Credit file updates

Nicolapink

Hi everyone, I am about to pay most of my card and catalogue debts off. My query is how often are the reporting agencies updated? I really want to see if this makes a good change to my credit file. Then I can focus on reducing my spending and prepare to re mortgage. I have approx 2500 of debt and a poor score. I have a couple of defaults that are due to drop off in the next month or so. Will clearing 2k off the cards make a good difference? I'm determine to change my ways x

DCFC79

Nicolapink wrote: »

Hi everyone, I am about to pay most of my card and catalogue debts off. My query is how often are the reporting agencies updated? I really want to see if this makes a good change to my credit file. Then I can focus on reducing my spending and prepare to re mortgage. I have approx 2500 of debt and a poor score. I have a couple of defaults that are due to drop off in the next month or so. Will clearing 2k off the cards make a good difference? I'm determine to change my ways x

Your score is of no relevance, only you can see it.

Maybe once a month the agencies are updated, it might be more down to the companies involved and how often they pass on the data to the agencies.

Thrugelmir

Nicolapink wrote: »

Will clearing 2k off the cards make a good difference?

Of course it will. As you'll owe less.

jadex

Files are updated when there is a new info supplied by companies (maybe not on the go but surely overnight).
The problem is that companies do not update them more often than on a monthly basis as there is no point. After all, what are they supposed to update? You are required to pay by specific date in the month, so then they have anything to update.

Nicolapink

Thanks all. I just want to look at my file and see no credit card debt. Much appreciated xx

clarkyfromcov

I applied for a loan on 7th June for home improvements as was looking to extend but never signed the paperwork - a few weeks later I had a mortgage offer issued for a house that suddenly came on the market - the mortgage offer was issued on 24th June - would the mortgage lender have seen that I had applied for credit 17 days earlier or would the information not have been updated

[Deleted User]

Impossible to say. Maybe, maybe not.