topic Re: general credit card questions in Credit Cards

general credit card questions

Anonymous — Fri, 24 Jun 2016 22:10:58 GMT

I have a couple of pre quals id like to take advantage of after i close on my house Thursday. My question is that my prequals are for my current adress and i dont know if there linked to my adress as well as my credit? what I mean is do I apply using the adress I have now as that wont really be my adress by the time I apply. Or use the new adress that ive had less than a day? I dont want my new adress to affect my pre qual will it?

Re: general credit card questions

Anonymous — Fri, 24 Jun 2016 22:17:42 GMT

@Anonymous wrote:
I have a couple of pre quals id like to take advantage of after i close on my house Thursday. My question is that my prequals are for my current adress and i dont know if there linked to my adress as well as my credit? what I mean is do I apply using the adress I have now as that wont really be my adress by the time I apply. Or use the new adress that ive had less than a day? I dont want my new adress to affect my pre qual will it?

Using a new address just after a move and prior to the address shwoing up on credit reports can create issues with creditors approving an application. They may ask for extra identity confirmation prior to approving you. I'm sure it will vary by creditor.

If you use your old address would you sill be able to get mail there after you close? If so, I'd just use that one when applying.

Re: general credit card questions

Anonymous — Fri, 24 Jun 2016 22:55:37 GMT

I wouldn't chance it. I can see this creating issues. I would use the old address and setup mail forwarding. When you get the cards, call the banks and give them your new address. If it's a card with the bank who gave you the home loan, then I'd call to do the credit card application using your new address since that's what they have.

Re: general credit card questions

CountryLivin — Sat, 25 Jun 2016 02:06:49 GMT

@Anonymous wrote:
I wouldn't chance it. I can see this creating issues. I would use the old address and setup mail forwarding. When you get the cards, call the banks and give them your new address. If it's a card with the bank who gave you the home loan, then I'd call to do the credit card application using your new address since that's what they have.

Re: general credit card questions

Anonymous — Sat, 25 Jun 2016 02:11:46 GMT

@Anonymous wrote:
I have a couple of pre quals id like to take advantage of after i close on my house Thursday. My question is that my prequals are for my current adress and i dont know if there linked to my adress as well as my credit? what I mean is do I apply using the adress I have now as that wont really be my adress by the time I apply. Or use the new adress that ive had less than a day? I dont want my new adress to affect my pre qual will it?

This is a great question. I am going to be in the same boat soon. Def didn't even think about this.

Re: general credit card questions

UncleB — Sat, 25 Jun 2016 12:02:40 GMT

Depending on the issuer you might have no trouble, or it could turn into quite the mess.

If it were me, I would 'keep it simple' and just wait a few weeks for the dust to settle; that way your new address will already be updated to the credit bureaus. This will help you with 'pre-qualify' if you're going for that, and it will also help you avoid any fraud issues.

I'll also add that you'll want to make sure your mail is being delivered successfully to your new address as well. It's usually not a problem, but once when I moved the local USPS was returning all my mail since their records didn't indicate I lived at that address. After having two weeks worth of mail returned, I found out they relied on a 'change of address' notice to update their records, and since I didn't file one (my previous address was a PO Box that was nearby - no forwarding necessary) they assumed the torrent of mail coming to me was a 'mistake'. I had quite a few important things returned.

Also note that it will depend on the issuer if a new card is forwarded or not; my last couple of cards were simply marked "Address Correction Requested" which means they would have been forwarded, but I've also received them marked "Do Not Forward - Address Correction Requested", meaning they would have been returned to the sender had my mail been forwarded.

If you think about it, while having mail forwarded is a great thing, it wouldn't be hard to misuse the service to commit fraud, thus the mixed-results with issuers being willing to do so. If you google the subject you'll see evidence of mixed experiences as well.

It's my opinion that it's best to avoid relying on forwarding for new credit cards if at all possible.

Re: general credit card questions

deltatee — Sat, 25 Jun 2016 12:34:10 GMT

I personally would also wait a month or so until the new address starts reporting. When I first applied for my Amex TE, it was shortly after I moved, and it was quite the process to get approved. It wasn't impossible, but it totally takes away the benefit of prequals: not having to wait for an approval, multiple calls to the bank; etc.

Re: general credit card questions

RonM21 — Sun, 26 Jun 2016 13:24:35 GMT

As the others have said, I would wait as issues may arise from this. Sure, it's possible there wouldn't be an issue, but it's better not to risk it.