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Chime Credit Builder Card Review | Build GREAT Credit From ZERO
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- čas přidán 6. 08. 2024
- Chime Credit Builder Card
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So first of all what the heck is this Chime credit builder card because typically in order to build credit you have to take on debt of some kind. Maybe you take out a mortgage and you pay it back or you take out a student loan and you pay it back or maybe you have a credit card which even if you pay it off at the end of every single month as you should its still technically a form of short-term debt. So how in the world is this card going to allow you to build credit without ever really taking on debt. Well, we'll get into the details on how it works but essentially this is a secured credit card. With that being said, the chime credit builder card may be a secured credit card but it is not going to work in the same way as other secured credit cards like the Discover it secured card and there's a lot of really great features that this card is built upon that, in my opinion, make it one of the best ways to start building your credit if you have absolutely no credit history.
So the way that this works is you're actually going to move a set amount of money from your Chime spending account which is the standard bank account into your credit-builder account. Then you can go out and you can freely spend that money, and at the end of the month the money that you set aside is going to be used to pay off your credit card balance and then the best part and really the whole reason that this works, Chime is going to report those on-time payments to the three major credit bureaus who are the ones who keep track of your credit score and credit history.
Alright, that sounds cool but what's the catch. Well, there's really nothing. This card has no annual fee and you don't have to pay anything to get it, there is no interest rate or ridiculous charges or anything like that not to mention the fact that it literally will not allow you to go into debt since you have to set that money aside before you can spend it, and there's currently no minimum security deposit that is required. So perhaps you love this idea too and you're ready to start building up your credit for free without any debt so how do you go about applying for this. Well first of all you will need to have a chime spending account because remember you're going to use the funds in that account to transfer money onto this credit builder card to ensure that you always have money to pay it off.
So overall I absolutely love the way that this Chime credit builder card is set up and the fact that it literally has no fees, and no interest rate really does give you a good feeling that chime is honestly just trying to give you a quality product that allows you to build up your credit score and subsequently achieve your financial goals. I'd love to know what you think of this chime credit builder card down in the comment section below.
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Mine was 515 and now it’s 716 and I’m getting my first apartment. Changed my life 😊😊😊🙏🏽
how long did it take for that
@@koj33 it took me two months until my credit score jumped and I only had to pay my phone bill
That's what I'm talking about!!! 👏🏾👏🏾👏🏾
@@thedaejonshow1333 so you only used it to pay your phone bill?
@@sofia-qk9vl Yeah but the thing about it is that no matter how much money you have on your credit builder you don’t have to worry about paying off any amount that you have like if you have a credit card but you only have to pay a certain amount of money every month you use it which I don’t use credit cards that often so I mostly use the credit builder card just for my phone bill because it’s less money than any other bill that I use but it’s really building up my credit a lot more than usual. All I have to say is that no matter what kind of bills that you pay for your credit builder you can still have good credit unless you pay EVERYTHING on time and you’ll see the difference in due time. Without the credit builder card my score would have been poor and I wouldn’t had my first apartment.
Works really good. Had no credit history and now about 5 months in I'm at 710.
Wow, that's awesome, I put 1500 and spent 1500 is it that simple
Tell me how cause I have 0 credit as well 💕
I just got my card yayyy
I'm only using $200 to $300 that's it ima pay it back and build my credit that way I'm not spending anything higher
Love these type of stories!
This card actually works , my credit went from 524 to 633 in one month
That is so awesome! Thanks so much for sharing!
Mine was 524 and now it’s 634
@@MyForeignName Nice how much money do you put on your card a month
@@MyForeignName Question so can u explain the pay back part of this I understand you add your own money and can spend I’m confused on to I still have to pay a monthly bill on what I spent ?
@My Foreign Name how long you been using your card for ?
As a 21 year old who had to leave a neglectful home at 17 this has been an incredibly useful tool for me to learn about credit, with no one to ask about finances it was very scary to think about taking on debt even for a credit card so I have zero credit whatsoever, this felt really safe and made me feel a lot better about having a credit card in general.
