Wednesday, May 26, 2010

Is your credit score updated daily?

for example i want to borrow 5K on my credit card without

my mortgage company knowing is there a time frame when i could do this say one week before i complete my house buy or are they updated daily sp they could tell??? for example my barclays credit card doesn%26#039;t show up on my experian statement...

Is your credit score updated daily?

If you already have a mortgage offerthe lender will not do another credit score before completion%26lt; so you will be safe in that respect%26lt; however you are legally obliged to tell the lender of any changes in your circumstances%26lt; you were also asked on the application where the deposit was coming from%26gt;

if you dont have a mortgage offer why not get a cash back mortgage from the likes of abbey%26gt; it is a very competitive product%26gt;

Is your credit score updated daily?

no it is not it could be some time before it is updated but be carefyl you dont bite off more than you can chew it is easier to borrow than to pay back

Is your credit score updated daily?

No it isn%26#039;t and at any rate money borrowed on your credit card will never be recorded on your credit score unless you miss the minimum repayments.

You will legally however have to declair any other loans or liabilities when you agree your mortgage.

Not really sure what the result will be if you don%26#039;t and it all goes wrong - but as long as you keep up repayments that will never be an issue.

Make sure you can afford to pay the credit card though - you will be looking at minumum repayments of arounf 鎷?50-200 per months (that will pay off about 鎷?0 after interest)

Is your credit score updated daily?

Yes, credit scores can change daily. I belong to truecredit and if I%26#039;ve seen mine fluctuate in a 2 day time frame. However I don%26#039;t hink you taking money off your card will report that fast, unless you%26#039;re doing it towards the end of the month.

What most card companies to do is this...If you statement close date is the 17th, whatever your balance is on the 16th is the amount they report to the bureaus for that month. So if you%26#039;ve already paid your bill for that month, I%26#039;d say go ahead because that won%26#039;t be reported til the following month.

Is your credit score updated daily?

Typically the credit inquiry from your new credit card would show instantly. So, if your file is run through a quality control check prior to closing, they could see that you inquired about a new card. You would then have to explain it, and if you actually borrowed against the new card, would have to count it against your obligations.

Keep in mind, at least in the U.S., when you close on your home you will sign an affidavit swearing that there%26#039;s been no new debt since application. Lying on this is blatant fraud, and is a jailable offense.

Tell your loan officer. Even a $5K credit card could only have payments of $150-200/mo. If you can%26#039;t add that much to your qualifying without screwing up your home purchase, you shouldn%26#039;t be borrowing the money anyway.

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