Mortgage application - should I wait?

Paulio15

Hello all,

I’ve recently paid off a large amount of credit card debt prior to applying for a mortgage - I have received a decision in principal already, but wondering whether I should wait for my credit report to update and reflect the current £0 debt for the best chance of getting the mortgage approved?

From what I can see the scores were last updated on the 13 October (Experian), so hazarding a guess that sometime after the 13th November would be more in my favour?

Thoughts welcomed!

Ben8282

probably wise to wait if you can.

[Deleted User]

The “score” plays no part in a lenders decision making.

Also your snapshot report isn’t what lenders see - a lender will see real-time updates.

So if the CC provider has updated the CRA’s then that means that the lenders will see that even before your snapshot report is generated.

Paulio15

That is my point, do the lenders update the CRAs in real-time? All I have to go off is two reports from separate CRAs, and no idea what lenders update at what times.

[Deleted User]

It will show you on the report what dates the lenders submit their updates.

There’ll be a “last updated on” date for each lender.

Ben8282

If waiting is not a problem and if it is important to you for your reports to show the updated balances, wait until you can see for yourself that the accounts have been updated.