When does credit card balance come off credit file?

deano3

Hi,

Im in the process of paying off my credit card balance, im going to be making a mortgage application soon how long will my credit report take to reflect the same?

I dont want the mortgage company to use that balance when considering affordability. Just considering if i should perhaps leave it a few weeks before i make the application.

StuC75

Credit Cards will update the balances each month (some time after the statement date).. Not sure if customer services people would know this, so maybe checking your credit file would best confirm when this happens..

When you first apply for the mortgage they will ask what balances you have, and can make a note that its been repaid or would be prior to completion if its a significant amount (rather than just month to month spend).. You could always say 'the last statement was XX and it has now been repaid'..

Its not really going to be such a big deal..

deano3

StuC75 wrote: »

Credit Cards will update the balances each month (some time after the statement date).. Not sure if customer services people would know this, so maybe checking your credit file would best confirm when this happens..

When you first apply for the mortgage they will ask what balances you have, and can make a note that its been repaid or would be prior to completion if its a significant amount (rather than just month to month spend).. You could always say 'the last statement was XX and it has now been repaid'..

Its not really going to be such a big deal..

Good, good, thanks for your reply

StuC75

Also best to consider avoiding applying for any further credit between starting the mortgage process and actual completion, since follow up checks can be made any time prior to funds being issued -- so avoid those furniture deals etc until you are safely in as anything that could affect affordability... I tend to use my credit card for just month to month expense (paid in full) and this didn't cause any issues in the process - its just how I budget..