How long before a paid up loan comes off credit report ?

wacky75

I've paid up a small outstanding loan, in order to improve our (mine and my wife's), chance of getting a larger loan.
Currently when trying to get the larger loan we are getting refused.
In terms of multiples it's affordable, hence why I think the paid up loan may still be on the credit report.
I also have a PCP for a car.
Both of our credit reports are good.
On experian it shows as loans (1), not sure if this would be the PCP or the previous loan.
Any experts on this or anyone have experience of anything similar, please ?

MorningcoffeeIV

It'll show for 6 years from settlement.

It'll show as settled when the lender next provides their monthly update to the CRAs on your account.

If you're not looking at real-time credit reports, you'll see it reflected in the next refresh you get.

wacky75

MorningcoffeeIV said:

It'll show for 6 years from settlement.

It'll show as settled when the lender next provides their monthly update to the CRAs on your account.

If you're not looking at real-time credit reports, you'll see it reflected in the next refresh you get.

ok, the monthly update part helps me.
depends which part of the month it is then.
maybe I'll leave the loan application for a few more weeks.

thank you

martinbainbridge1975

have you been given affordability as the reason for a loan?

in terms of the application if you have a letter confirming the settled loan I would not necessarily be put off applying.

how long it takes to show as settled varies from one CRA to the next, from experience I also found transunion/credit karma to be the quickest to show as settled

DullGreyGuy

Note there is also a difference in speeds of update in what you see with the consumer product and what banks see with their commercial product.