It added that the offering helped 95% of members with no credit history establish a credit score for the first time. Results from the Credit Builder Card's yearlong beta-testing phase suggest that the card effectively raised users' credit and could be a potent customer acquisition tool. The neobank started testing Credit Builder in June 2019, and the service grew to reach more than 200,000 enrollees prior to its full launch.Ĭhime claims that during its test period, users increased their credit scores by an average of 30 points, citing data from TransUnion. The Credit Builder card doesn't carry any fees, charge interest, or require a minimum security deposit. At the end of each month, Chime's 'Safer Credit Builder' feature automatically pays off the credit card balance from the secured account on time, and then reports the payment to major credit bureaus, including TransUnion, Experian, and Equifax. The card allows users to control how much they spend by transferring funds from a 'Spending Account' to a 'Credit Builder Secured Account,' after which they can charge up to that amount.
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