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When do credit card companies report to credit bureaus?
In a Nutshell
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Whether you’re just starting out on your credit journey or you’re looking to build your credit, at some point you may wonder, “When do credit card companies report to credit bureaus?”
You probably want to know when your activity gets reported so you can keep track of how it affects your credit scores. Read on to learn more about when credit card companies report to credit bureaus — and why it’s important.
When do credit card companies report to credit bureaus?
“Your balances are normally reported to credit bureaus on your statement [closing] date,” says Tina Endicott, vice president of marketing and business development at Partners Financial Federal Credit Union. “However,” she notes, “it may take a few days or even a week for the bureau to update your information.”
This may depend on the bureau. Experian®, for example, claims that “your credit report shows the balance on your credit card at the moment it is reported by your lender” (emphasis ours). But different bureaus may update at different speeds and frequencies.
And while you can generally expect that your credit card activity will be reported to the bureaus at the end of your billing cycle, it’s not a hard-and-fast rule. “How often credit card companies report to the nationwide consumer reporting agencies depends on the [company],” explains Nancy Bistritz-Balkan, director of public relations and communications at credit bureau Equifax®.
“It can be anywhere from quarterly to daily for an individual consumer’s information, depending on the choices and practices of the lender or creditor,” she says. “Most lenders and creditors [i.e. credit card companies] report information at least once a month.”
What are the major credit bureaus?
There are three major credit bureaus: Equifax®, TransUnion® and Experian®.
The problem with credit reporting
But here’s the thing: Not all lenders report your activity to credit bureaus. If they do, they might not report to all three of the major credit bureaus, either. Credit reporting is a voluntary practice, and credit card companies don’t always reveal which credit bureaus they report to. Some companies, like Capital One®, explicitly state that they report your credit standing to the three major credit bureaus. Others may not reveal that information so openly.
Why knowing when credit card companies report to credit bureaus is important
Knowing when credit card companies report to credit bureaus can clear up some confusion you may have with your credit reports. Have you ever checked your credit reports and seen a balance, but you know you pay off your card every month in full?
So, if you’re concerned about how this snapshot of your balance may affect your credit, consider keeping tabs on your spending by your statement closing date. You could also make a payment before your statement closing date, so your balance is lower when it’s reported. Keeping a low balance can help your credit overall.
A quick note on credit utilization
Credit utilization refers to how much of your total available credit you use at any given time. Being mindful of your credit utilization rate (your total credit card balances divided by your total credit card limits) and paying down debt can be a good move.
You may pay down your debt and not see an improvement right away. Before applying for any new credit, you may want to make sure your lower balances are reflected on your credit. Keep in mind that many factors determine your credit scores. Paying down your revolving debt does not guarantee higher scores.
What you can do
If you’re concerned about your credit utilization in relation to credit reporting, you might consider asking for a higher credit limit. Having more credit available — and not using as much — may help boost your credit. Just be sure to do your research first. Also, understand that having more available credit could actually hurt your scores if it tempts you to rack up more debt.
What does FICO stand for?
How many credit bureaus are there?
How do I make a payment to a debt.
How long do collections stay on your credit reports?
Should I lock or freeze my credit file?
Credit Karma Guide to Using Your First Credit Card
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