How long before your credit score updates

ian.wright.89

Hi

I recently renovated my house and in the process built up around 18k of debt on 0% credit cards. Last week I paid all of these off in one hit and closed all the credit card accounts but one.

Today I just applied for a personal loan but it was rejected. I've checked my credit score, and the reports show all these debts still exist.

Any idea when these will stop showing and how best to re apply for the loan without further damaging my credit score?

Thanks

Tixy

Lenders update the credit reference agencies once per month.

You credit report data can typically be 4-5 weeks out of date.

In terms of applying again, I'd wait until the previous accounts definitely show as settled and closed. You may want to consider applying for a loan with one of the places that offers a quotation/soft search of your credit file, such as nationwide. Or MSE has a loan eligibility checker which will give you an indication as to whether you may get accepted.