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Lenders can choose whether they report information to the credit bureaus, which bureaus they report to, and what information they report.
Does Wells Fargo report to the 3 major credit bureaus?
Yes, Wells Fargo reports to the three major credit bureaus:
When does Wells Fargo report to the credit bureaus?
Wells Fargo reports to the credit bureaus on your statement closing date.
Your statement closing date is the final day of your credit card billing cycle. To find your statement closing date, you can:
- Check your credit card statement.
- View your billing cycle information in your online account.
- Call the number on the back of your credit card and ask a customer service representative.
How often does Wells Fargo report to the credit bureaus?
Wells Fargo reports to the credit bureaus every 28–31 days.
What information does Wells Fargo report to the credit bureaus?
Wells Fargo reports the following details to the credit bureaus:
- Current balance
- How much was spent
- How much wasn’t spent
- Available funds
How to build credit with a Wells Fargo credit card
To build credit with your Wells Fargo credit card:
- Use your card regularly: Using your Wells Fargo card responsibly each month gives Wells Fargo positive marks to report to the credit bureaus. If you have a low credit limit or worry about being able to pay your credit card bill, charge a small recurring purchase to the card (like your Netflix or Amazon subscription).
- Use less than 30% of your credit limit: An important factor in determining your credit score is your credit utilization rate, which is how much of your total credit you’re using. You want this number low, so try to only use less than 30% of your credit limit, or less than 10% for an even better rate.
- Pay your bill on time: The most important part of building credit and raising your credit score is making on-time payments to your Wells Fargo account. When you pay your credit card bill also matters if you’re trying to raise your score. Pay your credit card bill in full by the due date, and pay down most of it by the statement closing date (since that’s when Wells Fargo reports your account standing) to maximize positive reporting.
- Keep your account open: The length of your credit history also contributes to your credit score, so keep your Wells Fargo credit card account open to increase your average credit age.