topic Re: Is address considered a factor in credit card approvals? in General Credit Topics

Is address considered a factor in credit card approvals?

MisterWives — Mon, 22 Jun 2020 02:24:44 GMT

Been wondering if it matters as I have been putting my home permeant address that I have lived there for over a decade, but I am currently in a different state for a summer internship. Easily enough for me I just ask family to mail me all my mail, but it would be of course easier to just have the mail sent to my current residence.

Though I wonder if they see I am at an address for only a month compared to my home residence that I have been at for 10+ years which is reported on my credit report if it will make a difference to use the alternative short term address?

Re: Is address considered a factor in credit card approvals?

K-in-Boston — Mon, 22 Jun 2020 02:30:38 GMT

Length of time at current address can certainly be a factor in lending. That is why you often see the "length of time at residence" field, and usually a place to list previous address(es) if length of residence is under 2 years. I would not use a temporary address for any credit applications or as residence of record with your lenders if you plan to maintain a permanent residence elsewhere.

Re: Is address considered a factor in credit card approvals?

Anonymous — Mon, 22 Jun 2020 02:35:25 GMT

When you apply for a card or loan, the bank will review your credit history and other biographical information. If the new address is not listed anywhere on your credit report or LexisNexis et al databases, they will, at a minimum, require that you submit proof that you are associated with the address. This can include:

Driver license or ID card with the address

Lease agreement

Utilities listing you as the account holder with the address listed on the application for credit

You indicated that your mail is being fowarded. Why not just apply for the new card using your typical address and have the card forwarded?

Or are you somewhere currently that would make you eligible for a credit card that you would not be eligible for at your typical address?

Re: Is address considered a factor in credit card approvals?

Anonymous — Mon, 22 Jun 2020 02:42:15 GMT

@MisterWives wrote:
Been wondering if it matters as I have been putting my home permeant address that I have lived there for over a decade, but I am currently in a different state for a summer internship. Easily enough for me I just ask family to mail me all my mail, but it would be of course easier to just have the mail sent to my current residence.

Though I wonder if they see I am at an address for only a month compared to my home residence that I have been at for 10+ years which is reported on my credit report if it will make a difference to use the alternative short term address?

I just did a big type up but it somehow got deleted.

I would say use your permanent address for a few reasons:

Length of residency

Verification may be required by the fraud dept at the FI, delaying your app since it isn't an address already on your credit reports

Tax purposes

I travel heavily for work and have a "tax home", my permanent home across the country, but I am there only a few weeks out of the year. It is important in my case (could be different for you) because I cant even "appear" to be taking up residency in the state that I am contracted to work in. It could be the tiniest thing that really blows up my tax world. Even though I have been contracted across the country for nearly 3 years, I still leave every single thing in my tax home (permanent) address.

If it is an option (not all FI offer this), use your permanent address as your home address and your mailing address where you are doing your summer internship.

Or alternatively, set up temp mail forwarding from your permanent address to where you are now through USPS. I do this all the time and it is very easy to do online. It may take an extra couple days to get your mail, but not always.

Also note that sometimes when using the CC it will ask for billing address or zip and it is easier to just keep it all the same. Especially ordering online it can be a pain, but not always.

If you are only there a month, I would not bother with it because then you will need verification of residing there and then have to switch it all back (which can raise flags with the FI) and then it will be associated on your CRs (and smaller nuscaince reporting agencies) and will break up your time at address.

Good luck!

Re: Is address considered a factor in credit card approvals?

MisterWives — Mon, 22 Jun 2020 03:09:28 GMT

@Anonymous wrote:
When you apply for a card or loan, the bank will review your credit history and other biographical information. If the new address is not listed anywhere on your credit report or LexisNexis et al databases, they will, at a minimum, require that you submit proof that you are associated with the address. This can include:

Driver license or ID card with the address
Lease agreement
Utilities listing you as the account holder with the address listed on the application for credit

You indicated that your mail is being fowarded. Why not just apply for the new card using your typical address and have the card forwarded?

Or are you somewhere currently that would make you eligible for a credit card that you would not be eligible for at your typical address?

When I say forwarding my mail I mean I have a family member, my sister, grab all my mail for the past 2 week and stuff it into a 2 day priority mail shipping envelope and mail it to me which I pay for shipping.

