When does Credit Card borrowing show up on your credit file?

MrMoo123

All,

I'm in the process of a mortgage application that is currently with the underwriters and it's all a bit tight. In the meantime I have a rather large bill to pay and my only option (regrettably) is to transfer the money from my credit card into my current account. However I am worried that if I do that it will show up that i've borrowed a large sum of money and the mortgage application will be rejected

Basically does the transaction show straight away on my credit file or is it not until my statement goes through ?

zerog

Don't know what underwriters see, but for the credit reports that consumers can see it usually updates once a month. Some banks do it on the last day of the month while some do it on a fixed day, which may have no relation to your statement day.

MrMoo123

Thanks for info... maybe it will be OK... does anyone know if the underwriters will see it?

[Deleted User]

They may see it but I doubt it will appear immediately - I'm guessing that CC companies only report to the CRAs on a monthly basis when the statement is generated.

Even if they do see it, while it may raise an eyebrow, I doubt it will be a deal breaker for the mortgage. You are using a credit facility within the T&C of the product, not defaulting on a debt/missing payments etc.

[Deleted User]

Of course this only counts if the CC is with a different provider from the mortgage, Otherwise they will see the transaction straight away.

MrMoo123

Thanks - that makes it clearer, thanks for your help

YorkshireBoy

MrMoo123 wrote: »

...I have a rather large bill to pay and my only option (regrettably) is to transfer the money from my credit card into my current account.

Which card, and by what method?

If it's an MBNA money transfer (or some other similar deal) then that won't be as big a problem as withdrawing cash.

If you are talking about a cash advance, and it's "rather large", then that will certainly raise eyebrows with the mortgage company...if it's reported quickly.