Credit application timing

Mr_Munneepennee

Hi there,

I have just paid off some debts (credit card, overdraft). If I apply for new credit now (car finance) will the credit check "see" that my debts are paid off or is there some period of time I should be waiting before applying?

Thanks,

Greg

[Deleted User]

They'll see the debts as zero as soon as it's updated on your files in real time.

cymruchris

Although they will see them as zero as soon as it's updated - bear  in mind that the day you pay it off isn't the day it's updated. Some financial institutions only update the CRA's monthly, and in a few cases at the moment are taking longer. So if it were me, and I was using one of the free services such as credit karma - I'd wait until the accounts were accurate there before making a new application.

maxximus75

I have several of my accounts that have still not updated and 3-4 months behind.

You may want to wait until you see that they have updated, yourself.

Remember, just because one CRA has updated may not mean the others have?

midge61

I have been waiting for Credit Karma to show my updated accounts as I have cleared a couple of things but so far it is 2 months behind. I know this is down to my bank not updating but each bank seems to be different. My daughter is with a different bank and hers seems to be updated weekly!

adamp87

Ive noticed my Amex account has updated via Experian but not on Equifax for a few months now...