Does moving affect your credit score/report?

notkatie · ‎05-06-2014

Some background:

I'm 25, but I have a very thin credit history at the moment, as I lived abroad for a few years after college, and have mostly used my bank's debit card to make purchases. In January, I applied for a Capital One Secured MasterCard, and was approved. Since then, I've paid in full every month on time. My Experian report (which I looked at last night) has my score at 726. Last month, I was approved for a Discover IT card with a $750 limit. (I'm not a big spender, but I do online shop so I'm excited for the cashback deals.)

Next month, I'll be moving to a new apartment (after having used my home address for my two credit card applications). If I decide to apply for another card in the next year or so, will I need to use my new address? My old one? How can I update my address with the credit bureaus, if that's necessary?

Thanks.

Revelate · ‎05-06-2014

Welcome to the forums!

Moving will have no impact on one's score or reports other than you'll want to update your addresses with the lenders you currently have: typically they'll update the credit report with the new address anyway but it's not a bad idea to check your reports later and see if it matches.

The only sticking point comes in if your application address (always use where you live now) doesn't match what's in the credit report and then you might get asked for some identity verification type stuff, but no big deal.

notkatie · ‎05-06-2014

Thank you for the quick response! I'll be sure to update my address on my accounts.

NegotiatorRogerSmith · ‎05-06-2014

Overall, personal info on your report such as name variations and address do not affect your score; however, manual underwriting come to conclusions with a pattern of many addresses over a short time period -- it normally suggests financial problems or fraud.

If this is your only address aside from your parents', you should be okay...

Using your parent's address or your new one is your call, but I'd imagine your folks would want you to take care of you financial affairs after having left the nest.

As far as updating the new address on your reports, if you use it with the new app and/or updated wth your current creditor(s), it will update on your report on its own when your creditors send the latest info to the CRCs.

SunriseEarth · ‎05-06-2014

@Revelate wrote:
Welcome to the forums!

Moving will have no impact on one's score or reports other than you'll want to update your addresses with the lenders you currently have: typically they'll update the credit report with the new address anyway but it's not a bad idea to check your reports later and see if it matches.

The only sticking point comes in if your application address (always use where you live now) doesn't match what's in the credit report and then you might get asked for some identity verification type stuff, but no big deal.

+1

Moving really only would affect your score if you ran up balances and didn't pay them down (and thus driving up your UTIL) or if you didn't get paper statements and for some reason decided not to inquire into this (late payments and COs would certainly affect your scores!). But these are rather indirect.

OP, my advice would be to update your info with your current creditors as soon as practically possible. Cap One is very good at reporting addresses to the CRs, as are most creditors. You might also consider electronic statements, if you still have paper statements, just to make sure nothing is lost in transit.

SunriseEarth · ‎05-06-2014

Oh, and if you can, I would hold off on applying for new credit until you're sure that the new address reflects on your statements and with the CRs, just to be on the safe side.

Mailak · ‎05-06-2014

@notkatie wrote:
Some background:

I'm 25, but I have a very thin credit history at the moment, as I lived abroad for a few years after college, and have mostly used my bank's debit card to make purchases. In January, I applied for a Capital One Secured MasterCard, and was approved. Since then, I've paid in full every month on time. My Experian report (which I looked at last night) has my score at 726. Last month, I was approved for a Discover IT card with a $750 limit. (I'm not a big spender, but I do online shop so I'm excited for the cashback deals.)

Next month, I'll be moving to a new apartment (after having used my home address for my two credit card applications). If I decide to apply for another card in the next year or so, will I need to use my new address? My old one? How can I update my address with the credit bureaus, if that's necessary?

Thanks.

I remember that when I was in college, I was denied financing for a computer by MBNA and one of the main reasons they cited was that I moved too often (on campus).

PenFed Platinum Cash Rewards (19.5k), Amex BCE (9k), Chase Sapphire Reserve (30k), Chase Freedom Unlimited (14.5k), Chase Marriott Premier (19k), Discover More (10k)

peaceonearth · ‎05-07-2014

@notkatie wrote:
Some background:

I'm 25, but I have a very thin credit history at the moment, as I lived abroad for a few years after college, and have mostly used my bank's debit card to make purchases. In January, I applied for a Capital One Secured MasterCard, and was approved. Since then, I've paid in full every month on time. My Experian report (which I looked at last night) has my score at 726. Last month, I was approved for a Discover IT card with a $750 limit. (I'm not a big spender, but I do online shop so I'm excited for the cashback deals.)

Next month, I'll be moving to a new apartment (after having used my home address for my two credit card applications). If I decide to apply for another card in the next year or so, will I need to use my new address? My old one? How can I update my address with the credit bureaus, if that's necessary?

Thanks.
When you try to get a car loan, they will look at how often you move from place to place..

Revelate · ‎05-07-2014

@peaceonearth wrote:
@notkatie wrote:
Some background:

I'm 25, but I have a very thin credit history at the moment, as I lived abroad for a few years after college, and have mostly used my bank's debit card to make purchases. In January, I applied for a Capital One Secured MasterCard, and was approved. Since then, I've paid in full every month on time. My Experian report (which I looked at last night) has my score at 726. Last month, I was approved for a Discover IT card with a $750 limit. (I'm not a big spender, but I do online shop so I'm excited for the cashback deals.)

Next month, I'll be moving to a new apartment (after having used my home address for my two credit card applications). If I decide to apply for another card in the next year or so, will I need to use my new address? My old one? How can I update my address with the credit bureaus, if that's necessary?

Thanks.
When you try to get a car loan, they will look at how often you move from place to place..

On a car loan? Why would they care?

Seriously, easiest loan product to qualify for.

takeshi74 · ‎05-07-2014

@notkatie wrote:
Does moving affect your credit score/report?

On the matter of scoring, let's take a look:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx