"Time at address" question on credit applications.

The_Boss

I was out with a friend on monday who was buying a new car (yes, it was him, and not about me). Basically, when it came to the finance agreement he was asked how long he has lived at his current address. His family moved there in 1987, so he said 13 years - which included time away at universitry and despite renting in West London for two years up until June of this year.

So it got me thinking - if you move back with parents, can you give the entire amount of time you have lived there (in this case a total of 13 years), or should his answer have been "3 months"?

Astaroth

It depends on which he had as his perminant registered address. Some of my friends at uni were always registered to vote at their parents address and never changed their banking details over to their student addresses and so effectively it was their perminant address even if they spent more time at the uni digs.

If you did switch addresses for things then you have possibly got risks of being turned down for credit as your credit history will show linked addresses which you havent declared on the form and so make alarm bells ring

Moggles_2

Some of my friends at uni were always registered to vote at their parents address

This is the norm, but it's unusual not to use addresses at student digs for banking, given that many live at the opposite end of the country from their families!

... renting in West London for two years up until June of this year.

Even if this friend managed to do without credit applications of any kind, the West London address would turn up on his credit file surely due bank/savings account(s). Please keep us posted.

The_Boss

There would have been links, but he was accepted for his 0% finance so obviously didnt care. But thats for a loan secured on a car, which gives you a bit more wiggle room.

Paul_Herring

The_Boss wrote:

So it got me thinking - if you move back with parents, can you give the entire amount of time you have lived there (in this case a total of 13 years), or should his answer have been "3 months"?

I think the answer to this question, when asked, should be the same answer you'd give to Experian/Equifax when requesting your CRA report. I'm presuming that the answer you give to the finance people will be compared with the answer coming back from whichever CRA they're using.