Balance still showing on credit report

sirkavo

Hello, I'm sure this has been asked before, so apologies.

My wife has recently(2months ago) consolidated credit cards to a loan.
This was to reduce her monthly outgoings in anticipation of getting a mortgage.
She has since been through the affordability checks is with an advisor, how ever she has failed the actual check with all of the competitive providers due to to the credit cards still showing as having an unpaid balance on her report.
Why is the report still showing a balance? If this is just a 'time' thing and she should just wait, then the system is pathetic.
Thanks
Dan

Willing2Learn

sirkavo wrote: »

Why is the report still showing a balance? If this is just a 'time' thing and she should just wait, then the system is pathetic.

Are you checking with all three CRAs?

It probably is just timing. It often takes more than 4-6 weeks for your files to be updated.

jimbo26

Can take ages. I cleared some loans in May, and didn't show up until July

sirkavo

Think she's checked with all 3.
Il check the time scale, I'm thinking 2 months bu maybe less.
Still maintain the pathetic stance though. It's as simple as pushing a button

sirkavo

She paid balances off on 29th July so that's 6/7 weeks.
Time is against us from buying house is concerned. Is there a dispute process?

jimbo26

sirkavo wrote: »

She paid balances off on 29th July so that's 6/7 weeks.
Time is against us from buying house is concerned. Is there a dispute process?

My son had a similar issue. The lender was happy with proof the credit cards (in this case) had been paid. He did a screen print and they were happy with that.

PRAISETHESUN

It often takes 4-8 weeks for your credit files to be updated follow an opening/closing of an account. I agree that it's awfully slow but that's how the process typically goes.

If you have a time critical decision I would be contacting the company and get something from them in writing to state that the accounts have been closed and will be updated on your files in due course. this should satisfy the affordability checks.

sirkavo

Maybe the wrong place to air my grievances about the system, however we do tend to 'put up and shut up' about far too much. As I suggested earlier, technically a very straight forward thing to update a system.
Thanks for the comments everyone.