moving address with my credit account, pitfalls ?

salad_chopper

just like to say what finantistic site this is with brill advice!

this is my first post, so please be patient, ..... here goes,

ive got all my accounts including credit and bank at my mums house, all my wages and financial mail go there and always have done. Im not on the electoral roll because I dont always live there but have a good credit rating and dont have much problem getting new credit cards or, phone contracts, etc.

My new gf wants me to move in with her but I want to keep my accounts at my mums, where its safer. The last time I took my finances with me was with a girlfriend and her 'ready made' family, we split, she took everything, cash, cards & my home, so now I'm more wary & wiser (well, maybe not).

Does anyone know if I can change address on one of my credit cards & bank account to my new address leaving the rest at my old faithful mums. This is beacuse I have fairly good job again & intend to apply for an offset mortgage at my mums & was worried moving all my accounts to, maybe a temporary address would have a bad effect on my credit rating. In short will moving my current account to a new address show up on my credit file at my mums when they do a check when I say take out a new phone contract in a few months time?

Rafter

Difficult to say exactly what will happen. The reason you have no problem at your Mums despite no entry on electoral roll is that they normally just check surname - and I'm guessing your mums will be the same as yours.

In theory, moving to new address should make no difference to your chances of getting mortgage, but in practice some lenders do use address information to make judgements about your credit worthiness, rightly or wrongly.

I think you need to be honest with your girlfriend too, and keep your finances separate if that is what you want and agree. Not trusting, or at least being honest with, someone you are about to move in with is not a good start.

Good luck.

R.

Galstonian

If you start any account it is likely that they will report a search at the address you apply from and if you move an account they may conduct a new search. Accounts which are up and running may not be updated with a new address, Experian list each account with an address, Equifax list a current address followed by accounts, I don't know how a change of address changes this but I would say having multiple current addresses would probably be worse than changing them all. When you say you will be applying for a mortgage at your mum's do you mean on her property or are you buying somewhere? It sounds a little strange.

Anyway, in answer to your questions, yes, changes will show up on your credit file. Have you got access to your files? There is a post with links to 30 day trial offers for both Equifax and Experian if you want.

Robert_Sterling_3

salad_chopper wrote:

just like to say what a finantistic site this is with brill advice!

I love the deliberate malapropism which is worthy of Ken Dodd.
I am green with envy.
It makes a welcome change from the usual range of spelin errers.

dc

I would leave my finances at my old address, then build a credit score at the new "temporary?" address. no matter what the "legal" side is.
You could do this by transfering minor acounts slowly one at a time.Dont burn established bridges is my motto.

I say this because I am renovating an old house, the address of which has a chain of financial disasters attatched to it by previous owners and credit is so far a no no with most institutions.

Gal even the Sheriff of Glasgow is out of pocket

salad_chopper

Thankyou all again, for your excellent educated answers !

Galstonian, I intend to buy my own house to live in or rent out, my mum already owns her house, as she has paid off her entire mortagage. I just want to keep everything hunkey dorey for when I apply for a mortgage, a work colleague was worrying me with his mortage application nightmares and dont have enough time in life anymore to afford any last minute belly flops!

Robert, 'spelin errers', rotfl .... didnt think anyone would notice it was deliberate, Im an expert typo.