Credit analyst view of when i move out on my own....

[linux007969]

I forget each time to ask the credit analysts when i get increases....

I currently live with my parents and pay no rent

Whenever i move out on my own, how would my housing payments effect my credit line?

Like could they decrease my credit lines becasue of the added expence?

Also on the same thought how would it effect my lines when i get a car loan someday?

Incase you are wondering i make $12,900 a year as of right now.

[longtimelurker]

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@linux007969 wrote:

I forget each time to ask the credit analysts when i get increases....

I currently live with my parents and pay no rent

Whenever i move out on my own, how would my housing payments effect my credit line?

Like could they decrease my credit lines becasue of the added expence?

Also on the same thought how would it effect my lines when i get a car loan someday?

Incase you are wondering i make $12,900 a year as of right now.

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You need to distinguish between new applications and your existing cards.   Once you move out, when you apply, you will be asked about housing expenses, and how that compares to income would be one of the factors considered when evaluating your CL (if any).   (Obviously if you make $13K and your rent is $1K a month, lenders might not want to give you a lot of credit)

But on current cards, you simply inform the company of your new address.  They won't reevaluate your credit unless something happens on future reports to indicate you have less liquidity or something.  Certainly no need to tell the company "My new address is and I am now paying rent"

[FinStar]

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@longtimelurker wrote:

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@linux007969 wrote:

I forget each time to ask the credit analysts when i get increases....

I currently live with my parents and pay no rent

Whenever i move out on my own, how would my housing payments effect my credit line?

Like could they decrease my credit lines becasue of the added expence?

Also on the same thought how would it effect my lines when i get a car loan someday?

Incase you are wondering i make $12,900 a year as of right now.

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You need to distinguish between new applications and your existing cards.   Once you move out, when you apply, you will be asked about housing expenses, and how that compares to income would be one of the factors considered when evaluating your CL (if any).   (Obviously if you make $13K and your rent is $1K a month, lenders might not want to give you a lot of credit)

But on current cards, you simply inform the company of your new address.  They won't reevaluate your credit unless something happens on future reports to indicate you have less liquidity or something.  Certainly no need to tell the company "My new address is and I am now paying rent"

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+1

LOL

[coldnmn]

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@longtimelurker wrote:

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@linux007969 wrote:

I forget each time to ask the credit analysts when i get increases....

I currently live with my parents and pay no rent

Whenever i move out on my own, how would my housing payments effect my credit line?

Like could they decrease my credit lines becasue of the added expence?

Also on the same thought how would it effect my lines when i get a car loan someday?

Incase you are wondering i make $12,900 a year as of right now.

---

You need to distinguish between new applications and your existing cards.   Once you move out, when you apply, you will be asked about housing expenses, and how that compares to income would be one of the factors considered when evaluating your CL (if any).   (Obviously if you make $13K and your rent is $1K a month, lenders might not want to give you a lot of credit)

But on current cards, you simply inform the company of your new address.  They won't reevaluate your credit unless something happens on future reports to indicate you have less liquidity or something.  Certainly no need to tell the company "My new address is and I am now paying rent"

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+2  just make your payments and your good to go.

[linux007969]

ya i was talking about existing cards. I will be applying for a car loan sometime before i move out.... it's going to be a few more years before any of this happens but i need to know now before i make plans for my future!

I don't know exactly why the credit card company would freak becasue i would be using my cards more for expences to earn more cash back but then again i could see cuz i could default on rent or mortgage whatever and they wouldnt like that cuz they would think i'm gonna default on them too.

I am very careful with my finances but sometimes even being careful doesn't make things perfect.

[Luscher]

You have nothing to worry about. Use your card responsibly
and pay on time / in full. They don't even need to know you are paying rent now, they will only know when you tell them (which will be if you apply for a new card)