topic Re: Address for Prequalified/Preapproval in Credit Card Applications

Address for Prequalified/Preapproval

Anonymous — Mon, 29 Oct 2018 13:12:19 GMT

Came across an interesting scenario, wondering if I could get some input.

Checking for prequalified offers on Amex. I use my current address (lived here for 2 years, Not everything is switched over) and get three generic offers. Using my previous address (my parents current house) and I get a better offering of cards.

My takeaway, maybe my CR is still showing the old address, and which address should i be using for preapproval/qualified process? I assume my history and track record is stronger at my parents house...

Thanks in advance,

Rick

Re: Address for Prequalified/Preapproval

Medic981 — Mon, 29 Oct 2018 15:23:38 GMT

Welcome to the myFICO forums!

Get copies of your current credit reports. If your current address is not listed on the reports then update it by calling the CRA. Once your current address is listed on the CR you can again check the Amex offers. I would not apply for credit using an address other than my current as unintended consequences may occur.

Re: Address for Prequalified/Preapproval

Anonymous — Mon, 29 Oct 2018 15:32:22 GMT

Medic -

Thanks for the response. Had NO intentions of appyling at the old address. Just was curious as to why the prequalified screen offerings change, depending on the address used.

Appreciate your insight i will check my CR and correct if need be.

Also, what does CRA stand for, I am not completely up on the credit lingo...

- Rick

Re: Address for Prequalified/Preapproval

Brian_Earl_Spilner — Mon, 29 Oct 2018 15:47:25 GMT

CRA = Credit Reporting Agency

The address matters because the longer you're in a place, the more stable you are. On older card apps it was common to ask how long you've been living at your current address. Now they can look up that info using Sagestream or LexisNexis

Re: Address for Prequalified/Preapproval

Anonymous — Mon, 29 Oct 2018 15:58:47 GMT

boom, now that makes sense to me.

so am i "less qualified" living at the new address? thats crazy if that is the case

Re: Address for Prequalified/Preapproval

Brian_Earl_Spilner — Mon, 29 Oct 2018 16:06:17 GMT

@Anonymous wrote:
boom, now that makes sense to me.

so am i "less qualified" living at the new address? thats crazy if that is the case

It's not that you're less qualified, it's the fact that the address changed. Moving is a major life event and includes spending out of the norm. There's security deposits, moving expenses, furnishing your home, fixing issues in your newly purchased home, etc. Balances will go up suddenly, and that makes lenders nervous.

Re: Address for Prequalified/Preapproval

Brian_Earl_Spilner — Mon, 29 Oct 2018 16:19:58 GMT

It could also just be a case of a flag being raised. Your report shows a long standing address, but you're trying to get credit at a different one, possibly one you've never applied for credit at before.

Re: Address for Prequalified/Preapproval

blindambition — Mon, 29 Oct 2018 16:27:30 GMT

Definitely don’t apply with last address. Lender will report that. CRA May revert back to old address. Headaches abound.

Re: Address for Prequalified/Preapproval

UncleB — Tue, 30 Oct 2018 03:25:37 GMT

@Anonymous wrote:
Medic -

Thanks for the response. Had NO intentions of appyling at the old address. Just was curious as to why the prequalified screen offerings change, depending on the address used.

Appreciate your insight i will check my CR and correct if need be.

Also, what does CRA stand for, I am not completely up on the credit lingo...

- Rick

Hi @Anonymous, here's a link to a thread that lists common abbreviations used on myFICO: http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458