paying off debt within 30 days of completing

GavL

Hi guys
After a quick bit of advice.
Part of my mortgage offer was paying off debts on credit card and mail order account within 30 days of completing. This was the plan anyway, so although we don't complete until 1st Aug I went ahead and paid it last week.
Now had notification from clearscore of an upcoming change in July that the mail order is closing and a new one opening....can only assume this is because it's paid off.
Will this have any bearing on the process before completion as it looks like a new credit account? TIA

LawAbiding

I wouldn't worry until you see the change for yourself.

ClearScore reports Equifax's report, if you have not used up the 14 days free, why not register and check the new report and then cancel?

GavL

I have used up the 14 days but use the MSE version too so will check that when it next updates. Hopefully they’ll see it for what it is - as in what was part of the offer - as the ‘new’ account will have a zero balance anyway.

[Deleted User]

Have you spent anywhere else on Mail Order (Very, JD Williams Group etc), they seem to open and close accounts for fun. So it looks like your account online is always open, but if you haven't spent for a few months on your report it'll be closed then re-opened when you do use it - happens all the time with my JDW account.

It seems strange that paying off your M/O would cause it to be reported as closed with another opened.

Equifax provide your online statutory report now (free since DPA 2018/GDPR), so you could always check that if you're concerned.

Ultimately unlikely to make any difference, particularly if you don't make any chances to your mortgage offer (loan amount, term etc).

Some lenders re-credit score prior to completion, but I think the consensus is the majority don't.

In any event, your CC payments should have been reported to CRAs by then - so IF they rescore, they'd take that into account as a positive whatever is going on with the mail orders.

GavL

Thanks! No not spent anything and won’t be either until we’ll after completing!

I’ve noticed that over the years, Very have closed the account and reopened a few times so considering the balance was paid in full it’s the only thing I can think of.

As long as there’s no major negative impact on the offer then it doesn’t bother me too much, just an initial concern after seeing the email notifying me.

Thank guys!