Capital One - When do they send info to Experian / Equifax?

JustJane101

Hi all, This has probably been asked in some form before, but I can't find it.

Experian currently show that I have used roughly 55% of my limit on my capital one card. I briefly dipped that much into it to pay for flights last month, but the balance is now back to 0 as of the 31st of march. I know it isn't instant, but does anyone have any ideas on what days they report to the CRAs? Currently in the middle of a mortgage application, and whilst it's fine because I declared all of my current credit utilisation when I applied (5th March) The 55% would be higher than what I declared. I don't want them to do another credit check and think I've lied to them.

Thanks.

JustJane101

I probably should have just used my savings, but I much prefer paying for flights on my CC, and in the current climate I think that was wise as my flights have been cancelled!

[Deleted User]

You'll need to ask them when in the month your particular account is reported.

But it's not worth bothering with. They're not going to think you lied so there's no problem.

maxximus75

I wouldnt worry.  If this gets flagged you can always explain and provide proof that its been paid, if necessary.

During the mortgage process, you will probably find that you will have multiple credit searches done at time of application, during and after you complete.

Your credit utilisation was a snapshot on the day you declared it so you didn't lie.

The dates that credit providers report to the CRA's will vary from customer to customer.  This is due to batch processing and when your credit card statement is produced. 

The best way to guestimate would be to look at your credit report using one of the free services and looking at the "updated' date for Capital One last mont.  This should be a similar date, each month.

JustJane101

Thanks all! They've only done the one search (5th March), but I expect more . I've also realised that my Nationwide currect account or credit card don't show up on any of my three reports (CreditKarma, Equifax or Experian). These accounts are nearly a year old, so a bit weird. Do I contact Nationwide or the CRA's about this? Address and everything is correct. Would I be wise to wait until after mortgage has gone through. I have declared all my accounts ETC so I can't see the harm in it?

[Deleted User]

Ask Nationwide who they report to. There's no point in going to the CRAs if they don't receive the data.

[Deleted User]

I'd expect Nationwide to report across all 3 - have they got your name and address correct?

Ultimately if you've been searched and approved (at DIP) for a mortgage, you don't need to worry about getting extra accounts onto your file, but in terms of accuracy for the future you might want to ask Nationwide.

If you live in a flat for example it may not show depending on how you've declared the address (and how Nationwide declared it), but lenders can usually see that (either automatically, or if they manually search if they're concerned they can't see everything).

If the Nationwide accounts are perfect conduct I wouldn't worry too much - the time to worry is when they aren't perfect and that only comes to light later on.

JustJane101

Somerset_La_La_La said:

I'd expect Nationwide to report across all 3 - have they got your name and address correct?

Ultimately if you've been searched and approved (at DIP) for a mortgage, you don't need to worry about getting extra accounts onto your file, but in terms of accuracy for the future you might want to ask Nationwide.

If you live in a flat for example it may not show depending on how you've declared the address (and how Nationwide declared it), but lenders can usually see that (either automatically, or if they manually search if they're concerned they can't see everything).

If the Nationwide accounts are perfect conduct I wouldn't worry too much - the time to worry is when they aren't perfect and that only comes to light later on.

thank you!!! I live on a military camp, so this is a recurring theme with address showing slightly differently. I'll change my address on Nationwide to the exact layout it appears on all CRA. All accounts up to date and good conduct, nil missed payments . May as well get it sorted now! Trying to improve all aspects of my credit files, so having these accounts will help them as they are good conduct.

JustJane101

Somerset_La_La_La said:

I'd expect Nationwide to report across all 3 - have they got your name and address correct?

Ultimately if you've been searched and approved (at DIP) for a mortgage, you don't need to worry about getting extra accounts onto your file, but in terms of accuracy for the future you might want to ask Nationwide.

If you live in a flat for example it may not show depending on how you've declared the address (and how Nationwide declared it), but lenders can usually see that (either automatically, or if they manually search if they're concerned they can't see everything).

If the Nationwide accounts are perfect conduct I wouldn't worry too much - the time to worry is when they aren't perfect and that only comes to light later on.

