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Frequent address changes - a problem?

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Hi

I am a graduate and I’m in a graduate job. I rotate every 6 months and each rotation could require me to move from one city to another. I’ve been at my current address for 6 months and am registered to vote there. I’ve found out I will be staying put for the next 6 months as well.

I have a graduate current account (large fee free overdraft which I believe I have never used). I am looking to switch current accounts for a better deal. I read that they do a credit check when you open the account so I got a bit worried given by address instability.

Besides the current account I have only one line of credit - iPhone Upgrade Programme i.e. Barclays finance. I have never been in debt, missed any payments, no CCJs and so on.

That line of credit, my current account, challenger bank, and savings account all use the family home as an address as this was the only stable address I had during my student years when I opened those accounts - so not where I am currently living nor where I have lived for the past year, but somewhere I have otherwise lived since childhood.

I am just worried that if I apply for the new account with my current address, they will flag the address discrepancy, decline my application, and my credit history will be badly affected.

Should I be so worried? Should I stick with my current finances and not touch them until I have a more permanent address?

The inspiration for the move is, of course, that my current account isn’t a good deal.
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Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Update all your accounts with your current correct address.
  • ShezaEU
    ShezaEU Posts: 9 Forumite
    Fifth Anniversary First Post
    Update all your accounts with your current correct address.


    Thanks, I shall - would it then be safe to apply for the new account and go through the credit check then?
  • boo_star
    boo_star Posts: 3,202 Forumite
    Part of the Furniture 1,000 Posts
    ShezaEU wrote: »
    Thanks, I shall - would it then be safe to apply for the new account and go through the credit check then?

    It may take a month or so for the addresses to be updated with the CRAs.
  • Willing2Learn
    Willing2Learn Posts: 6,294 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    boo_star wrote: »
    It may take a month or so for the addresses to be updated with the CRAs.
    … so you should wait before making any credit application, for the CRAs to update their files. You can check your three CRA files for free and confirm that both your ER and credit account addresses are recorded correctly...
    I work within the voluntary sector, supporting vulnerable people to rebuild their lives.

    I love my job

    :smiley:
  • ShezaEU
    ShezaEU Posts: 9 Forumite
    Fifth Anniversary First Post
    … so you should wait before making any credit application, for the CRAs to update their files. You can check your three CRA files for free and confirm that both your ER and credit account addresses are recorded correctly...

    I see... but if I do that, the sign up offer for the current account will be gone. Which is kind of the whole point of this exercise.
  • brianposter
    brianposter Posts: 1,522 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Update all your accounts with your current correct address.
    This, of course, usually results in important correspondence being sent to old addresses.
  • xlnc99
    xlnc99 Posts: 1,673 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    frequent address changes is a problem. If you are constantly moving every 6 months or so id register everything at a settled address i.e your parents or someone you can trust until you are settled in a place for long term
  • This, of course, usually results in important correspondence being sent to old addresses.


    How so?

    Inform people in a timely manner and/or use the postal redirection service.
  • ShezaEU wrote: »
    I see... but if I do that, the sign up offer for the current account will be gone. Which is kind of the whole point of this exercise.

    Then you’ll need to wait for a new offer again.
  • boo_star
    boo_star Posts: 3,202 Forumite
    Part of the Furniture 1,000 Posts
    ShezaEU wrote: »
    I see... but if I do that, the sign up offer for the current account will be gone. Which is kind of the whole point of this exercise.

    Then just apply for it.

    Apply and they don't like the address discrepancy? Decline.

    Don't apply at all? Basically a decline.
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