I’m so glad you are safe and thriving in life 🙌
No bs
Same. Be glad you are so young!
Thank god for Visa China credit card
❤❤
I really didn't believe this would work. I used my card for a few months and actually forgot about it. I started at 620, fast forward a year and my score is now 747! I have no idea how long it actually took to get to that but I'm motivated to keep going to get a perfect score! 😊
It definitely works I moved my whole check to it erry month and my credit went from 513 to 689 in 4 months I’m buying my first home because of this card I been with them since
Good stuff 👌🏼
I've been using this card for like 6 months and I don't see any changes on my credit
This is my goal
So nice ! I'm only doing this bc I want to buy my first home, my parents never owned a home so it would be really nice to have a home too
CONGRATULATIONS!!! 👏🏾👏🏾👏🏾
its literally a debit card that builds my credit. what a brilliant idea chime! i love u chime! thank u!
For everyone that is STILL confused like me, I finally got it and you don't have to pay it back! Just use it like you would your debit card and at the end of the month, CHIME reports that you paid everything off. I know, doesn't make sense to me either but my score has gone up 30 points.
Thank you so much 😅God bless u because I was definitely so confused
Thanks for the info I was confused as well
This is what I came here for!!! I was so confused lol, the wording for that part was terrible but thank you!!
Basically if I transfer 300 a month to credit builder and just get gas with it all month it just shows I paid off a debt. Just transfer and spend up to what I transferred?
@@KENTUCKYGAMING-fj9qb yes
I’ve had it for months but didn’t quite understand this, you broke this down so well thank you so much.
Legitimately looked for a video that would explain the credit builder card because I didn’t understand it! Thank you for explaining this so well!
Thank you for explaining this so well. I've had chime for a number of years now and I use it to get my eBay sales deposited on. I opened the credit option on it a few months ago and never really understood it. Your video helped me understand it completely and I will be moving money over to help with my credit.
I've been with Chime for a couple of years now. And I'm just now getting around to using the credit builder card. Thanks for the information on it.
Just subscribed, thank you so much! I’ve been on my own since I was 16 & I didn’t have anyone tell me how things in the real world works. This is great info & easy to digest!
I’m so excited!!!!! I’ve never been so excited too start building without all the confusion! Thanks man great video!
I was thinking the same thing!!!
Chime is awesome! I get paid earlier, 10% automatically goes to my savings, my checking account just for bills and the rest goes my credit builder for everyday use. And the shiny green card is a plus.
That is so awesome! Thanks so much for sharing!
Do you really get paid earlier or are you just changing the day that you get paid. And of course you have a longer period to wait for your next check than everybody else. I mean give me a break get your s*** together so you can wait till your check is supposed to be paid
@@nick0liver446 wrong
@@nick0liver446 its 2 days earlier for your paycheck. if you get paid on thursday you get it tuesday. its not a payday loan its just a direct deposit thing
@@EliElement1 so if I get the paycheck on Tuesday instead of Thursday does Wednesday’s pay go onto the next paycheck or Tuesdays check
Thanks for covering the credit utilization portion. I can here just for that and you delivered!! I subbed now. 👍
Thanks for explaining this! I just signed up for the spending account and the credit builder. I was nervous and now I can't wait to receive both cards 😊
That is awesome! Congrats on the new card. Thanks so much for sharing!
I just started credit builder but been with chime like 3 years. Great bank
How's it going? Credit score way better ? Is this option worth it ? Been with chime for 2 years now. Just ordered my card.
Thank you for explaining this, I genuinely was kind of confused when I got it. I’ve had chime for a while but just got the credit builder a few weeks ago
I’m 18 I don’t have a line of credit can I get it I’m trying to start building my credit
@@thraxexotics3406 yes you can
Thank you for explaining this so well!
I have had chime for a while now and I am so excited bout this .. just ordered my card
I been rocking with Chime since 2018 when they first came out.... They are very good.....I love this card so much I'm glad they doing this cause my credit is so low .
