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Hesitant to move bc of credit impact

cr101
Established Contributor

Hesitant to move bc of credit impact

My first thought was about the CC and bank application questions about whether or not you moved in the past x years. I wondered if it would cause issues down the road. I seriously thought, "Okay, after this move, I just won't move or app for 2 years." 🤣

 

Then, I thought about the fact that my CL could possibly be decreased bc my rent's increasing. 

 

I was ready to pay a fee to break my lease and was so pumped to sign a new lease at another place. But, wait, there's a HP? Hmm. IDK. 🤣

 

I'm still doing it. But, this takes away a lot of the excitement bc I know my score's going to drop a bit. I even have a string of HPs falling off in a month or two and I'm not planning on applying for any new cards for at least a year. I feel that this was all done for nothing. Seeing those HPs fall off will be so anti-climatic since I'm adding another HP right now.

 

Sigh. I guess that I should get over it. I see my not wanting to do normal and necessary things that could "hurt" my credit as the equivalent of hoarding hard-earned money (I do that, too).

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dragontears
Senior Contributor

Re: Hesitant to move bc of credit impact


@cr101 wrote:

My first thought was about the CC and bank application questions about whether or not you moved in the past x years. I wondered if it would cause issues down the road. I seriously thought, "Okay, after this move, I just won't move or app for 2 years." 🤣

 

Then, I thought about the fact that my CL could possibly be decreased bc my rent's increasing. 

 

I was ready to pay a fee to break my lease and was so pumped to sign a new lease at another place. But, wait, there's a HP? Hmm. IDK. 🤣

 

I'm still doing it. But, this takes away a lot of the excitement bc I know my score's going to drop a bit. I even have a string of HPs falling off in a month or two and I'm not planning on applying for any new cards for at least a year. I feel that this was all done for nothing. Seeing those HPs fall off will be so anti-climatic since I'm adding another HP right now.

 

Sigh. I guess that I should get over it. I see my not wanting to do normal and necessary things that could "hurt" my credit as the equivalent of hoarding hard-earned money (I do that, too).


Why do you think your scores will drop? Just from a rental HP?

Why would lenders decrease your limits because you moved? I have moved 3 times in the last 2 years and haven't noticed any affects and no lender has decreased the CL on any of my cards.

Message 2 of 5
cr101
Established Contributor

Re: Hesitant to move bc of credit impact


@dragontears wrote:


Why do you think your scores will drop? Just from a rental HP?

Why would lenders decrease your limits because you moved? I have moved 3 times in the last 2 years and haven't noticed any affects and no lender has decreased the CL on any of my cards.


With my profile, I drop at least a few points w a HP. Some might say that even with a 3-point drop, I'm overreacting. IDK. I acquired 8 cards in 1 month about 2 years ago, and had 2 cards for just a yr or 2 before that, so I have a very new profile that I think is sensitive to HP.

 

As far as them CLD, my rent will be another $100-$200 a month, so I figured this could be another red flag for creditors who may already be spooked by my profile.

Message 3 of 5
dragontears
Senior Contributor

Re: Hesitant to move bc of credit impact


@cr101 wrote:

@dragontears wrote:


Why do you think your scores will drop? Just from a rental HP?

Why would lenders decrease your limits because you moved? I have moved 3 times in the last 2 years and haven't noticed any affects and no lender has decreased the CL on any of my cards.


With my profile, I drop at least a few points w a HP. Some might say that even with a 3-point drop, I'm overreacting. IDK. I acquired 8 cards in 1 month about 2 years ago, and had 2 cards for just a yr or 2 before that, so I have a very new profile that I think is sensitive to HP.

 

As far as them CLD, my rent will be another $100-$200 a month, so I figured this could be another red flag for creditors who may already be spooked by my profile.


Is your score so borderline that you think a few point change is going to "worry" your lenders? I would be shocked if a lender had that tight of score guidelines for existing customers. My scores routinely go up and down 5-7 points over the course of a month as I let my balances report naturally. 

 

What lender do you have that asks for your rent when you are not applying for additional credit? I have only had to tell my lenders what my housing costs are when asking for a CLI or a new account. Or are you going to be contacting your lenders to proactively update with the higher rent? 

Does $100-200 change significantly alter your DTI? Do you already have a high DTI? 

 

I am still trying to figure out what about moving should cause concern from a credit standpoint. 

Message 4 of 5
zerofire
Valued Contributor

Re: Hesitant to move bc of credit impact

I think you are freaking out over nothing. When you are done moving you will also need cable, phone, and Internet at your new place. If you are moving far enough this will be a new company or set of companies with one HP each. You are thinking too hard about it. The HP is nothing, it is the new account that gets you. These companies generally do not report accounts unless you go to collections and your not there yet.

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