I assume there's an actual forwarding address way where you set any mail to your previous address to a new address and they sort it out at the USPS post office, but I didn't do it that way probably should though it's only for 2 months before I head back so kinda don't feel like it.

Re: Is address considered a factor in credit card approvals?

MisterWives — Mon, 22 Jun 2020 03:08:22 GMT

@Anonymous wrote:
@MisterWives wrote:
Been wondering if it matters as I have been putting my home permeant address that I have lived there for over a decade, but I am currently in a different state for a summer internship. Easily enough for me I just ask family to mail me all my mail, but it would be of course easier to just have the mail sent to my current residence.

Though I wonder if they see I am at an address for only a month compared to my home residence that I have been at for 10+ years which is reported on my credit report if it will make a difference to use the alternative short term address?
I just did a big type up but it somehow got deleted.

I would say use your permanent address for a few reasons:

Length of residency

Verification may be required by the fraud dept at the FI, delaying your app since it isn't an address already on your credit reports

Tax purposes

I travel heavily for work and have a "tax home", my permanent home across the country, but I am there only a few weeks out of the year. It is important in my case (could be different for you) because I cant even "appear" to be taking up residency in the state that I am contracted to work in. It could be the tiniest thing that really blows up my tax world. Even though I have been contracted across the country for nearly 3 years, I still leave every single thing in my tax home (permanent) address.

If it is an option (not all FI offer this), use your permanent address as your home address and your mailing address where you are doing your summer internship.

Or alternatively, set up temp mail forwarding from your permanent address to where you are now through USPS. I do this all the time and it is very easy to do online. It may take an extra couple days to get your mail, but not always.

Also note that sometimes when using the CC it will ask for billing address or zip and it is easier to just keep it all the same. Especially ordering online it can be a pain, but not always.

If you are only there a month, I would not bother with it because then you will need verification of residing there and then have to switch it all back (which can raise flags with the FI) and then it will be associated on your CRs (and smaller nuscaince reporting agencies) and will break up your time at address.

Good luck!

So when doing online ordering you use your permeant address zipcode even if you are located somewhere else? I would assume that would alert the fraud department at the credit card companie since they should be able to pull your zipcode based on technical IP address. Always wondering that too with gas stations that ask for zipcode and I am somewhere else if it will flag and deny the card if I am too far away from my normal address zipcode.

Re: Is address considered a factor in credit card approvals?

Anonymous — Mon, 22 Jun 2020 03:18:16 GMT

@MisterWives wrote:
@Anonymous wrote:
@MisterWives wrote:
Been wondering if it matters as I have been putting my home permeant address that I have lived there for over a decade, but I am currently in a different state for a summer internship. Easily enough for me I just ask family to mail me all my mail, but it would be of course easier to just have the mail sent to my current residence.

Though I wonder if they see I am at an address for only a month compared to my home residence that I have been at for 10+ years which is reported on my credit report if it will make a difference to use the alternative short term address?
I just did a big type up but it somehow got deleted.

I would say use your permanent address for a few reasons:

Length of residency

Verification may be required by the fraud dept at the FI, delaying your app since it isn't an address already on your credit reports

Tax purposes

I travel heavily for work and have a "tax home", my permanent home across the country, but I am there only a few weeks out of the year. It is important in my case (could be different for you) because I cant even "appear" to be taking up residency in the state that I am contracted to work in. It could be the tiniest thing that really blows up my tax world. Even though I have been contracted across the country for nearly 3 years, I still leave every single thing in my tax home (permanent) address.

If it is an option (not all FI offer this), use your permanent address as your home address and your mailing address where you are doing your summer internship.

Or alternatively, set up temp mail forwarding from your permanent address to where you are now through USPS. I do this all the time and it is very easy to do online. It may take an extra couple days to get your mail, but not always.

Also note that sometimes when using the CC it will ask for billing address or zip and it is easier to just keep it all the same. Especially ordering online it can be a pain, but not always.

If you are only there a month, I would not bother with it because then you will need verification of residing there and then have to switch it all back (which can raise flags with the FI) and then it will be associated on your CRs (and smaller nuscaince reporting agencies) and will break up your time at address.

Good luck!

