topic Re: Different Mailing and Home Address - How Best To Handle - Loan Application - Just Moved in General Credit Topics

Different Mailing and Home Address - How Best To Handle - Loan Application - Just Moved

Jazee — Sun, 12 Aug 2018 00:09:57 GMT

I just moved and am expecting to have to apply for an auto loan in about a month from now. I closed a bunch of accounts recently and it dropped my FICO into the low 600's but I just paid my remaining revolving credit down so utilization is under 30% so it should bump back up to high 600's. I did this mainly anticipating applying for the auto loan and want to get my core up as much and as quickly as possible to get the best auto loan rate.

With that said, my question in light of the upcoming loan application what is the best way to handle address changes given the following situation.

All my existing accounts on my credit report are at my old address. When I moved two months I forwarded all my mail to a mailing service that scans all my mail and if I request will forward to my home. It's a great service and it means I never have to change my mailing address again no matter where in the world I live. I have yet to change my address with my all my bank and credit accounts. It wasn't a priority as everything is done online. I get nothing physical in the mail. If something got sent to my old address and didn't get forwarded the new residents can contact me and I can pick it up or they can mail it to me (I'm not far away.)

So would it be best to not change the address yet. On the auto loan application can I supply my previous address as my home address and a different address as my mailing address for sending FedEx docs? Then after the loan is approved go update the address on all my accounts. Or should I update them all now, and wait for as long as it takes for the new address to show up on all three credit reports, THEN apply for the auto loan, realizing the new address I will not have been at for 2 years but I'm not sure that makes a difference on the FICO score, it just makes sure the personal information I supply can be matched to my address history on the credit reports, correct?

Thanks in advance to any insight on this as to the best strategy to take.

Re: Different Mailing and Home Address - How Best To Handle - Loan Application - Just Moved

iv — Sun, 12 Aug 2018 00:57:45 GMT

No, don't use an address you no longer live at for a credit application. Many/most will provide a spot to enter a previous address from the last 12/24 months for just this reason.

Listing one address for the application and a different one for mailing is a great way to set off red flags (you look like an ID thief, trying to get docs sent to their address, but using your credit).

Also, using a mail forwarding address for a credit application is generally not the best idea - many lenders will detect and reject PO boxes. Even if they don't automatically recognize the forwarding service, using an address other than your current residence may bring up problems (if the lender requires docs of any sort, they may flag the address mismatch, for instance).

I'd apply using your actual address (listing the previous one when/where requested), receive the initial docs there, and then (once the account is setup online) request a change in mailing address to your forwarder.

Re: Different Mailing and Home Address - How Best To Handle - Loan Application - Just Moved

Anonymous — Sun, 12 Aug 2018 01:11:28 GMT

Change your address with all of your active trade lines immediately so that the new address can be reported to the credit bureaus before you apply for an auto loan to avoid any issues with identity verification. Any time I have applied for a credit card immediately after moving I have been denied from not being able to verify my identity/address... so it's important to keep your address updated.

Re: Different Mailing and Home Address - How Best To Handle - Loan Application - Just Moved

Jazee — Sun, 12 Aug 2018 01:28:53 GMT

I am guessing it would be best then to go update the address on all my accounts and wait to apply for the loan until after the address change is reflected on my credit reports. I have no idea if it actually provides any benefit regarding the loan approval process, credit score, etc, but it seems better that the lender sees the new address on the credit report. At least I assume it can't hurt to update it right before applying for the loan.

Re: Different Mailing and Home Address - How Best To Handle - Loan Application - Just Moved

Anonymous — Sun, 12 Aug 2018 01:31:12 GMT

@Jazee wrote:
I am guessing it would be best then to go update the address on all my accounts and wait to apply for the loan until after the address change is reflected on my credit reports. I have no idea if it actually provides any benefit regarding the loan approval process, credit score, etc, but it seems better that the lender sees the new address on the credit report. At least I assume it can't hurt to update it right before applying for the loan.

It is much better to update it now to avoid any auto-denials where you then have to try to do extra paperwork to confirm your address/identity.