How soon will be credit file be updated if I cancel a card?

simonlavender

Hi, I have about £20,000 credit and using £10,000. I wish to cancel a card with £3,000 as there are no promotions on it, then open another one elsewhere and transfer between £3,000 to £,3,500 in May or maybe by August. If I cancel the card with £3,000 now, will it increase my chances of getting credit elsewhere and how soon will it take for 'the credit record' to update so the new card application will be more likely to accept me?
Details:
Card 1 (wish to cancel) £3,000 credit, balance £0
Card 2 £4,600 credit, balance £3,900
Card 3 £3,650 credit, balance £3,480
Card 4 £4,400 credit, balance £2,525
Card 5 £663 credit, balance £656
Plus 2 others cards with credit limits of £2,200 on both and balances of abour £1,000 on each which will be paid off next month.
I have never missed a payment.

Thanks

UsetheFORCE

Depending on your card providers CRA reporting dates and closure procedures, maybe as little as a week but expect it to be about 4-6 weeks.

I am not sure whether closing the card will overall be positive, it may be neutral. You will have a higher utilisation rate although you will have less available credit.

Hopefully soon, someone will give you more detailed help.

Regards

simonlavender

Studying CIMA. I phoned BoA and they said lowering credit was worse so cancelled card. They do monthly report to credit agencies so may have to wait 1 month

InsideInsurance

I would be exceptionally surprised if it is a week! It does all depend on the processes within the bank/ card issuer. A month is optimistic, 2 months more realistic.

When I cancelled one of my cards it took 2 weeks for them to actually close the account, I supposedly had just missed that months run and so it was another 4 weeks until the data was extracted, that was sent to the CRAs about 2 weeks later and the CRA takes about 1 week to process it. From the day I gave the instruction to close it there was about 10 weeks delay before it showed as closed on my CRA file

UsetheFORCE

Whilst not a Credit Card, I recently closed a credit account and it was showing as settled on my CRA Files just TWO DAYS later so it certainly is possible although as it is a credit card, they will probably give it a week to catch any outstanding transactions...