Credit Karma offers free credit scores to users, although it’s possible that these scores differ from those used by lenders. While most lenders utilize the FICO scoring methodology, Credit Karma’s credit score is based on the VantageScore 3.0 algorithm. The two models’ disparate use of algorithms for calculating credit scores can lead to differences in scores of up to 30 points.
A minimum credit score of 640 is needed to get approved for the Comenity Bank-issued Buckle credit card. Even with a credit score of 640, acceptance is not certain because other variables including income and the debt-to-income ratio are also taken into account.
Does Chime Increase Credit in This Regard?
Chime is a mobile banking application that doesn’t submit credit report data to credit bureaus, therefore it has no effect on your credit score in any way. However, utilizing Chime sensibly by keeping your finances organized and making on-time payments on your bills might gradually raise your credit score.
If used carefully, having several credit cards could raise your credit score. It can raise the amount of credit you have available and decrease your credit utilization ratio, both of which affect your credit score. Opening several credit cards at once, meanwhile, can also lower the average age of your credit accounts and increase the quantity of hard inquiries on your credit report, both of which can be detrimental to your credit score. Credit applications should only be made when absolutely necessary and should be used wisely.
In conclusion, raising your credit score to 900 is doable, but it will take a lot of effort and time. When compared to FICO scores, which are used by lenders, Credit Karma may be incorrect by up to 30 points. A credit score of 640 is required for the Buckle credit card. Your credit score is not directly impacted by Chime, but responsible use can result in an improvement. If used carefully, having several credit cards could raise your credit score.