Credit Bureau Reporting FAQs

Does Petal report to the credit bureaus?

Petal reports to all three of the major credit bureaus: Equifax, TransUnion, and Experian.

 

When should I see Petal on my credit bureau report?

If you’re new to the Petal family, you should see your Petal credit card account reflected on your credit bureau reports 1-2 months after your Petal account was opened. 

Petal account activity, like payments and balances, is reported as-of the 1st of each month and can take a few weeks of processing time before a payment is reflected on your credit reports. So, depending on when you made a payment, it can take up to two months to be reflected on your credit report. If it has been 2 months and you still don’t see Petal on your report, contact our Support team at support@petalcard.com and we’ll look into it for you.

 

What information does Petal report to credit bureaus?

We will report your monthly Petal account history to credit bureaus. This includes:

  1. The date we opened your account
  2. Your credit limit
  3. Your balance
  4. Any missed, late, or on-time payments

If you make at least the minimum payment by the due date every month and don’t use too much of your available credit, your credit score is likely to improve. If you’re interested in more tips to improve your score, take a look at this guide from the Consumer Financial Protection Bureau

 

When does Petal report to credit bureaus each month?

Petal reports to all three credit bureaus once per month. Your Petal account activity is reported as-of the 1st of every month and includes activity from the previous billing cycle.

For example: Your August account activity will be reported to the credit bureaus as-of September 1st. 

Heads up—While your data will be reported as-of the 1st of each month, due to processing time you may not see an update on your report until a few weeks after the 1st. 

 

I want to build my credit and keep my credit utilization low. When should I make payments? 

When looking to improve your credit score, Experian recommends the following:

It's best to pay your credit card balance in full each month and not carry a balance at all, if you can. The recommended 30 percent utilization rate, or balance-to-limit ratio, is not a target; it is a maximum.

As a rule, you never want your balances to be higher than 30 percent of the credit limit on a single credit card or in total. For example, if your total credit limit on all your credit card accounts is $10,000, your total revolving balance on all your credit card accounts shouldn't exceed $3,000. The same applies to the individual balance on each card, which shouldn't be higher than 30 percent of that card's credit limit. Anything over that 30 percent amount can impact your credit scores substantially.

The lower your utilization rate, the better. It has been found that people with the best credit scores have utilization rates of less than 10 percent.

Your Petal account activity (including your current balance) is reported as-of the 1st of every month, so paying your full outstanding balance before the 1st will help keep the reported balance low.Keep in mind that many factors will influence your credit scores. If you’re interested in tips on how to get and keep a good credit score, take a look at this guide from the CFPB. 

 

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