Cancelling CC - how long until it appears on credit report?

MattyNeth

I have a Goldfish card with a 5k+ credit limit which I will be cancelling next month. How long will it take for that credit exposure to disappear off my credit report?

I'm looking to apply for a new card in January and want/need as big a credit limit as I can get then....

Moggles_2

Credit card companies vary, in this respect, as with everything else.

A phone call to customer services should be all that's required, but best practice is to ask the lender to confirm closure in writing.

If the promised confirmation letter does not arrive within a couple of weeks, phone once again to ask why.

Finally, if your credit reports do not show the card in question as "settled" contact the lender again and ask them to make the necessary changes.

The whole process (from the initial phone call ) can sometimes span a couple of months, so allow plenty of time

YorkshireBoy

My Buy & Fly card (originally Morgan Stanley, but then Goldfish took them over) was closed and reported settled very quickly a couple of months ago.

However, you shouldn't 'guess' how long it'll take to show as settled with the CRA's. Wait a month and order your £2 statutory reports (Experian & Equifax). Because the reports are 'valid' for 60/90 days, you can then ring them for updates to your cards' status.