When Does Chase Report to Credit Bureaus?
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Summary:
Chase reports your credit card information to the three major credit bureaus, Experian, Equifax, and TransUnion. They send their reports, which include your credit limit, account balance, and payment history, three to four days after each month’s statement closing date. It’s useful to know your Chase statement dates so that you can pay off your balances before the end of the billing cycle. Keep a low balance and credit utilization rate to maintain a good credit score.
Are you utilizing your credit card optimally? If your goal is to improve your credit score, consider keeping your utilization rate (how much of your available credit you are using) as low as possible. Knowing when your credit card issuer sends credit information reports to credit bureaus can help you protect and improve your credit scores. Chase is one of many credit card issuers that report to credit bureaus monthly. If you have a Chase card, keep reading to find out exactly when Chase reports your credit card information and how to use it to your advantage.
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How credit reporting works
Experian, Equifax, and TransUnion are the three major credit bureaus in the United States. They collect your credit data from lenders and creditors and provide this information to other lenders and creditors to help them determine your creditworthiness. They also compile credit reports so that you can view and track your credit history and credit score.
Credit card companies aren’t necessarily required to report information to a credit bureau. Nor are they required to report to all three major credit bureaus. However, like most creditors, Chase reports credit data to all three bureaus.
When does Chase report to credit bureaus?
Chase typically reports to credit bureaus every 28 to 31 days. They tend to report information to the credit bureaus around the same time they send you your monthly statement. This reporting date is usually three to four days after the statement closing date.
What information does Chase report to the credit bureaus?
Chase reports your credit information from the past billing cycle to credit bureaus within a few days after the final day of your credit billing cycle. If you want to know your statement closing date, you can find it on past credit card statements, billing cycle information in your online account, or by calling Chase customer service.
Chase sends a range of credit data to credit bureaus, all of which must be complete and accurate. The following is the information that Chase reports every month.
- Credit limit: The maximum amount of money Chase allows you to borrow on one line of credit.
- Account balance: The total amount of money you owe to Chase at the statement closing date.
- Scheduled monthly payment: Payments you planned to pay down your balance.
- Payment history: Detailed report of past payments.
- Account status: The status of your Chase credit card account.
Why your credit card’s reporting date matters
Knowing your credit card’s reporting date is crucial because it directly affects your credit score. Credit utilization makes up 30% of your credit score. Credit bureaus calculate your credit utilization based on your account balance and credit limit.
To increase your credit score or maintain your high credit score, ensure your balance is less than 30% of your limit before the end of the billing cycle. That way, when your credit card company reports your credit information, it doesn’t negatively affect your credit score. A high credit score will give you more access to better loans and lines of credit.
How to check your credit score with Chase
Chase Credit Journey allows you to check your credit score, access your credit report, and learn about credit. You can do it all through the mobile banking app Chase Mobile®. Here are instructions to access these Chase Credit Journey features.
- Download and sign in to your Chase Mobile® app. Swipe up, and tap “Credit Journey.”
- Review the terms and conditions, enroll in Identity Monitoring, and tap “Enroll.”
- To review your credit score, tap “See all factors” affecting your score to learn more. Tap “Credit” then “Credit score” and swipe up to see your credit usage.
- To access your Experian credit report and account details, tap “See all accounts” or “Access your report.”
- To access Chase Credit Journey’s educational resources, swipe up from the home screen and tap “Explore our tools.”
Pro Tip
You can get free credit reports from each of the three major credit reporting agencies once per year. Visit annualcreditreport.com to get yours.
How to improve your credit score with a Chase credit card
A good rule of thumb for responsible credit card use is to avoid spending any money that you can’t pay off immediately. It’s easy for credit card spending to get out of hand, and this can seriously impact your credit score. Your Chase credit card habits affect your credit score primarily through your credit utilization.
Credit utilization is the ratio of your credit card balance to your credit limit. Experts recommend keeping this number below 30%. However, if you really want a boost in your credit score, try keeping your credit utilization below 10% (the lower, the better). To lower your credit utilization, you can either decrease the balance or increase the limit.
Decrease your credit card balance
A straightforward way to improve your credit utilization rate is to pay off revolving debt as soon as possible. Alternatively, reduce your spending if you cannot pay off your credit card balance on time.
Decreasing your credit card balance will lower your credit utilization, thereby increasing your credit score. It’s best to do so on time and before the end of your billing cycle each month.
Increase your credit limit
Subject to the approval of Chase, you can increase your credit limit to give yourself some more spending room while keeping your credit utilization low. To increase the credit limit of your Chase credit card, call the phone number on the back of your credit card. Chase does not currently accept credit increase requests online.
Set up automatic payments
Now that you know Chase reports your credit information to credit bureaus at the end of your statement cycle, you can use this to your advantage. Set yourself up for success by setting up auto-pay. Plan to pay off your balance just before the statement closing date. This way, you ensure a low or zero balance, which translates into a low utilization rate.
Correct errors on your report
Review your credit reports monthly. Look for any errors or inaccuracies that could hurt your credit score. Such errors may include late or missed payments. If you encounter any concerns when reviewing your credit history, call Chase’s customer service to resolve the issue as soon as possible.
Learn more
Chase is just one of many major credit card issuers. Everyone is different. Find out when Discover and Capital One report to credit bureaus. And if you are looking for a new credit card, compare your options by reading credit card reviews.
FAQ
What is the Chase 5/24 rule?
Chase has strict rules for who can open Chase credit cards. Chase’s 5/24 rule prohibits approval of new Chase cards for anyone who has opened five or more credit cards from any credit card issuers in the past 24 months.
How many inquiries are too many for Chase?
According to Chase’s 5/24 rule, five or more inquiries in the past 24 months is too many. Chase will likely deny your application for a new credit card if you have more than five inquiries in the past 24 months.
What day of the month do credit scores update?
The frequency of credit score updates varies depending on when your credit card issuer reports to credit bureaus and when you request your credit score. Your credit score may update weekly or even daily.
Does it hurt to check your credit score on Chase?
Checking your score with Chase Credit Journey is considered a soft credit inquiry. Therefore, it does not hurt your credit score.
Key takeaways
- Chase reports credit data to the three main credit bureaus: Experian, Equifax, and TransUnion. These agencies provide credit information to other creditors and consumer credit reports.
- Chase sends your credit information to the credit bureaus once per month, usually three to four days after the end of the statement cycle. Find your statement closing date by checking your past statements or online account.
- The information that Chase reports to credit bureaus includes your credit limit, account balance, scheduled monthly payment, payment history, and account status. While all these metrics are important, you want to monitor your credit limit and account balance closely to keep your credit utilization low.
- Your credit utilization affects 30% of your credit score. Keep it low by lowering your balance, increasing your credit limit, or setting up automatic payments. Do these before the statement end date to positively affect your credit score.
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