Understanding FICO® Scoring

[bichonmom]

Does moving to a different state affect your FICO or credit approval/CLIs, etc.? I read in another thread that when your address changes, your FICO is lower, and CC apps do ask about how long you've been at current address.

I'm going to be moving to a diff state soon and would like to what to expect.

Thanks!

[namvet]

Nope!  Where did you hear that?

[bichonmom]

http://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-Chase-Freedom-10-10-rewards-without-Chase-Br...

Third post down & 4th post, too. (I don't know how to link to the exact post.)

[namvet]

Don't believe everything you read.  Moving is something we all do and it's got nothing to do with your fico!  You are in charge of your Fico....relax!   Your Fico don't care if you live in Alaska or Alabama.  Good luck with your move!

[bichonmom]

It's not the *where*, it's the instability that moving could represent. LIke, are you still employed? Is your income as stable? Things like that *could* affect FICO. So, FICO could interpret a move as a sign of instability and therefore lower your score. I'm not saying it does, I'm asking IF it does.

[namvet]

No it don't!

[llecs]

FICO doesn't even look at your employment, address, job history, income, or other demogrpahic-like info. In fact, I think it is illegal to make a credit decision based on your address (e.g. you live in a depressed neighborhood and denied solely due to economic demogrpahics). You can be denied if the bank doesn't have the means to service your account. PNC had been know to deny you if you don't live near a branch. CUs deny all the time if you don't meet their residency requirements, if required.

Now moving can impact FICO because you might be adding a mortgage, adding inquiries, and even adding debt for new purchases. I can see how some might think that a score change could be related to a new address, but it isn't so.

[bichonmom]

Thanks, Ilecs. That's good to know.