Rapid Rescore after clearing debt

AdrenalineJunkie22

Hi,

I will be clearing my credit cards next week and was looking to applying for a mortgage soon after. Normally banks take a month to update the credit agencies but I have found something called a 'Rapid Rescore' and was wondering if anyone has experience on knowledge on whether banks will do this if I ask nicely or is there normally a lot of begging and admin cost involved?

Thanks

Tixy

I think the term rapid rescore generally relates to the US and US credit files.

I haven't heard of such a term used for UK agencies.

I don't think it is generally possibly to speed up the process of regular monthly updates to the CRAs.

That said - if you provide the mortgage lender/broker with copies of your credit card statements or proof of the cards being paid off then they will consider that in conjunction with the information from the credit reference agencies when making their decision.

Thrugelmir

Lenders will consider your previous 6 years of history not just the last month. So several months of clear balances would aid your cause. As not not unknown for balances to be cleared temporarily in order to give the appearance of.

The_Boss

Rapid rescore isn't possible here as we don't have credit scores.