Moved house, can't get credit

studentguy

Hi Folks,

I moved house two weeks ago, however now I can't apply for any types of credit as the report fails as credit reports don't show me living at this address. I've tried changing it on experian (where I have a Good rating), but I can't say I've lived here since January 2013 yet...

In the meantime, would it hurt me if I was to use my old address to apply, and then change the address soon after? (I'm needing to shift my debt to a 0% credit card asap, plus I used to live with parents, so my old address has my folks living there so no issues with post going there etc) Or if that's a bad idea, how can I speed it along so that people find my credit report? I can see they can't find it, as experian doesn't show these credit searches....

Any ideas?

Angry_Bear

Changing it with the credit report people won't make much difference I suspect. You need to get on the electoral roll at your new address - this can take a couple of months before it shows up on your credit report.

It may end up being more trouble than it's worth if you try to get credit from your old address (as your credit report will show a mismatch of addresses and dates). But I don't know how much trouble this would actually be in practical terms.

zerog

If you're a student, it may be better to keep everything going to your parents house if you plan to move around a lot, and only change it when you're going to settle somewhere for 3 or more years.

Anyway, most people know when they are going to move house... so in future always time your applications just before

guesswho2000

zerog wrote: »

... so in future always time your applications just before

Unless you're buying, in which case don't apply for anything until your mortgage is completed.

studentguy

So there's nothing I can do?

jamesd

Change the address you have provided to your existing creditors, if any. They will update the address that they provide to the credit reference agencies and that will help to start the process of it being provable that you've moved. It'll probably take a month or two to begin showing up because entries are normally updated around the time that statements are generated.

Experian_company_representative

Monitor your credit report and wait until it has been updated with information at your new address until you apply for new credit. Electoral roll information usually comes through to your Experian report within 4-6 weeks. make sure you've given your new address to all of your current creditors and any live credit agreements should soon follow.

James Jones

studentguy

Thanks for the replies. Thing is, I need to do a balance transfer - I do have a balance transfer card which I could transfer to, but I'll have to pay £30 odd fee, plus another £100 when I do finally move to the new one I want to move too - I'm guessing applying with my old house and then changing my address after I have the card is a no no?

jamesd

The lenders have a problem.

1. If they send things to your old address after you've moved, they can't distinguish between you doing it and a new person at that address pretending to be you.
2. If they send things to your new address, they can't distinguish between you and a person claiming to be you when you haven't really moved but are really still at the old place.
3. They could resolve this by communicating with you at both places but that won't deal with the case where a person at the old address is pretending to be you and using a false new address as well - they would get both pieces of post and succeed in pretending to be you.

An in-person application at a bank with identification documents might be a way around this, since you could at least verify your identity, if not your current address. But phone before trying this, I doubt that it would be acceptable.

sfax

Depends where else you have already changed your address. If all of your credit agreements on Experian show your parents' address and you haven't yet applied or been added to the electoral roll at the new address, then apply using your parents' address.

Look at it from the point of view of a lender. If they see a mismatch of addresses, it's a risk.

Even if you wait for the electoral roll and then the CRAs to update, you'll still be seen as a higher risk for the first 2 years at your new address. Don't assume you'll immediately be accepted for credit as soon as Experian is up to date

giblet10

Changed my address with local council same day of moving - it showed up on Experian in about four weeks - have since successfully applied for MBNA and Cap One at new address..