How credit reporting with Credit Builder works

Credit scores are determined by credit bureaus. Every month, credit card companies and lenders will report your activities to credit bureaus, who then update your credit score based on the activities reported. Chime reports to all 3 major credit bureaus, Experian®, TransUnion® and Equifax®, typically at the beginning of each month. Sometimes credit bureaus can take a few weeks to process reports, so you may not see the changes until later in the month.

It’s possible that opening a new line of credit can temporarily hurt your credit score while you build up your payment history. Using Credit Builder, and other tools like Safer Credit Building, can help improve your credit score with responsible use like regular on-time payments*.

What does Chime report on

Amount past due: The balance not paid off from the prior month. If you paid off the last statement in full, your account will be reported as current. 

Payment status: Payment status is a reflection of whether or not you paid the last month's statement.

Account age: the number of months you’ve had the secured Chime Credit Builder Visa® Credit Card. Generally, the older an account, the better. Because you’re building credit history and can show you’ve been a responsible and trustworthy card holder over time.

Current balance: The amount you’ve spent since the last statement plus any outstanding balance owed, if you owe something.

What doesn’t Chime report on

Credit limit: Since you can set how much they want to spend on Credit Builder, the Credit Builder card does not have a pre-set limit.

Card Utilization: Credit Builder doesn't report percent utilization to credit bureaus because it has no pre-set credit limit. That means spending up to the amount you have moved to Credit Builder will not show a high-utilization card on your credit history.

 

 

*On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

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Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

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