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10 Credit Card Myths Debunked


Chime is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

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¹ Information from Nerdwallet’s “Does Closing a Credit Card Hurt Your Credit Score?” as of January 16, 2024: https://www.nerdwallet.com/article/finance/does-closing-a-credit-card-hurt-credit-score

² Information from U.S. News & World Report’s “The Difference Between Hard and Soft Inquiries” as of January 16, 2024: https://money.usnews.com/credit-cards/articles/difference-between-hard-and-soft-credit-inquiries

³ Information from Forbes Advisors’ How Long Do Late Payments Stay On Your Credit Reports? as of January 16, 2024: https://www.forbes.com/advisor/credit-score/late-payments-on-credit-report/

⁴ Information from CNBC’s “Does checking your credit score lower it? Plus 12 other common credit score myths debunked” as of December 22, 2023; https://www.cnbc.com/select/credit-score-myths-debunked/

⁵ Information from Experian’s “11 Credit Myths: Don’t Fall for ‘Em” as of December 22, 2023; https://www.experian.com/blogs/ask-experian/11-credit-myths-dont-fall-for-em/

* To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer-to-peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

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