How quickly will my report show new card balances?

Dear James,

I am applying for a mortgage and would like to know when my credit score will be updated after I pay off my credit cards. Is it possible to get it updated as quickly as possible?

Suzanne, East Finchley

Dear Suzanne,

Your current lenders refresh the details on your credit report every month, so if you pay off your credit cards this month the information on your report should reflect this next month. Lenders do have ways of manually updating your credit report more quickly than this but these are reserved for correcting mistakes. Due to the volume of routine account updates each lender sends through to us each month it’s simply not possible for them to process these manually. If you believe your credit report will be improved once the card balances have been refreshed then it would probably be sensible to wait until your report has been updated before applying for the mortgage.  The score we give to you (called your Experian Credit Score) is updated whenever you sign in to CreditExpert. But do remember, while it should help you understand how a lender is likely to assess your credit report information, lenders do not see this and it’s just there to guide you. (February 2014)

James
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