How quickly do paid off loans/CC disappear from credit searches?

AndyLiverpoolFC

We're about to apply for additional borrowing against our home having just paid off two personal loans (3mths early) and a credit card.

How long will it take for these 'pay offs' to show up and disappear from my credit searches? Obviously if we're looking to borrow more money it'll be useful if these show zeroes!

Westminster

It depends on where you are in the monthly update cycle for each company. Worst case is you missed it by a day so they won't update the file for another month.

However, even if you closed those accounts, they will remain visible (along with your monthly repayment / balance conduct) for another 6 years.

TadleyBaggie

The accounts will remain on your credit record for 6 years, but show as "settled". Could take up to 6 weeks or so to show up.

AndyLiverpoolFC

TadleyBaggie wrote: »

The accounts will remain on your credit record for 6 years, but show as "settled". Could take up to 6 weeks or so to show up.

Thanks. If that's the case, should we wait 6 weeks before applying? Or could we explain the situation? Terrified of the 'computer says no' scenario.