You set your Chime Credit Builder card limit, and you alone. Using the Credit Builder card as your everyday card, paying it off each month will see your credit score skyrocket. The card also provides an opportunity to improve your credit score through the normal purchases you'd make every month anyway. You can't get into any debt because the only person you have to pay back is yourself. If you're unable to pay off the debt, you could lose your credit score and even have possessions repossessed.Ĭhime's Credit Builder card is safer because you set your own limits. Often this limit is thousands of dollars, meaning you could overspend and end up incurring charges. Why is the Chime Credit Builder Card Safer Than Other Credit Cards?Īs we've already mentioned, most credit cards come with a limit on the money you can borrow. See the brief explanation video below if you're still unsure. This will push up your credit score, which is essential when applying for a mortgage, loan, and other financial products. Chime will then report your spending to major credit bureaus around the globe. When the month is over, you simply pay off the card with the money you left in the Credit Builder account. You'll be prevented from going over the limit that you've set yourself.įor example, if you put $100 in your Credit Builder account, you won't be able to spend more than $100 on your card. Then you make purchases on the Credit Builder card as you would with any other card. You put as much money as you want to spend on the Credit Builder card into its account through the Chime app or online.
Instead, users need to set their own limit. How Chime Credit Builder Card Limits Work & Gets Set There are no credit checks because users won't be borrowing any money from Chime.
Users apply for the card through their Chime app, and they're then given access to a new account. The Chime Credit Builder card is different. Users need to pay back what they spend each month if they don't want to incur any charges or interest on what they've borrowed. This is the amount that a user can ‘borrow' or spend. Most credit cards come with spending limits.
The Chime Credit Builder card is a handy option for those who want to build up their credit score without getting into an unmanageable amount of debt. How Does the Chime Credit Builder Card Limits Work? This is the limit for your Credit Builder card, and you can increase or decrease it each month. You create a separate account and add funds to it. Your Chime Credit Builder card limit is based on the limit you set for yourself. Below is our summary of your Credit Builder card limit. However, it's not totally clear what the Chime Credit Builder card limit is, which is why we've put together the following guide on it. The app also provides users with a great way to build their credit score in a safe environment where they won't incur any unmanageable debt. You can safely and securely send it to other users and deposit money from other sources, such as your bank so that they're easy and more convenient to spend. The Chime app allows you to do a lot with your money.