turned down again

lisyloo

firstly, re the cards, equifax and experian will usually be updated within 28 days of the changes/

I agree, but in my experience lenders do not shut down credit cards immediately.
So the total time, is the time is takes the lender to close the card PLUS the 28 days to update the credit record.
So I would allow 2-3 months.

Lenders usually wait for any outstanding transactions to come through before closing the account, some also wait until you've sent the card back.

It would be nice if they did it instantly, but I can assure you they don't.

mummytwinton

thank you all for your advice. i'm very p***ed off as we have never been behind with payments we now have nothing outstanding so i our eyes are good for the money.
we earn 40k between us with a mortgage of 98k house worth 190k & no loans or credit cards with any baclance on them.
sorry but in our eyes that's bloody good now'er days

so we should get credit report which i'm doing with experian awaiting pin number though post then see what that says & as long as it's nothing worse than holding to many credit cards open should we go back to banks or wait 6 months???
if a mortgage advisor tries to get a mortgage for us will that go against us if he gets knocked back too???

MortgageMamma

I dont think the mortgage lender will really be overly concerned about the fact she has the cards, its more the card balance that they look at when calculating affordability, so I don't see why she should take 2-3 months to reapply for a mortgage.

The_Mortgage_Lady

I don't see why you should wait any amount of time once you have your credit file...

IF you are being declined simply because of previous balances on credit cards that have now been cleared this should not hinder you once you have an experienced adviser working on your behalf

Don't apply directly to a lender yourself, again, an experienced mortgage advisor will know from seeing your credit file which lender to apply to so you avoid getting declined again...

Don't worry, if all is as you say, I'm sure the advisor you go to will have no problems sourcing another deal for you