There is no pre-set starting credit limit for the Chime Credit Card. The credit limit for this card depends on the money you decide to move into your Credit Builder Secured account. Chime only gives a maximum credit limit for this credit card, which is $10,000.
Here's how the Chime Credit Card credit limit works:
Although the Chime Credit Card is a secured card, it doesn’t require a minimum security deposit. But your spending limit equals the amount that you transfer from your Chime Spending Account to your Credit Builder Secured account.
Keep in mind that the minimum amount you can deposit to your Chime Spending Account is $200.
Ultimately, it is worth noting that Chime allows you to increase your security deposit for a higher credit line. You can move money to your Credit Builder Secured account whenever you want.
Yes, a secured credit card will increase your limit under certain conditions. For instance, you can add additional funds to your security deposit to raise your credit limit. Plus, if you make several consecutive timely payments, the issuer may increase your limit without an additional deposit.
With a secured credit card, you add a security deposit to establish your credit limit. As secured cards are designed for people with less than good credit, the deposit also serves as collateral. The amount of your deposit determines your credit limit. You’ll be refunded the deposit in full when you close your account in good standing. Any unpaid balance or fees owed will be deducted from your balance when you close the account.… read full answer
How to increase your secured credit card limit:
Increase the amount of security deposit: You can add additional funds through your online account or by contacting the issuer’s customer service line. When you call, you will need to provide your personal information to verify the account. Please note that some credit card issuers require that you make additional deposits (up to the maximum amount allowed) before the account opens.
Automatic credit limit increases: Some issuers will consider you for a credit limit increase without an additional deposit after you make your first several payments on time. The Capital One Platinum Secured Credit Card is a good example. However, you have no control over how much and when you credit limit will be increased, if at all.
When evaluating your account for automatic credit limit increases, the issuer will perform a soft inquiry on your credit report. This inquiry does not affect your credit score, nor does the issuer need your permission to generate it. Not all secured credit cards offer automatic credit limit increases, though.
Alternative ways to increase your credit limit on a secured credit card:
Note that your card may be eligible for graduation to an unsecured credit card. If your account has been in good standing for more than 12 months, contact your issuer and see if you are eligible for graduation. If approved, you will receive a refund on your security card. You may also be eligible for automatic credit limit increases or request them yourself if you’ve used your card responsibly.
If you are not eligible or graduation, you can always search elsewhere and apply for an unsecured card that best fits your credit profile. Keep in mind that a credit card application results in a hard inquiry on your credit report, which may cause your score to drop a bit in the short term.
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