Where to go from here?

headstar

Hi there

Yesterday I finally (!!!) paid off the last of the debt that has been hanging over me for the past 6 years :j

Now I'm getting married later this year and we want to start looking to buy a house either later this year on early next.

Will the fact that I've paid everything back now reflect on my credit file, or do I need to contact Experian/Equifax and show them that all the debts are now satisfied (I have all confirmation letters except the one from yesterday) or does it get updated automatically?

Should I approach Capital One again for their classic card? They wanted a £250 deposit last time and I was in no position financially to do it at the time. I'm desperate to try and repair my credit history as I was a silly young student at the time of the debts and am now older and wiser!

Thanks for your help!

grumbler

Welcome to MSE and congradulations!

Information on your credit files should be updated automatically, but it is worth checking in a month or two and contact CRAs if something is wrong.

Getting a CC to repair your history is a good idea. Apply again for Capital One with a deposit or wait untill your credit files are updated and try applying for other cards, for example, Aquacard or Barclaycard Initial.

Good luck!

headstar

thanks

do you think I should wait for a couple of months before applying? I got turned down by Barclaycard a couple of months ago and I don't want to make matters worse

It's a pity there's no way you can do a "free" search to see who will accept you without it leaving a footprint on your file *sigh*

grumbler

headstar wrote:

..It's a pity there's no way you can do a "free" search to see who will accept you without it leaving a footprint on your file *sigh*

In fact this idea is not new. However, I don't believe it is possible because different lenders have different scorring systems and keep them under their hat to avoid the system being manipulated by dishonest applicants.

www.mycreditzoo.co.uk ?????

headstar

ah...fair enough!

so should I leave it a few months before reapplying for cards or do you think I should do the Capital One again and start from there?

If they want a deposit, what happens to it? Do I get it back at any point?

grumbler

headstar wrote:

..so should I leave it a few months before reapplying for cards or do you think I should do the Capital One again and start from there?

If they want a deposit, what happens to it? Do I get it back at any point?

If you are prepared to pay a deposit phone Capital One and ask them: probably they can retrieve your recent application. You can get deposit back when you close the account - you can do it at any time. It looks like their site is down last few days.
For other applications I'd wait 1-2 months.

headstar

OK thanks for that