Paid off debt - what to do?

Rayofsunshine13

Hi All,

I am after some advise please.

I had 2 loans and 2 CC debt - which I paid all off end of March. My credit reports are still waiting to be updated with this - both experian and equifax. 

I know I should wait 1 or 2 months before seeing the change in reports but I'm in need of a mortgage and to move house ASAP. Will this have a huge impact on me? What do lenders see - the report or live financial information?

My credit utilisation is what is impacting my score so the payment of these should bring a positive impact to my report.

Thanks!

K_S

@rayofsunshine13 You don't *need* to wait until the paid off debt reflects on your credit history. The DIP/application needs to be keyed in appropriately and (if the lender asks) you need to be able to provide evidence of the debt being paid off.

Rayofsunshine13

K_S said:

@rayofsunshine13 You don't *need* to wait until the paid off debt reflects on your credit history. The DIP/application needs to be keyed in appropriately and (if the lender asks) you need to be able to provide evidence of the debt being paid off.

Thank you for your reply! My one concern is- in my DIP will I be offered a lower loan amount because of my current score? (It will improve once CC debt drops off) 

K_S

@rayofsunshine13 If you're talking about your Experian/Clearscore/CreditKarma score, that is not something the lender looks at. For a DIP, the only things that matter are what's actually in your credit report, the borrowing details and what/how everything is keyed in.