Thank you!!!! On looking at how Nationwide have my address, they have abbreviated part of my address where on the CRA's it isn't. I've now fixed this and should see the accounts on my files soon! I'm really hoping that this helps in some way to "boost" my credit file a little, as tbh they are pretty thin (I don't pay any bills where I am, I only have my 2 Credit cards, bank account and car insurance and mobile bill!). It's amazing how confusing the world of credit is. Do you manually underwrite all mortgages, or are some auto accepted?

[Deleted User]

All new mortgages would go through a degree of Underwriting by a human (e.g. purchases/remortgage changing lender/additional borrowing).

For some low risk cases, they might not want to see your bank statement/payslip (as they get a good enough picture via electronic searches, or if you're already a customer with them). Other lenders will still automate a lot, but want proof for everyone, no matter how low risk you are.

Others do go the other way and ask every question under the sun (but they're normally specialist/adverse credit lenders)

Sounds like you're purchasing if you're currently living on base? So you'll definitely be underwritten - the extent will vary by lender/case. It's nothing to worry about though (although everyone will probably worry until they get an offer!)

If you declared accounts, it's up to the lender to decide how to verify what you've declared and what threshold is acceptable. If you declared 10 accounts and they find 7, that's probably fine. If they find 3, it probably isn't. If you only declare 3 accounts and they find none, that probably isn't either. All they'd do is ask questions/do extra searches/request proof of address (to ensure you've given them correct details).

As you live on base, they may do extra searches anyway - these may have already happened without you even being aware or told. If you're concerned about the Nationwide accounts not appearing you could let the Lender know, for your peace of mind - but a few accounts with perfect history not appearing is unlikely to cause an issue, it's an accepted risk that not all accounts appear all of the time.

JustJane101

Somerset_La_La_La said:

All new mortgages would go through a degree of Underwriting by a human (e.g. purchases/remortgage changing lender/additional borrowing).

For some low risk cases, they might not want to see your bank statement/payslip (as they get a good enough picture via electronic searches, or if you're already a customer with them). Other lenders will still automate a lot, but want proof for everyone, no matter how low risk you are.

Others do go the other way and ask every question under the sun (but they're normally specialist/adverse credit lenders)

Sounds like you're purchasing if you're currently living on base? So you'll definitely be underwritten - the extent will vary by lender/case. It's nothing to worry about though (although everyone will probably worry until they get an offer!)

If you declared accounts, it's up to the lender to decide how to verify what you've declared and what threshold is acceptable. If you declared 10 accounts and they find 7, that's probably fine. If they find 3, it probably isn't. If you only declare 3 accounts and they find none, that probably isn't either. All they'd do is ask questions/do extra searches/request proof of address (to ensure you've given them correct details).

As you live on base, they may do extra searches anyway - these may have already happened without you even being aware or told. If you're concerned about the Nationwide accounts not appearing you could let the Lender know, for your peace of mind - but a few accounts with perfect history not appearing is unlikely to cause an issue, it's an accepted risk that not all accounts appear all of the time.

Thank you!

I have gone to a specialist lender, and my case has been back and forward from the Underwritter three times so far, lol. This time they've reduced what they were willing to lend to me by 10k because I currently pay for accomadation (£60) on camp which shows as a diduction from my wages. Broker has gone back to ask for it to be re evaluated, so not sure if I'm actually going to get my offer anyway. It makes me sad that I get a payrise in May (working out to about £65 per month) (which I didn't feel the need to declare, because my origional DIP was for 3k more loan amount than I initially wanted without this. I will also get fuel allowance, again which I haven't declared as I am aware most lenders don't use this. My partner is an accountant, and we have worked out that even if I went onto SVR and it increased to way above 8%, the mortgage repayments would all be easily affordable still. I can live vary cheaply, but that doesn't appear to matter!

I'm so desperate to get this house, it is perfect. My partner also will be unable to feesably move up until I am on the property ladder as he doesn't want to sell his place which I completely understand as it will make fantastic rental. Trying to do everything in my power now to make this go through, but I'm scared that it's already come back so many times that I won't get it.