So when doing online ordering you use your permeant address zipcode even if you are located somewhere else? I would assume that would alert the fraud department at the credit card companie since they should be able to pull your zipcode based on technical IP address. Always wondering that too with gas stations that ask for zipcode and I am somewhere else if it will flag and deny the card if I am too far away from my normal address zipcode.

So that can be tricky. I have had keep a record to reference to at home lol

For gas stations some use the permanent address zip and other use the mailing zip. Easy enough if they only have 1 address I am allowed.

I have never been flat out denied use of card if I get the zip correct (on the first or second try).

Online same thing, it is a gamble unless I have already figured it out from previous trial and error. Some merchants won't ship to a seperate address from the billing address making it even more tricky.

Re: Is address considered a factor in credit card approvals?

Anonymous — Mon, 22 Jun 2020 03:16:38 GMT

@MisterWives wrote:
@Anonymous wrote:
When you apply for a card or loan, the bank will review your credit history and other biographical information. If the new address is not listed anywhere on your credit report or LexisNexis et al databases, they will, at a minimum, require that you submit proof that you are associated with the address. This can include:

Driver license or ID card with the address
Lease agreement
Utilities listing you as the account holder with the address listed on the application for credit

You indicated that your mail is being fowarded. Why not just apply for the new card using your typical address and have the card forwarded?

Or are you somewhere currently that would make you eligible for a credit card that you would not be eligible for at your typical address?

When I say forwarding my mail I mean I have a family member, my sister, grab all my mail for the past 2 week and stuff it into a 2 day priority mail shipping envelope and mail it to me which I pay for shipping.

I assume there's an actual forwarding address way where you set any mail to your previous address to a new address and they sort it out at the USPS post office, but I didn't do it that way probably should though it's only for 2 months before I head back so kinda don't feel like it.

it takes less than 5 minutes to set it up on USPS website. Just make sure to do "temporary address forwarding" and not "permanent address forwarding", set your dates and forget it. You won't have to switch it back when you internship is over, it will be automatic.

Alternatively, you can just fill out a card at a USPS location. Same thing. Check "temporary" and give the dates.

Re: Is address considered a factor in credit card approvals?

Anonymous — Mon, 22 Jun 2020 03:18:30 GMT

@MisterWives When asked for a zip code....this should be your billing address zip code. I believe it is kind of like a verification that it’s you. Should your card be lost, someone finds it would be unlikely they would know your billing zip code and they would be unable to use. So even if your billing address is in one state and getting fuel in another state, you still use your billing address zip code.

Re: Is address considered a factor in credit card approvals?

Anonymous — Mon, 22 Jun 2020 03:22:35 GMT

@Anonymous wrote:
@MisterWives When asked for a zip code....this should be your billing address zip code. I believe it is kind of like a verification that it’s you. Should your card be lost, someone finds it would be unlikely they would know your billing zip code and they would be unable to use. So even if your billing address is in one state and getting fuel in another state, you still use your billing address zip code.

I have had it, in fact, be the mailing zip code and not the billing (permanent address) zip code.

Billing address could be "permanent address" or "mailing address", it doesn't specify which when they state "billing address", so it can be a guessing game.

Re: Is address considered a factor in credit card approvals?

Andypanda — Mon, 22 Jun 2020 04:21:43 GMT

I don't know if this is true or not, but the cc company will compare your income to the average income of your zip code to see if you are close. If your income is well above the average, they find it suspicious.

don't think this what you ment by considering you address, but just felt like adding my 2cents.

Re: Is address considered a factor in credit card approvals?

K-in-Boston — Mon, 22 Jun 2020 07:16:51 GMT

@Andypanda wrote:
I don't know if this is true or not, but the cc company will compare your income to the average income of your zip code to see if you are close. If your income is well above the average, they find it suspicious.

don't think this what you ment by considering you address, but just felt like adding my 2cents.

This is without a doubt very false. My income is more than 3x the average income and more than 4x the median income of my billing ZIP Code. ZIP Codes are very often comprised of very diverse socioeconomic statistics. This is particularly true in major cities such as Boston, where you will find public housing intermingled with multi-million dollar condos. And making lending decisions based on ZIP Code is illegal and discriminatory, a practice called redlining.

As for the earlier mention of gas stations being declined because of the billing ZIP being too far away, that is why credit card issuers allow you to set travel notifications (Amex excluded, who just expect you to be traveling all the time and no longer accept travel notifications).