Newly Debt free

A question about : Newly Debt free

I am newly debt free, having got from over 30k unsecured borrowings, to nothing, thanks to a very kind gift from a family member.

I've viewed my credit file across all the main agencies, and my credit scores are fairly good (I've never missed a payment), but all still show the total borrowing amounts before I paid everything off..(this was about 2 weeks ago)

I expect this to all be updated towards the end of the month.. Should this actually be the case?

I want to apply for a 0% spending card (putting aside money to pay off at end of 0% period, but benefiting from using the money in mean time to gain interest myself)..

How long after paying off my dept should I leave it till applying?

I suppose I can wait for the agencies to show the credit cards/loads as paid off and closed, and then do a Soft Serach using the MSE tool..

Thanks

Best answers:

• It's hard to judge as there is no specific set criteria... It just depends how you fit the bill across lots of factors on your credit report. The absence of missed payments will already be doing you good anyway, but the credit files are updated each month so the debt should be showing as gone soon. I had a horrible credit file about a decade ago, being chased by all sorts of companies. Then gradually I got rid of debts and the defaults eventually dropped off, and all this time, I slowly built things up. For a while I couldnt even get credit builder cards, and had to start with a cheap catalogue account. It took me a couple of years with a capital one card before I was offered 0% cards, and I finally got to the holy grail of a mortgage very recently. Mse has an eligibility checker which I have found to be fairly accurate, although your chances are boosted by having a well managed current account with any of the lenders you may consider, as they will also Know internally that you are well behaved
• Well done for paying all that off, it'll be a weight off your shoulders thats for sure.
  Don't forget to allow for any trailing interest on any paid off credit cards. The balance maybe zero now, but some interest maybe added to the next statement because it is added to the accounts daily.
• Hi, Mp3Duck.
  Congratulations on getting debt free! Account information on an Experian report is updated monthly. The day the updates are sent through to us will vary from lender to lender. So there is no set date when all the accounts update, rather each account will update at a different date, when the lender sends the information through.
  You may want to check your report with each of the credit reference agencies to make sure they are all up to date before making an application for a new card. I hope the application goes well!
  Kind Regards
  Neil