Another balance transfer question!

racheljane87

Hi

I'm sure you've answered these questions a thousand times, so apologies in advance. I have about £2,200 on a BoS card that I've had for ages, but I'm trying to get my finances in order and have decided to balance transfer (thinking of the Halifax no fee card) so that I can set about repaying the debt. At the moment I pay back the minimum and then whatever I have left in my account the day before pay day (assuming I have anything left!). Alas with interest and continued spending it's not really decreasing.

I'm going to stop spending on the card (or at least, spend smarter), and I'd like to get the debt cleared. I also changed roles in mid November so I'm now earning more and ought to be in a position to pay it off in a few months (if I don't spend!).

Anyway! My questions are: My billing address is still my parents' address - this is because for many years, as a student, I moved every year and didn't see the point in updating my bank details all the time. I'm now more settled, but haven't got round to changing my details yet (though I do intend to this year). Which address should I put on the application? My parents' address (for which I assume I'd have to put 'living with parents') is where my current accounts, credit card and ISAs are registered, but my actual address is where I'm on the electoral roll for (and where a bank account I administer for a community group is registered to).

And secondly, which income do I put? I only started earning the new amount in mid-November, so should I put my 2014/15 income or my current one?


Thanks, and sorry for being so wordy!

[Deleted User]

You put your true address and your current income.

racheljane87

But if I put the flat I currently live in, won't they check my credit rating against that address rather than the one the majority of my bank accounts are registered at?

grumbler

Generally, it's bad to have more than one active address reported to CRAs.
Don't know which one is better; possibly the one in the ER.

They check your credit file(s), not 'rating'. And they don't check it 'against that address'. It's a file where most likely both addresses are shown.

Re income, it has to be the current one (monthly recalculated to yearly), but you have to be able to prove it if asked.

racheljane87

Huh, I didn't know that, I always assumed they checked the address as I did my own check once and it was fine, and advised me to be on the electoral roll to improve it. I was on it, but at the flat I lived in at the time rather than my parents'. I assume that's because I didn't have any bank accounts at the flat at the time?

Also, what does ER mean?..

I am intending to sort out my addresses this year and move them all to my flat.

[Deleted User]

If you put an old address, they're going to wonder why you've registered to vote somewhere you don't live.

racheljane87

I'd imagine that's pretty common for students.

But thanks, I think I'm going to make changing my addresses my priority first, and then do the balance transfer!

grumbler

racheljane87 wrote: »

Also, what does ER mean?..

It was my short for Electoral Roll. It's not a common abbreviation, but I thought it was obvious in this context.

racheljane87

Oh, ok. Thanks.

Lou85

You should always put the address you live at as the application asks for address history not where bank accounts are registered. As you have moved around you should enter EVERY address you've lived at. This might mean that your parents address is omitted but like the previous poster said, your credit file will show linked addresses where you have finance at. You should only ever apply for credit at one address because you can only live at one address at a time (I know there are some exceptions where people travel for work etc but this is the general rule of thumb).

If you apply at your parents address, technically you are committing fraud because you don't live there.

Similarly you should put your most recent income. If they ask for proof then you'll be able to show your most recent wage slip and explain that you've had an increase.

If you speak to an underwriter at the credit card company they will understand why you've not updated your addresses however I suggest you do this now so that when you are asked for proof of your address, you'll have something to send in.

racheljane87

I've printed out change of address forms so that I can sort this all out, and get everything registered to my flat. In the past, no-one in a bank has ever questioned me giving my parents' address (which is in a different city) and has always been happy enough with the explanation that as I've moved frequently I just kept using it.

As for giving previous addresses, I'll need to figure them all out - I don't remember a lot of them beyond the street address...

But thanks, I know I need to get the addresses sorted out before I apply.