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Settled car finance impact on mortgage - Do I need to wait until the credit file is updated?
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Posts: 186 Forumite
Hi
I had a PCP car finance, £880 monthly payment and total £61K outstanding balance showing on my credit file.
I settled the car finance on 20/08/2020 and my car finance account balance cleared on 21/08/2020. The car finance company said they will send the information to credit agency straight away. However, my credit reports are still not updated yet. Checked on multiple credit agency.
Do I need to wait until the credit file is updated first? Spoke to a high street broker and a new build development tied broker yesterday. Both of them are quiet today and no reply.
I had a PCP car finance, £880 monthly payment and total £61K outstanding balance showing on my credit file.
I settled the car finance on 20/08/2020 and my car finance account balance cleared on 21/08/2020. The car finance company said they will send the information to credit agency straight away. However, my credit reports are still not updated yet. Checked on multiple credit agency.
Do I need to wait until the credit file is updated first? Spoke to a high street broker and a new build development tied broker yesterday. Both of them are quiet today and no reply.
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Comments
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May well take some time to be updated on your file. Data will be uploaded in (monthly?) blocks not on an ad-hoc basis.0
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Depends on lender. Santander, Platform definitely, yes. Others, less of a worry.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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