closed my credit cards -- how can I get it to show up on my credit records?

alexanderalexander

hello,

Title pretty much says it all -- I recently closed some CCs as I am applying for a mortgage. None of the closures yet show up on my credit record. Is there any way I can speed up the CC companies' reporting of the card closures to the credit referencing agencies?

Alex

lisyloo

No, you can't speed it up, they tend to do it monthly.
I have personally found it to be done at the very end of the month or at the beginning up to 7th.

You could sign up for noddle which is free and get it in 2 weeks time.
The report is free monthly so you need to be a careful about when you get it, because you won't be able to get it for another month, so if you get it now it will show Marchs updates not Aprils - hence my suggestion to wait a fortnight.

Do you really think the closures are going to have a material affect on your ability to get a mortgage?
I wouldn't have thought that unsecured credit would make a difference.
The main things are your income and the value of the property you are buying.
A few credit cards won't make any difference, unless they are currently showing as large balances.

alexanderalexander

lisyloo wrote: »

No, you can't speed it up, they tend to do it monthly.
I have personally found it to be done at the very end of the month or at the beginning up to 7th.

You could sign up for noddle which is free and get it in 2 weeks time.
The report is free monthly so you need to be a careful about when you get it, because you won't be able to get it for another month, so if you get it now it will show Marchs updates not Aprils - hence my suggestion to wait a fortnight.

Do you really think the closures are going to have a material affect on your ability to get a mortgage?
I wouldn't have thought that unsecured credit would make a difference.
The main things are your income and the value of the property you are buying.
A few credit cards won't make any difference, unless they are currently showing as large balances.

Thank you for taking the trouble to reply, although obviously it's not what I wanted to hear....

Sadly, I think the credit cards will be a problem for me, as I have been stoozing and thus have a rather high balance, at the same time as trying to borrow a high-ish salary multiple for the mortgage

bengalknights

alexanderalexander wrote: »

hello,

Title pretty much says it all -- I recently closed some CCs as I am applying for a mortgage. None of the closures yet show up on my credit record. Is there any way I can speed up the CC companies' reporting of the card closures to the credit referencing agencies?

Alex

It usuallys shows up two months after closing it as settled

makes_no_sense_to_me

is this your first mortgage? We recently moved and wanted to take our mortgage deal with us but had to go through the whole application process again anyway and we had 3 credit cards showing a large balance - however there was to be a little profit (about £4,500) from the house sale left after deposit, solicitors, estate agent fees etc, so we did advise the credit acrd company we would be clearing one of the credit cards - we also have 3 very hefty loans that are running over 7-10 years totalling over £600 a month but thankfully none of this affected our application. The main concern is obviously how much you earn and how much you need to borrow 90% of the house value or 85% etc. If youbhave a good deposit and earn a regular salary then you should be ok if you're not struggling to repay your debts. Can you delay your mortgage application by a couple of weeks if you are worried about the credit cards? You can advise them that you have recently repaid and cancelled them and give the exact date. I think they do an initial search and then when the valuation report is back on the house (which can be as soon as one week or as late as 3 I think) then they do a proper search. I'm sure that's waht I was told by Santander - but maybe all companies work differently.

stclair

You could ask the lender if they are willing to update the information manually.

Most big lenders have the facility to update your information online and and it will reflected on your credit report within 24 hours.

lisyloo

Sadly, I think the credit cards will be a problem for me, as I have been stoozing and thus have a rather high balance

I assume you have now cleared these balances (as the cards are closed).
So what you really need are the balances to be updated rather than specifically the cards closed.
You should be able to see this after the next monthly update, so within the next two weeks.