Too many addresses - anything I can do?
itchyfeet2021
Forumite I’m British but grew up abroad so no UK address until I came here for uni. Had to use my uni address to get a UK bank account. I moved house every year during my degree (4 addresses), worked for a year post-uni (+1 address) then started a PhD in a new city (+2 addresses since starting). As it’s my only UK address, I’ve changed the address linked to my bank account every time I’ve moved - which comes to 7 times in 8 years.
2 years (and 1 address) ago I applied online for a basic credit card with HSBC. Declined - checked my credit score and it was okay apart from having no proper credit history. I thought moving house all the time was most likely their issue with me. (Unless they don’t like lending to PhD students as we’re low income? Not sure)
This week I tried to switch bank accounts to NatWest - and was immediately declined for their basic current account. Could moving so frequently hurt my credit score to the point where I can’t even get a bank account?? Have never had an overdraft (wasn’t able to get one when I started uni as I counted as an international student) or a credit card so I don’t know where else my bad credit might be coming from.
Can I mitigate the effect of moving on my credit score in any way? I thought perhaps applying to a credit card for people with bad credit to build up some history - but this wouldn’t change how many addresses I’ve had so banks will still have this reason to decline me for credit cards/accounts. After my PhD is over I’ll begin job hunting so I’ll probably move again to wherever I can get a job. So I’m not going to settle down for a while. Would a credit card for people with bad credit also decline me for moving too many times, or are they more forgiving of this?
Replies
Lenders make decisions based on your credit history/data and so your lack of history will be a stumbling block for many. Someone moving around a lot will not put some lenders in a happy place but as long as you were on the electoral register each time and you're always giving accurate dates etc it shouldnt be a total show stopper for all lenders.
Obviously on top of that will be the consideration of your income, the current economic situation etc. Clearly sub prime lenders are more likely to look favourably on someone with no history. The second most likely to lend will be whoever your current account is with.
Do you have a student overdraft that you are well into?