90 days to close account !!!! JESUS !!

Jones811

Hi Everyone,

Just a quick question , been working for years now to build up my credit score using sub-line cards , New day, Aqua, Capital One  and Miss Selfridges Cards, 3 weeks ago was offered the Barclaycard Platinum with 24 months free interest on balance transfer ( I thought Yes ! ) finally , after years of commitment , I get a good card, got a nice starter limit also of £3500, so, I decided to use the balance transfer to my benefit a total of £2000, , £1200 Aqua ,  £500 Miss Selfridge and £300 Capital One, Once paid off,  I IMEDIATELY contacted said Card providers to close the accounts, However, Newday Aqua and MS stated " Your account will be closed immediately , your credit file will be updated but can take up to 90 days ??? Seriously ??? Really ?? 90 Days ??? My question is , have any of you closed a account with the above and if so, did it really take the 90 days ?? Is this the Norm ?? Thank you in advance for all your help .

AJ

[Deleted User]

They're correct to manage your expectations.

In reality, it will be a lot shorter, but allowing up to a month for them to report depending on where you fall in the reporting cycle, and up to a month for you to see it on your monthly CRA reports, 90 days is a reasonable number given potential delays by the current circumstances.

Do you know you've used fifteen question marks to ask just five questions?  Is there a punctuation sale on? 

Sandtree

I think there is an element of belts and braces there (ie they are giving you worse case scenario) but certainly 60-90days isn't uncommonly the quoted timescales.

Account closing isn't instant, reporting to CRAs for this type of routine stuff is typically done monthly and so can be + 30 days from when the account is actually closed and CRAs only process all the updates they have received periodically so again could be +30 days. 

In practice its likely to be shorter but they'd rather under promise and over deliver than say it'll be in 45 days and then have you complaining when its still showing because you've been unlucky with the timings.

penners324

Closing those old cards will cause your score to drop....
Not that yhe score means much

cymruchris

Not sure why you rushed to close all the accounts - better to keep them open, use them for a purchase or two a month, and then clear the balance in full with direct debit. Closing all the accounts at the same time will have a relatively short-term negative impact on your credit file, as lenders might worry why all the accounts were closed simultaneously. 

Jones811

Deleted_User said:

They're correct to manage your expectations.

In reality, it will be a lot shorter, but allowing up to a month for them to report depending on where you fall in the reporting cycle, and up to a month for you to see it on your monthly CRA reports, 90 days is a reasonable number given potential delays by the current circumstances.

Do you know you've used fifteen question marks to ask just five questions?  Is there a punctuation sale on? 

Have I really ?? …. used Fifteen question marks to ask just five questions ??? DAMN ! I'm sure I'll be fine...…