Applying for a mortgage next – how do I get my credit score updated quickly?

harryenfield123

Over the last few days I moved some money around – I cleared the balance on my Barclaycard to take them up on their 0% APR offer (I got the money from an old PPI claim). I then moved the balance from another credit card to it and transferred some more money from it (still at 0%) to my bank account to settle a lone. I have now reduced my debt and have it all one credit card at 0% until October next year (quite a saving) and increased my expendable income.

I know that it is highly likely that it is going to take a good few weeks before this is reflected in my credit file. The main question is, is there any way I get this information updated more quickly to improve my chance of getting a mortgage? I am more than a little concerned that when I apply for the mortgage and what I tell them differs significantly from what my credit file says that they may consider I am being less than truthful. Is there a way I can approach the lenders and ask them to update it immediately? Is such a thing possible? I would imagine it is, but at a cost!
Does anyone have any idea if this is possible?

The_Boss

Your 'credit score' means nothing and does not need updating.

You refer to this and credit file as if they are the same thing - they are not!

Account data held on credit files with Experian and Equifax tend to be updated every 4-6 weeks, with different accounts reported at different times. There is nothing you can do to speed this up, but you may get lucky in when the data is updated e.g. the 4-6 week cycle may be next week, which means the change in account balance should be reflected. You'll have to gauge that from the last 'updated to' date recorded for the accounts in question.

kellyt86

I also recently paid off my debts a few weeks before applying for a mortgage, but because I had seen 'the house' we moved a bit quicker, rather than wait for it to come off.

My broker did a 'soft search' with Halifax to get a DIP then put the offer in, once accepted we re-evaluated the rates and decided on Nationwide who did a proper search with no problems.

This was all with the debt still showing on the file, I explained all this to the broker who just stated on the application that the debts have been recently cleared and put £0 a month in for repayment for affordibility calculators.

You could maybe do something similar with your new monthly repayment figure?

It has now been over a month since we completely paid off debts but still not showing on reports for all things... some have come off an some haven't.

I would imagine that if the lender really wanted you could send copies of all the statements to prove what you did.

Good Luck

gazman100

Had the same issue after paying off a loan early.

Explained the situation to YBS, and had to send a copy of the settlement as part of the application process. No problem though.