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

[4sallypat]

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.

[dragontears]

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@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.

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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) 

[HeavenOhio]

@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.

[FireMedic1]

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@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.

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@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.

[HeavenOhio]

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@FireMedic1 wrote:

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@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.

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@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.

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@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.

[FireMedic1]

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@HeavenOhio wrote:

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@FireMedic1 wrote:

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@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.

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@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.

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@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.

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Thanks @HeavenOhio .

[tcbofade]

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!

[Anonymous]

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@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!

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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.

[4sallypat]

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@Anonymous wrote:

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@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!

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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.

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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!

[SleeplessinMA]

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@4sallypat wrote:

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@Anonymous wrote:

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@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!

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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.

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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!

I just traded out of my old auto lease and picked up my new car. Buying a home is not on my bucket list, I will revisit that sometime in the next couple of years.   However, this is exactly what I would do also,  let the Post Office forward the mail, it gives you plenty of time to do what needs to be done.  Good luck to all of you! 

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