Residence status and credit

DjB90

this issue is now solved

[Deleted User]

Addresses are not linked to credit ratings.

In fact credit ratings and scores aren’t even a real “thing” for anything to be linked to it.

Your friend is speaking nonsense.

However what do you need a loan for? Have you considered posting in the DFW board if you have money issues?

Ben8282

DjB90 wrote: »

Hi,
I heard that if you've lived in poorer areas previously and had a fair rating then for it to be improved you need to have been in wealthier areas for 3 years?

This is absolute nonsense.

DjB90 wrote: »

I heard from someone that your duration at a particular residence affects your credit rating?

DjB90 wrote: »

I don't want to move if it will compromise my credit

This is true to the extent that lenders like to see stability and moving frequently could show instability, but certainly not a valid reason not to move.


When you apply for your loan lenders will take into account the information contained in your credit files with regard to how you have managed existing credit accounts, existing outstanding balances etc and other information not contained in your credit files such as employment status, salary, apparent affordability etc. Length of residence at a particular address and residential status (homeowner, tenant etc) will play a small part in this. Much more importantly ensure that you are on the electoral roll at your current address.
Your credit score and credit rating will play no part whatsoever in the lenders decision as they will not see it!

[Deleted User]

It may hinder your applications for credit products etc yes

Ben8282

DjB90 wrote: »

A note was out on my credit file at the end of 2015 saying it was fraud,

What sort of 'note'? Who put it there? What exactly does it say? What exactly was fraud?

DjB90 wrote: »

so it shouldn't count against me in any way right?

Wrong

SnowTiger

DjB90 wrote: »

I see, I've been on the electoral roll for almost a year. I'm in and out of an overdraft though and am a mature student.

I've also had identity fraud committed against me in the past, last incident wasn't too long ago and I reported it before then in 2015. A note was out on my credit file at the end of 2015 saying it was fraud, so it shouldn't count against me in any way right?

If I was a lender, those things would put me off giving you credit far more than your post code would.

If/when you move you'll probably find the credit scores the CRAs dazzle you with will nose dive. Mine did. And still haven't fully recovered to what they were.

However, since moving I've successfully applied for new credit and seen the limits on my cards increased.

I don't think your Experian credit score should influence whether you stay put or move.

phillw

DjB90 wrote: »

Do the details of your living arrangements from the past few years matter?

If you move around a lot quickly then it's a clue you might have a chaotic lifestyle and maybe you're trying to evade creditors who don't report to CRAs (so it won't otherwise show up when they do a credit check).

Only insurance companies care about where you live & that is only where you currently live as it affects risk.

CIFAS victim of impersonation markers aren't supposed to count against you, only trigger greater checks that you are in fact the person trying to get credit. I don't know how that works in practise.

DjB90

Thanks for the info everyone.

DCFC79

DjB90 wrote: »

Thanks for the info everyone.

What baout the questions asked by Ben ?