topic Re: Question about applying for credit in Credit Cards

Question about applying for credit

ngerasimatos — Wed, 26 Mar 2008 22:22:59 GMT

When applying for credit does time at residence, time at previous residence, age, time at current employer, time at previous employer, and any other factors contribute to approvals or declines? I was always told that you should never list you have been at any specific location for less than 3 years, regardless of the truth. My parents engraved in my mind that creditors look at this as "shaky"

Re: Question about applying for credit

athensguy — Wed, 26 Mar 2008 22:56:50 GMT

I have a few prime cards (citi, discover, etc), and I haven't lived anywhere for 3 years since I moved out at 18. I have been truthful in my applications, and I haven't been denied very many cards. Doesn't seem like time at current residence matters so much as long as they can verify your information.

Message Edited by erchambers on 03-26-2008 06:56 PM

Re: Question about applying for credit

ngerasimatos — Wed, 26 Mar 2008 22:41:32 GMT

I persoanlly think its score and credit report driven, that is all. IMO.

Re: Question about applying for credit

Anonymous — Wed, 26 Mar 2008 23:01:01 GMT

I've never lived anywhere longer than a year and a half... I've heard that too, but in today's world it's not like it was back in the 50's/60's... EVERYONE moves all the time. I don't think that's too much of an issue anymore.

Re: Question about applying for credit

Anonymous — Thu, 27 Mar 2008 03:31:41 GMT

For things like mortgages and auto loans, I do believe they take years at residence into deep consideration, as it is a sign of stability.

And also manual reviews for applying for a cc.

But that's just my opinion.

Re: Question about applying for credit

Anonymous — Thu, 27 Mar 2008 03:34:23 GMT

What your parents told you was probably true in their day. But that was also a different time, when applying for credit meant getting dressed up in your best suit and going down to the local bank to sit face to face with a loan officer. In those days, I would not be surprised if lack of stability of place of residence was a negative factor.

Not anymore, though.

Re: Question about applying for credit

ngerasimatos — Thu, 27 Mar 2008 03:39:20 GMT

I did take note when applying for a mortgage recently they asked how long I have been employed in my "profession" not employer.