Taking out Finance

Dylan_Jones42

This is my first post. I am looking to take out 0% finance on an iPad. However, I am concerned there may be some issues with me getting approved, relating to address mismanagement on my behalf. 

I moved out of my mum and dads in 2014, and lived in [X] until 2017. From 2017 onwards, I have been living in [Y]. However, I have only just changed my billing address to my [Y] location. This is silly I know, I had kept it registered to my mum and dads address for 6 years since moving out as I was paranoid about losing important post. 

I have taken out credit before, for an iPhone, starting November 2018 - November 2020. That credit check was done via my parents address on advice from the sales colleague as that was where my card was registered at that time. 

When I am applying for finance for my iPad, what should I do for addresses? My card etc is now registered to actual [Y] address, however, I know you have to give three years history, should I give address history for my billing address? Ie, registered to my mum and dads until this year? 

I have no issues with my credit score as all direct debits etc are always paid on time and have never been overdue. 

Any advice would be really appreciated. 

Many thanks 

sourcrates

Your address history is shown on your credit file, people move, its a normal thing, as long as your card is registered to your current address, you have done all you can presently do.

The decision to grant credit or not, lies with the provider, and whether you meet their lending criteria, or not.

vman

Your correspondence addresses being up to date isn't a huge deal, but make sure you're on the electoral roll at your current place - that makes a difference from a credit rating perspective.

I would add it's worth doing a free 30-day trial with someone like Experian, you may think you have a decent credit rating just because you always pay on time, etc but sometimes you have holes in strange, unconsidered places (like the electoral roll). There are often quick wins to boost your score, for example, if you have two credit cards with a 2K limit, it's better to have £1000 on each than £1900 on one and zero on the other, or there may be old accounts that haven’t been closed down properly, etc.

[Deleted User]

I'll save the usual suspects from replying to this with:
1. If you need to finance it, you can't afford it or
2. Why do you need a new iPad when you could just use *insert completely inappropriate suggestion here*. 
Real answer: lending criteria has tightened this year, so if you aren't on the electoral role at your current address, that might be an issue. As long as you answer your address questions honestly though, you might be fine.

Moxley

vman said:

Your correspondence addresses being up to date isn't a huge deal, but make sure you're on the electoral roll at your current place - that makes a difference from a credit rating perspective.

I would add it's worth doing a free 30-day trial with someone like Experian, you may think you have a decent credit rating just because you always pay on time, etc but sometimes you have holes in strange, unconsidered places (like the electoral roll). There are often quick wins to boost your score, for example, if you have two credit cards with a 2K limit, it's better to have £1000 on each than £1900 on one and zero on the other, or there may be old accounts that haven’t been closed down properly, etc.

Agree it’s worth checking your file to make sure there’s nothing nasty on it, but note that your score is just the credit reference agency’s internal representation of your creditworthiness - it’s not something that lenders see. Check all three rather than just Experian, and don’t sign up for a free trial as there’s no need; you can get access to all three for free these days.