I am a college student so I still live with my parents. Today I was told we are moving from the house they currently rent to an apartment within the next 2 weeks.
My question is this. Will the change from a house to an apartment affect how banks see me as far as credit risk goes? I know from reading here that banks will periodically check the credit reports of thier customers in case there is a significant change (for example, a bankruptcy) and am worried that the move will have an adverse effect on my current credit cards, such getting my accounts closed. I just started my credit journey 7 months ago and would hate to have this event be a setback. I'm even more worried because I just applied for the Amex Hilton Honors card with my current address and Amex sent a letter asking for a transcript of my tax return that won't be done until Feb. 15 because i'm waiting on a 1099 that the brokerage refuses to give me until that date. I have the fear that if Amex was going to approve me after confirming that I have income and sees me immediately change my address they might deny me.
Any answers you guys give me will be greatly appreciated
The only real arguable UW thing is if you have a mortgage which implies property that you own: this is an asset class, and if you flake on whatever the bank is considering underwriting they can still get their pound of flesh. Renters by definition are simply more mobile financially.
Everything else is a wash, what is your income, and what are your obligations (backend napkin math for most products) and therefore can you successfully pay them back.
Ultimately people move in the modern economy and banks aren't stupid (awkward yes, stupid no, Wells Fargo account idiocy not withstanding); you'll be fine... really the only risk is if you're still getting paper statements and using that to track your bills there's all sorts of mail awkwardness in terms of everyone getting righteously updated with the new address, and in that case I'd simply suggest upgrade your own personal financial tracking as paperless FTW on so many levels.