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How, when, what types of FICO scores change with: new home loan and address change ?

4sallypat
Established Contributor

How, when, what types of FICO scores change with: new home loan and address change ?

So looking at next week closing on a home with escrow finalizing, final walkthru and key handoff.

 

When does FICO scores change with a new loan and address change ?

30 days, 60 days, 90 days ????

 

What impact does this change (loan & address) have on bankcard + auto scores ?

 

I am going to need to apply for some home improvement loans (Home Depot, Lowes, Floor & Decor) for the house.

 

Should I wait until we move in (month later) with the new address or apply next week after the loan closes and use the old address?

 

I'd rather get the contractor work done during the month long move in - instead of after move in....

 

How about new credit cards - should I wait of app after getting the keys ?

 

Your thoughts on strategizing would be appreciated.

Message 1 of 9
8 REPLIES 8
dragontears
Valued Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?


@4sallypat wrote:

So looking at next week closing on a home with escrow finalizing, final walkthru and key handoff.

 

When does FICO scores change with a new loan and address change ?

30 days, 60 days, 90 days ????

 

What impact does this change (loan & address) have on bankcard + auto scores ?

 

I am going to need to apply for some home improvement loans (Home Depot, Lowes, Floor & Decor) for the house.

 

Should I wait until we move in (month later) with the new address or apply next week after the loan closes and use the old address?

 

I'd rather get the contractor work done during the month long move in - instead of after move in....

 

How about new credit cards - should I wait of app after getting the keys ?

 

Your thoughts on strategizing would be appreciated.


1. Address changes don't affect any FICO scores. 

2. The new mortgage may or may not affect your FICO score, last mortgage I got only affected 2/4/5 with FICO 8 and 9 were completely unchanged. However, if the new mortgage causes shifts in certain scoring criteria (such as AAOA) then it might change your score. 

3. Absolutely do not apply for any new accounts until you have the keys! If you really want/need the work done before moving in, apply using your old address (after you have the keys) 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 9
HeavenOhio
Community Leader
Senior Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?

@4sallypat, the address change itself doesn't cause a score change. But a balance change reported along with the address change can affect your score. So what you need to do is make sure your balances are tolerable when  you call in your address change. Make a payment to bring your account down to your desired balance, then call in.

Message 3 of 9
FireMedic1
Super Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?


@HeavenOhio wrote:

@4sallypat, the address change itself doesn't cause a score change. But a balance change reported along with the address change can affect your score. So what you need to do is make sure your balances are tolerable when  you call in your address change. Make a payment to bring your account down to your desired balance, then call in.


@HeavenOhioWouldnt it be better to let current creditors place the new address on their own as they do when they report? And then most apps are the have you lived at this address more than 2 yrs? If approved on what the OP wants wouldnt the new address would be posted on the reports on their own? Asking out of curiosity. Thanks.






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 9
HeavenOhio
Community Leader
Senior Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?


@FireMedic1 wrote:

@HeavenOhio wrote:

@4sallypat, the address change itself doesn't cause a score change. But a balance change reported along with the address change can affect your score. So what you need to do is make sure your balances are tolerable when  you call in your address change. Make a payment to bring your account down to your desired balance, then call in.


@HeavenOhioWouldnt it be better to let current creditors place the new address on their own as they do when they report? And then most apps are the have you lived at this address more than 2 yrs? If approved on what the OP wants wouldnt the new address would be posted on the reports on their own? Asking out of curiosity. Thanks.


@FireMedic1, I'm not sure how you'd pull that off. Creditors aren't going to change your address unless you tell them to. And when you tell them about your new address, they tend to report that address along with everything else that's typically reported.

Message 5 of 9
FireMedic1
Super Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?


@HeavenOhio wrote:

@FireMedic1 wrote:

@HeavenOhio wrote:

@4sallypat, the address change itself doesn't cause a score change. But a balance change reported along with the address change can affect your score. So what you need to do is make sure your balances are tolerable when  you call in your address change. Make a payment to bring your account down to your desired balance, then call in.


@HeavenOhioWouldnt it be better to let current creditors place the new address on their own as they do when they report? And then most apps are the have you lived at this address more than 2 yrs? If approved on what the OP wants wouldnt the new address would be posted on the reports on their own? Asking out of curiosity. Thanks.


@FireMedic1, I'm not sure how you'd pull that off. Creditors aren't going to change your address unless you tell them to. And when you tell them about your new address, they tend to report that address along with everything else that's typically reported.


Thanks @HeavenOhio .






Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 6 of 9
tcbofade
Community Leader
Super Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?

As mentioned above, do not apply for ANYTHING until you have the keys in your hand.

 

Then, apply for anything you want.  

 

When DW and I did so in 2013, we applied using our new address and had no difficulties.

 

Good luck!


12/01/21 Fico 8: EX 746, EQ 766, TU 760.
11/03/21 Fico 9: EX 745, EQ 758, TU No idea.

Zero percent financing is where the devil lives...
Message 7 of 9
aj2121
Frequent Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?


@tcbofade wrote:

As mentioned above, do not apply for ANYTHING until you have the keys in your hand.

 

Then, apply for anything you want.  

 

When DW and I did so in 2013, we applied using our new address and had no difficulties.

 

Good luck!


I agree with the above. However, I did have to send in proof of residency for our new address the last time we moved. I have also applied using our old address and letting the cards/documents forward and then updating my mailing address and have had no issues with that as well.

FICO8 as of 4/9/21:
Message 8 of 9
4sallypat
Established Contributor

Re: How, when, what types of FICO scores change with: new home loan and address change ?


@aj2121 wrote:

@tcbofade wrote:

As mentioned above, do not apply for ANYTHING until you have the keys in your hand.

 

Then, apply for anything you want.  

 

When DW and I did so in 2013, we applied using our new address and had no difficulties.

 

Good luck!


I agree with the above. However, I did have to send in proof of residency for our new address the last time we moved. I have also applied using our old address and letting the cards/documents forward and then updating my mailing address and have had no issues with that as well.


I did just that!

Figured it was easier to apply using the old address and since USPS will be fowarding mail for the next 6 months, I have time to make any address changes.

 

Thanks all!

Message 9 of 9
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