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Chime "secured" Credit Card

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kr43002
Frequent Contributor

Chime "secured" Credit Card

Before bankruptcy I had a chime "secured" credit card that had a total security deposit of "$0". My expected DC is 5/4/2021. Chime seems to be really willing to boost your credit as they have put 2 accounts on my credit report now with multiple payments on time. I haven't used the card since I first got it... Has anyone else used chime? Do you think it is a good way to avoid the fee harvesting secured cards like OpenSky?
BK CH7 1/21 DC 5/21
1+ Year Post BK
Credit Limit: 6000
EDC: QuickSilver 1 1.5% $39 AF
Oldest Account: Tire Card $500 0% APR 6 Months After purchase. 2018. (Survived Bankruptcy)
Message 1 of 7
6 REPLIES 6
kittycreditmeow
Frequent Contributor

Re: Chime "secured" Credit Card

I have no signed up for it but I'm curious as well for others experience with it. I get there offers for the card all the time. How does it even work?

Message 2 of 7
Anonymous
Not applicable

Re: Chime "secured" Credit Card

I have the chime secure credit card and I won't be discharged until sometime in April ( under chapter 13 just did a payoff with my stimmy money Smiley Wink) I received it back in November of 2020 and my credit score increased 30pts with the first reporting. Since then I have only recieved a few points here and there but the account still reports on time payments monthly. There are absolutely no hidden fees and I use it for most of my monthly bills ( rent, water, internet, phone). I have absolutely nothing negative to say about it!! 

Message 3 of 7
kr43002
Frequent Contributor

Re: Chime "secured" Credit Card


@kittycreditmeow wrote:

I have no signed up for it but I'm curious as well for others experience with it. I get there offers for the card all the time. How does it even work?


Chime is a financial tech company. The secured card works by adding cash to it then spending cash. so in practice its a reloadable credit card. They don’t report util so thats a bummer, definitely not a card you’d want to have $500 on unless you plan to spend it as there is no benefit from going from $0 (my case) to $500 as either way its still doesnt report credit limit or util. No interest or Annual Fee. No hard pull. I just don’t know how it will interact with bk. would this be considered a tradeline? I want the least ammount of unsecured tradelines as possible while still building my credit because Im in this situation because im stupid with credit. my plan is to have this, my self loan, self card and nfcu n rewards. giving me 4 tradelines that won’t require me to worry about replacing due to annual fees. I get that unsecured looks alot better than secured, but the nfcu card and self will unsecure (at least parcially) to remove that negative connotation.
BK CH7 1/21 DC 5/21
1+ Year Post BK
Credit Limit: 6000
EDC: QuickSilver 1 1.5% $39 AF
Oldest Account: Tire Card $500 0% APR 6 Months After purchase. 2018. (Survived Bankruptcy)
Message 4 of 7
Horseshoez
Senior Contributor

Re: Chime "secured" Credit Card

Based upon this thread I looked into the Chime card on a couple of sites; lots and LOTS of hugly positive reviews, but too many of them have a similar theme.  I'm thinking all of those reviews are BOT driven and the reality of the card is anything but a huge positive for the card holder.

I categorically refuse to do AZEO!
Message 5 of 7
kittycreditmeow
Frequent Contributor

Re: Chime "secured" Credit Card

I read up on it some more. I was confused about the "making payment" part but I see now that you transfer money from your chime checking to your chime credit card and then when you make a purchase, it goes through but it puts a hold on that amount of cash and then when your due date comes, it uses the cash on hold to make the payment. It seems pretty harmless but in my case it might not do me much good for my average age of credit when it reports as a new account. That's the only thing holding me back. Does it report to all 3 bureaus though? 

Message 6 of 7
kr43002
Frequent Contributor

Re: Chime "secured" Credit Card


@kittycreditmeow wrote:

I read up on it some more. I was confused about the "making payment" part but I see now that you transfer money from your chime checking to your chime credit card and then when you make a purchase, it goes through but it puts a hold on that amount of cash and then when your due date comes, it uses the cash on hold to make the payment. It seems pretty harmless but in my case it might not do me much good for my average age of credit when it reports as a new account. That's the only thing holding me back. Does it report to all 3 bureaus though? 


yea it reports to all 3. it only helps with payment history and total accounts.
BK CH7 1/21 DC 5/21
1+ Year Post BK
Credit Limit: 6000
EDC: QuickSilver 1 1.5% $39 AF
Oldest Account: Tire Card $500 0% APR 6 Months After purchase. 2018. (Survived Bankruptcy)
Message 7 of 7
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