Credit rating update regularity

greenfrog_2

Hi,

Does anyone know how often the credit referencing agencies update their records?

I'm just wandering because I'd like to apply for a loan next month. This month I intend to pay off a small but persistent credit card debt. So, when I apply for the loan next month and state that my credit card is at zero balance, will this be reflected on my credit reference?

Any help would be greatly appreciated.
Thanks,
Lee

keadd

its your cc provider that has to update your credit files not the reference agencys themselves.

i think the times vary greatly.

greenfrog_2

Thanks Keadd,

So potentially that could be a problem. If I pay off my credit card and state zero balance on my application, this may appear as a discrepancy against my credit reference.

I wonder if there is anyway of prompting an update by the cc company?

[Deleted User]

Alas no, they do it in their own time and you can't really hurry them for this sort of thing.

Some are quick, others slow, but if you miss the monthly date on which the lender updates your report then it could be 4 - 8 weeks before your report is amended.

alo6

through my experiences i paid off santander consumer finance (a car) and also a loan with FLM ( best day of my life).

paid them both off around the 25th july. didnt update until early september. i phoned them up because i wanted to get a new car on HP but theres nothing they can do.

just went for it and explained the situation to the new finance company for the new car (£24000) and they didnt hesitate, and i dont have the best credit rating, credit expert says my score is 234.

so what i am tryign to say is explain the situation, show them proof (ie recepits, statements showing the monies going to santander and flm (in my case).

Sam_G_3

Normally once a month.

If it's a small amount in comparison to your overall credit card limit then you may as well just apply now (for example, £100 owed, £2000 limit, that sort of thing) as it won't make much difference in the grand scheme of things.