Balance Transfer, nor registered?

gazzer82

Hi All,

Two weeks ago i applied and was approved for a 0% balance transfer card with Halifax, to which i have transferred the balance of my two sub-prime cards (Aqua and Vanquis).

As my Halifax card showed up first on my credit report with the transferred balance it completely skewed my outstanding debt as it was showing in both places. However i accepted that based on the previous update dates for the Aqua and Vanquis cards on Experian (the 7th) it would all sort itself out on that date. However today they have both been updated again, but still showing the full outstanding balance, so my debt utilisation is still showing as really high.

Both cards have shown for over a week a cleared balance.

Am i going to have to wait another month for this to get sorted out, or will it be updated sooner? I am about to apply for a PCP for a new car as i am changing jobs, but i don't think there is any way it will go through will by current ratios?

Thanks

Gareth

sfax

gazzer82 wrote: »

Hi All,

Two weeks ago i applied and was approved for a 0% balance transfer card with Halifax, to which i have transferred the balance of my two sub-prime cards (Aqua and Vanquis).

As my Halifax card showed up first on my credit report with the transferred balance it completely skewed my outstanding debt as it was showing in both places. However i accepted that based on the previous update dates for the Aqua and Vanquis cards on Experian (the 7th) it would all sort itself out on that date. However today they have both been updated again, but still showing the full outstanding balance, so my debt utilisation is still showing as really high.

Both cards have shown for over a week a cleared balance.

Am i going to have to wait another month for this to get sorted out, or will it be updated sooner? I am about to apply for a PCP for a new car as i am changing jobs, but i don't think there is any way it will go through will by current ratios?

Thanks

Gareth

You'll have to wait a month. The data marked as the 7th must have been supplied before the BT was cleared. They won't update any more frequently than every month.

gazzer82

!!!!!!, that's annoying. Especially as the data on CreditExpert says balance as of the 7th of November, which is utterly wrong.

Frustrating as they seem more than happy to update the data more frequently when my balance goes up, or they need to add a new card/search.

Oh well, shall wait a month before submitting the application, bad timing as always. Glad i checked though so i didn't end up submitting a wasted application and effecting things even more.

Thanks for your help, let's hope they sort it next month.

Cheers

Gareth

Experian_company_representative

Lenders update your credit account details they store with Experian every month but there will usually be a lag, depending on when payments are made and when they submit the new data to us. We also have to put the new data through quality control before we add it to your credit report. It's actually sensible to space out your credit applications where you can, so waiting a little while longer might be useful anyway.

James Jones