UPDATING CREDIT SCORE QUICKLY

BARLEYFIELDS

Hi

I have recently paid off about £21k split between two credit cards.  It has not yet made it's way through to my credit score. I am trying to take out a mortgage and this is causing an issue.  I am wondering if anyone has been able to get their credit card company to update their credit file early?

Many thanks

sourcrates

It’s done once per month, currently there may be delays due to Covid-19.

D3xt3r5L4b

How is it causing an issue?

Any decent broker will accept paper/electronic proof that the debt is paid. 

BARLEYFIELDS

I think my credit score is low due to credit utilisation.  So it is failing the bank's credit check.  My mortgage has also not linked up to my credit report and is not showing on there despite being in place since Jan 19 so I'm sure that probably isn't helping either!

D3xt3r5L4b

Your credit score isn’t part of lending decisions. 

Carrot007

D3xt3r5L4b said:

Your credit score isn’t part of lending decisions. 

However the debts you specified are. And if you also provided them a credit report showing "alternate" informtation it is upon you.

Should have got a broker as this is easy to avoid.

D3xt3r5L4b

Carrot007 said:

D3xt3r5L4b said:

Your credit score isn’t part of lending decisions. 

However the debts you specified are. And if you also provided them a credit report showing "alternate" informtation it is upon you.

Should have got a broker as this is easy to avoid.

They do. Apparently. And they don’t seem to be a good one at that..

https://forums.moneysavingexpert.com/discussion/6172703/missing-mortgage-on-experian-report#latest

DCFC79

It will require some patience.

Carrot007

D3xt3r5L4b said:

They do. Apparently. And they don’t seem to be a good one at that..

https://forums.moneysavingexpert.com/discussion/6172703/missing-mortgage-on-experian-report#latest

Ahh the post a little bit of information here and there type. Helpful. Might not be the borker's fault if thats the way they have given them information.

Though with a less than exemplary credit report it is best to seek out a broker that is specialist in that area.

OP if your broker knew the details and still submitted knowing what would occur (or even more worse not knowing which is incompetance) they are a bad one. Probably overcharging you too. Move on.

MovingForwards

Have you checked all 3 credit reference agency reports as not all financial institutions report to all CRAs, some do 1, others do 2, some do 3. That might be why your mortgage isn't showing on the one you have checked.

As others have said, would the broker / lender accept proof of payment eg a bank statement showing the payment to the CC and a print of the zero balance from your CC accounts?