The FACTS about Chime Credit Builder
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- čas přidán 13. 10. 2023
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🔥 Ready to skyrocket your credit score? Dive into the TRUTH about Chime Credit Builder! Discover how Chime works its magic to boost your credit score while keeping your finances under control. We'll dissect the pros and cons of this unique system, so you can make the right choice for your financial future. 💳💰
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It doesn’t make sense because your score will go down first SO obviously it’ll go up ! Why get something that lowers your credit score off top
For everyone confused in how it works: You transfer the amount of money you want to spend from your checking account into your credit account and that’s your spending limit which is automatically paid because it came out of your checking account it’s not like a regular credit card where you have a set limit, your limit is what you transfer into the account YOU DO NOT HAVE TO PAY IT BACK BECAUSE ITS YOUR MONEY you’re using not the banks. It’s basically like you made your own credit card
Do they send you another card or do you use the one that you already have?
@@chriswilliams8507 they send you a separate one your debit card is white your credit card is green I barely even use my debit card now I had to get used to using the credit card for purchases so I connected mine to Apple Pay so it’ll become a habit
@@chriswilliams8507 can’t really say how much my score has went up because I just started using it and it hasn’t reflected on my credit score yet but I use my credit card for all my purchases now I’ll see the difference month by month
@@chriswilliams8507they send a separate card
THANK YOU
What would be a good enough credit score to not bother using the credit builder card? Im debating using anothwr card with rewards like you mentioned since i have fairly decent credit
Hey bud thank u that makes sence now how do I send all my money that is going to credit builder 5k went in there how do I move it off there to checking and just leave a grand in there so I can send money n pay bills
For the love of sanity, which Chime account is the secured one? Which pays off which? I tried calling them for clarification, but their customer service reps are more confused than I am.
YES! I’m so confused and worried I need to make a payment somewhere. I put $300 on there and I used $250 for bills, I have the safe credit feature on that “comes out of my secure account” BUT WHAT IS THAT?
@@kobekjl13 the safer credit building is just that any money you have in checking will be held to pay anything you used with the credit builder credit card.
If you have a white card it is probably your debit card- the initial card.... this is money you add at any of the listed stores on the app/ or direct deposit... just like a bank account..but it does not assist in credit building it is only a debit card.
if you have a green card it is probably your 'credit' card- secondary card.... you can not go over your limit with this credit card because it is only the amount you have available in your checking account (white debit card)....
enter the account settings ...then safer credit building.... this will keep you from having to move funds to pay the credit card ... chime will use the funds in the secured account/aka -the checking account /white debit card .. to automatically pay off your statement each month.
unlike most credit cards where they can advise you have gone over a limit-for example...there is no limit because it is based on your amount....
unlike a secured card- it actually will list on your credit report the max credit limit because you are on that particular amount that you have there as your collateral-- with the chime card there is actually no limit to your collateral --every month you can have a different amount there.
@@kobekjl13 I read on a $300 card limit, you should only spend about $90 or it will drop your score from being a high balance. Does this card work differently?
@@kobekjl13 Basic math the amount spent and the difference stays in the credit builder account. It's taken from. The balance in the credit builder just like debit except credit builder improves a credit score where debit has no impact to grow credit.
So basically, once I move the money from my checking account to the credit builder, that same amount is converted to credit, then the same amount I initially moved pays toward that credit? Am I right?
Yes
What sucks is my credit score is 750 and i can't move on to a better real credit card i get turned down even when i apply to ones that are said to be easy approval i just went down 11 points due to hard pulls
They now offer cashback and a% off on gas price
hey brother just made a chime account and linked it to my doordash for direct deposite but im not making 200 dollars all at once would i still qualify if i make enough over time to complete the 200 dollars?
An anti debt credit card or first credit card user, good product.
If you can only spend what you already have in your account how can you get a bill and have to pay it as if you owe it. When I transfer money to my credit builder it disappears from my checking and never shows up on my credit builder I only spend what my card already has on it how can I get a bill that I owe anything?
Credit reporting agency...not credit bureau
Is direct deposit the only way to pay back because now I'm in$ 3590 and I keep adding but I don't think is accepting it like I'm paying it.
On the app ... there is a ' cash map '.................choose deposit option................view map of stores near you that accept deposits.... there are a lot of chime atms ..and a lot of local stores such as your local health care large box store- sorry - it keeps erasing the names .... .......
i did not understand ..you are in for 3590.. are you adding money at the stores /deposit and not sure if it is being applied to the credit card ? see new message above ref same.
I know Chime doesn't report an upper limit or utilization % rate, but does it matter if I use $200/mo vs $900/mo? The latter is higher amount overall, which the amount spent is reported. Does a higher spending amount matter for my credit score (assuming payments in full are made on time), even though % used doesn't matter?
A high limit would lower your usage assuming your only using 10 percent
Thats the problem. It doesnt report a limit
If I have $100 in my account, and by the time they report I have not put the $100 back into it or I have only paid partial, do they report negatively?
Pretty much
Does it really works ?
I’m totally confused
What is chime secret account
I have a chime card if I apply for credit builders with chime do I have to change cards
they just send you another card
I'm confused? So do u put the money on there spend it and replace it back?
Yeah at the top of the month
No you transfer the money from your checking account into the credit account and that’s the amount you can spend it’s automatically paid because you transferred it from your checking account
Somebody used a Chime account to steal money from my bank account. Fortunately, I got it back the next day. The bank is investigating due to the amount of money.
Did you give chime your bank info?
They dropped my credit card
They turned me down. Just turned 18 and need to build credit!
This won’t help build credit!!
The limits won’t affect your score or help raise it.
In fact you won’t even get approved for a unsecured card using this because it’s subprime
Thanks for the advice
Does it help you with equity when it comes to borrowing money from banks. If they see you have a high credit limit would it make banks more likely to let you borrow more money?
@@xaiverw5512 this isn’t a truly revolving line of credit, it’s more a consumer credit line which banks know the difference.
You won’t ever have a high limit unless you have the cash 👀 which makes no sense in the banks eyes.
Credit is the ability to make payments overtime.
Not having the ability to have cash and pay something off immediately.
There’s no getting around building credit the traditional way and having a strong credit profile.
Banks don’t care about your credit score, they care about your profile as a whole,
Age, limits, payments history, utilization, inquiries, perfect mix of accounts/ revolving / installment accounts.
Is that totally accurate? Don’t banks and financial institutions prefer a thicker history profile with more responsible accounts instead of just 1?
My understanding is that with cards, installments payments etc you should want 4 accounts. So seems another account would actually be helpful to credit score.
I think 10% of your score is credit mix?
@@DannyMartin3z this isn’t an installment account and it’s not a revolving credit account.
How are you "potentially going in to debt" with a credit card? People just being irresponsible?
SIMPLY PUT, it’s a SECURED CREDIT CARD!!!!
Doesn't make sense to owe money after using your own money to me
That's not credit
Credit is not using your own money
That's specifically what a secured credit card is, you borrow your own money to build credit while the bank/organization doesn't risk losing their own money and you don't risk debt.
you dont owe money with the credit builder since you cant spend more on it then you put
You transfer the money from your checking account into your credit account and that’s your spending limit which is automatically paid because it came out of your checking account
@DreamvillePro gotcha thanks
Its more about raising your available credit and lowering your usage easily and establishing payments history as well as having an another account open to build age on more than one account
Man if only they taught us this stuff in school instead of giving us Pointless History books with 5 paragraph essay assignments then I’d probably would’ve paid more attention cause I notice how many people in the comments are absolutely confused