What is the Credit limit?
Your credit limit is determined by your qualifying direct deposit activity, bank account activity, internal risk-based criteria, and whether or not you’ve shared information about your work. When you qualify and enroll in MyPay you’re given a credit limit, which typically starts between $20 to $100. This is the maximum amount you can access in a pay period, and is recalculated every time you get a direct deposit.
As you continue to receive consistent qualifying direct deposits to your Chime account and continue to use MyPay, your credit limit may go up. The maximum credit limit is currently $500.
Frequently asked questions
How does a credit limit grow?
As you continue to receive consistent qualifying direct deposits to your Chime account and continue to use MyPay, your credit limit may go up. Increasing the amount of your direct deposits may also help your credit limit grow. In addition, sharing additional information such as your work email or work location may help increase your credit limit more quickly.
How quickly can a credit limit grow?
Your credit limit may increase as soon as your next direct deposit, as long as you continue to receive consistent qualifying direct deposits. The exact pace depends on how regularly you receive direct deposits, how large your direct deposits are, and how long you’ve been using MyPay. Consistent, steady income and good financial habits (like repayment) are key.
What else can I do to increase the amount I can get?
You’ll have the best chance at increasing your credit limit if you:
- Consistently receive two qualifying direct deposits of $200 or more per deposit every 36 days; several months in a row is a good target.
- Make sure any advances you’ve taken with MyPay each pay period are fully repaid so you don’t lose access to MyPay.
- Direct deposit your entire paycheck for the best chance to increase your credit limit.
- If you can’t direct deposit the full amount, the more you direct deposit the more it could help.
- If you get paid by an employer (via payroll or as a gig employee), share additional information such as work location and/or a work email address, or connect to a payroll provider via Pinwheel.
What could cause a decrease in my credit limit?
A decrease in your credit limit amount could be due to factors like:
- Inconsistent qualifying direct deposits or the loss of a direct deposit source
- If you stop sharing additional information such as your work email address and/or work location, or unlink your payroll provider via Pinwheel.
What happens on payday?
When you receive a qualifying direct deposit, we'll recalculate your credit limit.