Listen Magnified Money! You explained this thing to the T bruh! I mean J have no more questions about how it works. I fully understand! GREAT VIDEO! Yes I'm subscribing especially if you keep bringing quality like this my dude!
The utilization is where I had questions. Thank you!!
This was Flippin awesome!!! Thank you!!
i was looking all over the chimes app to see more on this but i couldn't find anything thanks to this i can finally start looking into building credit im deeply afraid of being in debt and this seems perfect for someone like me
I had no credit score or history. I got a chime credit card and six months later a 699 and 685 credit score!!! This card is amazing
Awesome video thank you very clear and very straight forward and to the point thanks
Wow!!! You are amazing! :-) For explaining this perfectly.
I’m glad I came across your video because I have chime myself
I've recently started using this about 6 months ago and it works so well.
Been with chime 3 years and love this card!!
This is good information thank you! I have been looking into how to build up my credit .
Edit: isn't the point of having a credit card using the money you have wisely in return for credit . So the idea of only using the money you put in sounds like a great that way people don't over spend lol
Typically your average person sees "credit" as borrowing money to buy things you cant afford on a debit card. But really thats the wrong way to think about it. You should always use credit as if its cash and through that you will build a great credit score and get free rewards as well! Thanks for the great question!
One of the best starter cards to build credit, I just turned 20 last week and have a credit score of 750 but that’s with having up n downs, recommend this card a lot! Since I’ve used it my score has gone up by 135 points 🔥
Very helpful and wellspoken! Liked and subbed :)
This was so helpful! Thank you so much dude I appreciate it a lot
Yes! This card actually works! My score went from a 525 to 640 in 1 month!
Wow 😳
no way! i’m at a 585 right now and i’m looking to get to around a 650 so i can get approved for a car loan. i just set up a direct deposit with chime and i can’t wait to get started with the credit builder!
@@RMCFHERO99 so how's it going now?
Love this video! But keep in mind although Chime may make it impossible to go into debt, most other secured cards are not so foolproof. If you miss a few payments or don't pay in full, they can charge off your account after adding interest. This leaves you in more debt than your secured card limit and a credit score that is worse off.
That's where I'm at 10k debt. I have one credit card with a 300 limit I got just before my credit went below 500. Lowest I got was 409 now I'm up slightly to a 452.
thats why you get the cards and use it once in two months and keep the balance at 0 so the credit limit increases and lowers your credit usage mix.
Great review. Thanks for creating this.
Thank you for this video!!
So the Chime Credit Builder card is like a debit card that uses our own cash to build up our credit, that's brilliant.
If it's actually working I'm about to start checking on mine in the weeks to come just to make sure this ain't all hype
@@darcelmazon8775 so how did it workout for u
@@BigMeachBoy412 just started using it a month ago and mines went up 149 points.
@@marquisb5438 Daaammmmm
@@marquisb5438 did you put money on the credit builder card and spend it all, then before the end of the month just put the same amount back in ?
My credit was
Here I am with the same issues, however I don't consider myself dumb I just just trying to go out the happy high way but failed. Now I must pay. Reee
Yaaas!! I can’t wait to get it!
great review!
Glad you enjoyed it!
With just this Credit Builder card and my car payment as my first 2 lines ever, my credit score jumped from nothing to 683 in 6 months
It works ! I had no credit as a 19 year old and now I have a 678
How long did it take tho?
Took me about six months to go up 60 or so points
@@yourgay1738 if you have no credit it takes a month
Geez that’s bad, I opened my first credit card three years ago and after 6 months you get your score and mine was 730~
@@715SF tell me how?
Great break down!
great video, thanks for the info man
great explanation!
Thanks for the video. I just activated my Chime card
awesome video Thank you much this helped me so much you dont even know
I'm glad that they now let you take money out from ATM now. I stand firm with Chime!!!
UPDATE from BROOKLYN:
Okay, I'm a believer.
From January 2021 to February 2021 my FICO score went up 90 POINTS!! Kid you not.
