With chime now you can Build credit as you spend—safely.
You decide how much you can spend with the Credit Builder card by depositing funds into your secured account. There's no risk of racking up a balance you can't pay off—the funds you deposited can only be used to pay off your credit card balance.
Before you can have any credit score, you need to have a credit report. This is a collection of information about your credit cards, loans etc , including who you owe money to, how much you owe, your minimum payments and how long you’ve been using credit.
FICO scores focus on five specific factors to calculate your credit score:
- 35% of your score is based on payment history
- 30% is based on your amounts owed
- 15% is based on the length of your credit history
- 10% is based on inquiries for new credit
- 10% is based on the types of credit you’re using (i.e. loans and credit cards)
Find out more about chime credit builder card here.