Credit search and time at current address

newlywed

Hi,
Has anyone any idea whether the time at your current address in any way influences your credit search?

I want to apply for a low rate credit card but have only lived at the current address for a few months. Will this affect my application at all? (I was at the last address for 13 years).

Is there anything I can do to increase my likelihood of getting a low rate card?

Will closing old store card accounts help increase my credit rating?

happyformonths

Hi,

Only having been at your current address a short time CAN affect a credit score - but all lenders have different ways of scoring and put emphasis on different things.

The good thing in your case is that they mostly also ask you your previous address and how long you were there as well, so the fact that you were there for 13 years will probably mitigate.

If you've been bouncing around addresses for the last 3 years (like me...) it doesn't look so good! But like I say, it depends on the lender - and they very closely guard the way they score.

Same goes for your old store cards. Often, lenders take a lot of notice of how much credit is already available to you, and this can make quite a difference. I would close them down if you're not using them (in fact I wouldn't use them either, since the APRs are usually atrocious on them). It's all tidier that way anyway.

Hope this is useful and that anyone else feels free to contradict me if I've offered bad information.

HFM

newlywed

Thanks. Tried to do an online credit report and they can't verify me!! Presumably because of name change and address change. Hmmm. Maybe I should try ringing my existing lenders to try and get a better deal first??

I will close down the old accounts that I don't use - can't be bothered doing the name and address change on them anyway!

happyformonths

newlywed wrote:

Thanks. Tried to do an online credit report and they can't verify me!! Presumably because of name change and address change. Hmmm. Maybe I should try ringing my existing lenders to try and get a better deal first??

Sounds like a good idea to me.

I think you can still get a statutory credit report if you send them ID and proof of address (a bill, etc), but unless you're desperate to see it I'd wait. I moved into my current address in early Jan, and got a credit report in March, having appeared on the electoral roll there in Feb. So next month you might have better luck.

Though the name change probably compounds things!

Good luck.

HFM