Chime Credit Builder is a secured credit card that can help you build your credit history. It is a good option for people who have no credit history or who have bad credit and are looking to improve their score.
What is Chime Credit Builder?
Chime Credit Builder is a secured credit card. This means that you’ll need to make a deposit to set your credit limit. But unlike other secured credit cards, Chime doesn’t charge any annual fees or interest. And there’s no credit check required to apply, so you can start building your credit even if you have bad credit.
How does Chime Credit Builder work?
When you open a Chime Credit Builder account, you’ll make a deposit of at least $200. This deposit will be your credit limit. You can then use your Chime Credit Builder card to make purchases just like any other credit card.
At the end of each month, you’ll need to pay your bill in full. Chime will report your account activity to the major credit bureaus. This means that when you make on-time payments, it will help you build your credit history.
Why should you use Chime Credit Builder?
No annual fee or interest
There is no annual fee to use Chime Credit Builder and you also won’t pay any interest on your purchases, because the money you deposit into your Credit Builder Account is used to pay off your Credit Builder Card Automatically on a monthly basis.
No credit check required
You don’t need good credit to qualify for Chime Credit Builder. In fact, Chime doesn’t even do a credit check when you apply.
Your own credit limit
The amount of your credit limit is determined by the amount of money you deposit into your Chime Credit Builder account. You can deposit as much or as little as you want, and your credit limit will adjust accordingly.
You’re not limited to just one deposit, you can deposit money into your Credit Builder account unlimited times.
Reports to all three major credit bureaus
Chime Credit Builder reports your account activity to all three major credit bureaus (Experian, Equifax, and TransUnion). This means that your on-time payments and other positive credit history will be reflected in your credit reports, which can help you improve your score over time. If you’re looking for a way to build your credit history, Chime Credit Builder is a good option to consider. It’s a free, easy-to-use card that can help you get started on the path to good credit.
And, last of all, it’s easy to use.
If you’re interested in learning more about Chime Credit Builder and earning $100 when you join Chime and receive a qualifying direct deposit, click here!