Question about applying for credit

[ngerasimatos]

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"

[athensguy]

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

[ngerasimatos]

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

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

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.

[ngerasimatos]

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