This is part of my path to rebuilding my credit ... and moving toward home ownership. Gimme a coupla years.
Build responsibly. Who got next ....?💪🏾
/Bklyn👑
Add me to that list. From 02/21 to 03/21... 88 point increase. Thanks, Chime.
Question so can u explain the pay back part of this I understand you add your own money and can spend I’m confused on to I still have to pay a monthly bill on what I spent ?
@DANEO2169_ went from 650 to 715 in 11 months
What was your credit score before you got chime?
@@ILoveGrilledCheese I mean 65 points in 11 months isn’t groundbreaking. I went from 750 to 803 in 4 months without chime.
Great video, i was looking into that credit builder card thing...i have chime, as of today, the signing bonus is $0
There is no doubt that you will rise fast at the apex of your career. Because you are a very intelligent, smart, hard worker and your work ethic par excellence keep going nice team junkywarriors y’all go get em
I am doing this NOW! First time credit user!😊😊😊
Thanks for the knowledge man itll go a long way💯💎
Thanks so much for the support I really appreciate it!
Well idk how many people will see this but when I first got chime I had 0 credit score after about 2 months I went to 720 and after about another 2months I went to 775
So inspiring! I’ve had the cards for months and never used it. Can’t wait to now.
N this is no cap this card really works 💯💯💯💯💯💯💯💯
Can I ask if you used a certain amount every month?
It works, as of Sat Aug 3 2024 i had 0 credit and in 9 months of just living and work I am at 683
Crazy that credit scores actually exist
@Bricks it’s just another way to control the masses. Money doesn’t exist
I’m high too
Real shit!
Credit score=good at being in debt slowly
@@beardedtankgaming7630 nah there is good debt and bad debt.
This works I went from 472 to 605 in a couple months
How many months?
No freakin way. Dope
@@Fulero 5 months u just gotta keep lettin the balance go down and load it back up
Nice!! I can get my own car then!
@DANEO2169_ DID HE SAY HE WAS GOING TO STOP AT 602? NO, STOP BEING SO NEGATIVE SMH
If this work ima use the credit builder card to become a member of the channel
This card really works my credit score went from 524 to 684
How long did it take?
Hey how long did it take
Hello Keona how long did it take?
Such a liar.
What has been the benefits of a 684 score has other credit card companies reached out to you ?
Good job sir!
Thank you! 💚
Thank you sir needed this information
Does the balance you keep in the credit card get reported to the bureaus? So, you have a credit limit?
This is awesome! So we can use the card anywhere? Like online, or getting gas etc.?
Quick question- Does it have to be the same amount deposited and reported each month? For example, I have $300 set as my limit to move over automatically from my paycheck... but, last month I moved $350 more from spending account and it reported $650.00 on my credit report. Will it make a difference if $300.00 is reported this month or should I make sure I have exactly $650 again before reporting happens? Thanks!
My question is, do you have to have a direct deposit amount attached to your Chime bank account from your employer in order for you to transfer money to the Chime Credit Builder Card? or can I manually transfer money to the Chime account from my other bank account AND THEN transfer that to the Chime Credit Builder Account?
Great video
I just signed up !
Sounds like it’s working as described raising credit scores. I’m just curious how it effects debt to available credit when the credit fluctuates and is always 100% of what you’re “borrowing?”
My experience only: Already 189 points up with in the first few months! I went from 5 something to 713! Omg! Just keep rising until you need a house or a car don’t waste your hard work. Do it. Don’t wait, I did and I could of saved my self time! I didn’t activate the card because I thought it was too much work! But it isn’t! Trust me! It’s worth it! Do it now!
i dont believe that one
@@ohhbradley4460 On my Momma FR! I’m still in shock! You can’t fail, it’s Pre-paid… so easy.
Love it my credit score came from 517 to 687😍
How long did that take ?
How can I do that if I'm italian? Do you know any similar credit card builder that I can actually apply to?
I just got it this month so this is all really good information and gave me the reassurance to stick with it!! thank you!!
