That’s impressive 
I don’t think I’ve even spent enough in total since September to make that lol
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especially the 3% from Amazon
So, who gets there salary paid into Chase? If so, has there been any problems? Was thinking of doing it.
Why? It’s not exactly a fully featured bank yet.
Do they even accept BACS credits?
Yep.
I can’t find Chase on my credit report any have theirs appear?
They don’t appear as they don’t provide any form of credit at present, this may change in due course. They also need x amount of reporting first similar to how other creditors can join xyz reference agencies.
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Opened my account in September and haven’t used it since, foolishly activated the cashback at the time so missed out on a few months of it. Asked in chat if they can reset it but they said no so I asked if they plan to extend it after the 12 months and they said no plans at the moment.
That’s not why - current accounts can reported whether or not the account, or bank offers credit.
Chase simply doesn’t report because they haven’t opted to yet. It’s likely this will change in the near future
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Which is ridiculous and an overstep on the part of the credit reference agencies. Emphasis intentional.
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Very much agree - non-optional reporting on all credit activity is somewhat invasive. Plus we can’t choose who gets to see and what exactly we want to share.
For example people taking SIM only contracts and or basic bank accounts and the likes.
Plus there’s lots more that isn’t visible, such as your account turnover and over financial activity that we don’r even get to see.
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Are account turn over and financial activities reported?
I wonder what the legal situation is on that. I think we should be entitled via a subject access request, but I can imagine the CRAs trying to obfuscate through pointing at the information you can see, for example, in Clearscore or Monzo.
Not by Chase (yet)
That’s interesting - I may try. I’ve had my credit report given after SARs but they haven’t ever given me all of the extra data, such as turnover, that’s reported. Only the standard credit report.
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Let us know if you give it a go and how you get on!
Agreed. Even if there is no overdraft facility available, there is always a chance that an offline transaction (eg. on an aeroplane) puts the account into the red, so any payment account can provide credit.
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I’m very much of the position that if no credit transactions are allowed on the account because the customer can’t be trusted, give them an online transaction only cards that prevents such transactions.
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But isn’t that a ‘chicken or the egg’ situation? If banks etc. only report to credit agencies when there is a line of credit taken, how would someone who hasn’t got any credit get approved in the first place?
It’s in their interest to give people credit more than it is anyone elses.
That’s the big lie, they make it sound like there are loads of hoops and they invent rings to run around which - unsurprisingly - involve getting more and more credit. And it’s a game we all have to play. But if, say, all banks stopped reporting current accounts to credit reference agencies, would they actually issue less credit to people? Obviously not, issuing credit is how they make their money.
In terms of unauthorised overdrafts from offline transactions - those are rare, usually accidental, and usually not so big. If they are large or deliberate, they can be passed on by the bank to debt collectors who will usually report a default to the credit reference agencies. No need for every single account to be on the report to deal with such rare cases imo.
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Most people who apply for basic products such as sim only or cheap phone contracts get approved without any prior history.
Having credit isn’t a prerequisite for getting credit.
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