

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 4 mths ago
      • Reported - view

      Tan Orca OK, thanks for the explanation. My apologies for making assumptions based on appearance.

      Like
  • 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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  • Chime just offered me the credit builder card today. 

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