Can we buy a car from this credit like they ask for credit so any idea if we can buy!
Do u have to set the money aside urself or does it automatically set it aside for you?
Just one question is when your spending money to build credit are you clearing your building acc or your spending account
So this card is really for people with no credit! That when you can see the points go up
Will my bills like Hulu be taken out of my checking account or my chime credit builder spending amount? Same with Planet fitness since they use my routing and account numer? So where do card number payments be taken out and bank account numbers be taken out? checking account or my chime credit builder spending amount?
So the money I put on there is the money that covers my payment correct?
Can you get A credit builder card if you're on Social Security because they ask you to fill out put a employer ??
I just received mine. I am waiting to re apply for sofi one and just one month away from self credit card also.
That is awesome! Thanks so much for sharing!
@DANEO2169_ two weeks ago I received the self one. Awesome. Man.
@@MagnifiedMoney update. On December 31th 2021 I made the decision to change my life. My credit score was part of that decision. I went from 477 credit score to 724 too weeks ago. In 18 months. Wasn't easy but here I am building bussiness credit too
I noticed that you said it’s like a debit card. So how do payments work? After you make a payment does it become available in your account again or is it just gone?
Do I have to connect it to a bank account? Or can I just put cash in it?
if you have an established credit, is this still a good option or are you better of getting another regular credit card to diversify your credit.
also, does this credit builder report the amount of money you use as utilization rate like in the regular credit card?
doesn't that drive up your utilization rate? or how do you get around that?
It actually doesn’t report the utilization rate!! I was worried about it as well..but I looked on the website and they said they didn’t
Its really a good credit builder card, I went from zero credit to 663
That is awesome, thanks so much for sharing!
You a real one bro
I’ve only had my card for roughly a month and a half my credit has gone up 32 points as of Jan 1st 2022
So say if I have $10 in my credit builder card. I spend $3, and at the end of the month, the remaining balance on my credit card will pay that $3 that I spent? If so, will my balance in my credit card still be $10 the next month?
Can you transfer money from this card to other banking cards?
Soo forget the debit card, load this puppy up, and use this for all my purchases instead? Now I got lost at that last part of the video. If I don't use all the money I move over to the credit builder card...does it rollover? Or do I lose it??
Sooo basically instead of using my regular chine card i can just transfer the money and build credit with anything i purchase
So basically if i put a $100 into the credit builder at the beginning of the month and i spend that $100, i just have to make sure i put another $100 back into the account before the beginning of the next month?
So basically your just spending the money u deposited in first place. And from there those payments history you used from the money u deposited it will be reported to all 3 bureaus.
In other words, since there isn’t any interest/annual fee or debt( where u won’t borrow money) , u won’t be able to use chime credit card unless you put money to it
?????Is that right???? I’m making any sense in here ?????
Sorry if I am asking too many questions. I’m trying to learn more about and build up my credit from scratch.
Thanks and I appreciated in advance for any response to my questions.
Everyone should get this. There is no risk and it helps improve your credit.
Agreed! Thanks so much for the comment!
So after i spend money with the credit card how to do i pay that debt?? Do i just add more money to the credit secured account?
@@xgivemedatnekk2605 yes exactly. Because there's no limit reported, it's just like a debit card that reports as a credit card.
@Lee WOOD how were you denied? It says they don't do a credit check
so pretty much instead of making payments at the end of the month, im paying up front, and that is considered my on-time payment?
Yessir. You swipe chime sets the money aside and automatically pays it off at the end of the month for you. You don't even have to think about it... Use it like your debit card
Within a few weeks or actually it started now you're going to be able to get cash back so basically you can deposit your whole paycheck into the credit part
@DANEO2169_ that’s what I was worried about, I have no credit and was looking at pre paid cards like this, does your utilization rate stay long term?
So if I put money in the credit account I can use it like a debit and build credit no problem?
What do you mean by money we set aside? Is it the 100$ we spent or is there another 100$ we have to put in there by a certain type of day.