Settling a PCP - how long before the credit no longer show on my credit report ?

wacky75

As above - I am looking to make a settlement on a PCP, in order to improve my credit score to be able to re-mortgage and take some more ££ out for home renovations.
Would anyone know how long after making the settlement that it will no longer appear on my credit report, please ?

MorningcoffeeIV

It will show as settled once the lender sends an update, but you won't see it until your files is updated, whenever that is.

It will probably drop your credit score, so don't panic about that.  Your indebtedness is what matters.

BoGoF

What makes you think it will improve your credit score? Even if it did the credit score the CRA's give you won't be seen by any company you apply to.

However a settled agreement may give you more options as it's no longer an outgoing and it should show as settled within 4-6 weeks of paying it off.

wacky75

Agree it may not improve credit score, but it will enable me to borrow more than I could with the PCP payment still on my credit report.

CliveOfIndia

The timescales for updates to your credit report can vary.  Firstly, it depends on when the lender submits their data to the CRA.  Some send updates weekly, some will be monthly, it could be fortnightly or any other frequency.  Monthly is probably the longest it would take in practice.  Then you need to wait for the CRA to process the data they receive from all the lenders.  Finally, bear in mind that the data you see on your free report is not real-time, so you won't see the changes as soon as the CRA updates their records (the paid version that a lender uses will be real-time).

Overall, something like 4 - 6 weeks or so would be a reasonable time to wait until you see the updates.

wacky75

Just to share that my credit score has gone to 999 after I settled the car balance. Thought it may be useful for people to know. I was expecting it to go the other way..

Nasqueron

wacky75 said:

Just to share that my credit score has gone to 999 after I settled the car balance. Thought it may be useful for people to know. I was expecting it to go the other way..

The score is a gimmick that nobody but you sees

It could be 1 or 999 and have literally the same impact on your chances of getting credit

wacky75

Nasqueron said:

wacky75 said:

Just to share that my credit score has gone to 999 after I settled the car balance. Thought it may be useful for people to know. I was expecting it to go the other way..

The score is a gimmick that nobody but you sees

It could be 1 or 999 and have literally the same impact on your chances of getting credit

That's right. I wasn't too worried about what would happen to my credit score - the purpose of the exercise for me was to clear my credit completely so that the credit was no longer on my credit report. I just wanted to let people know as a few suggested the credit score may go down after I had cleared my credit.

Nasqueron

wacky75 said:

Nasqueron said:

wacky75 said:

Just to share that my credit score has gone to 999 after I settled the car balance. Thought it may be useful for people to know. I was expecting it to go the other way..

The score is a gimmick that nobody but you sees

It could be 1 or 999 and have literally the same impact on your chances of getting credit

That's right. I wasn't too worried about what would happen to my credit score - the purpose of the exercise for me was to clear my credit completely so that the credit was no longer on my credit report. I just wanted to let people know as a few suggested the credit score may go down after I had cleared my credit.

The score going up or down doesn't mean anything though?