Apply for credit card after completion using rental address?

AndyDufresne

Hi, I'm about to complete next week as a first time buyer that is currently in rented accommodation.

I'm looking to apply for a credit card on the day of completion (or shortly after) once I've got the keys, for things like renovation costs and DIY.

I've still got my rental for another month and a half after completion day, due to the timing of things. I'm giving notice before the rent due day at the end of this month. I am on the electoral roll for 3 years at my rental, obviously yet registered at my new house.



My question is, can I still apply for the credit card using my rental address, even though I'd have just bought a house? I probably won't be actually moving in properly (i.e. when I change most of my accounts to use my new address) until about a week after completion, due to doing some works to it first.

Would the credit card company have an issue with this, especially if I then changed the address a week after being accepted? 

cymruchris

If the transaction is complete - the money transferred - and everything done and dusted - then you can do what you like. If it's still your primary residence, then yes you can apply for a card and see what happens (use the eligibility checkers directly on card websites - not comparison checkers). As long as you have a couple of weeks for the card to be delivered at your existing address you'll be fine. (Although you may or may not be successful in getting one - but that's what eligibility checkers are for)

AndyDufresne

cymruchris said:

If the transaction is complete - the money transferred - and everything done and dusted - then you can do what you like. If it's still your primary residence, then yes you can apply for a card and see what happens (use the eligibility checkers directly on card websites - not comparison checkers). As long as you have a couple of weeks for the card to be delivered at your existing address you'll be fine. (Although you may or may not be successful in getting one - but that's what eligibility checkers are for)

Ok thanks. When I set up utilities on completion day, presumably I will be credit checked at the new address, do you think this will be an issue for me getting a credit card?

LegallyLandlord

As long as you are still renting that address and it’s your primary residence when you apply for the card, it’s fine to use that address. Then update your address once you’ve properly moved in. 

cymruchris

Why not apply for the credit card as soon as everything is completed - then move on to the utilities? Do it in order, and you shouldn't have an issue. Yes  you're right, some utilities credit check (not all) - but if you follow an order of -  complete mortgage - apply card - set up utilities -  I don't think there'll be any issues. None of the utilities will say 'you can't have gas because you just opened a credit card'.

AndyDufresne

cymruchris said:

Why not apply for the credit card as soon as everything is completed - then move on to the utilities? Do it in order, and you shouldn't have an issue. Yes  you're right, some utilities credit check (not all) - but if you follow an order of -  complete mortgage - apply card - set up utilities -  I don't think there'll be any issues. None of the utilities will say 'you can't have gas because you just opened a credit card'.

Ah right, maybe I'll do that. So the utility company won't mind if I apply for a credit card on the same day? Or can I setup utilities a couple days later?

user1977

I don't think utility companies are all that fussed as long as your credit record isn't terrible - they're only "lending" you a few hundred quid at a time, typically.

theartfullodger

Just be open and honest with credit card company.

badger09

AndyDufresne said:

cymruchris said:

Why not apply for the credit card as soon as everything is completed - then move on to the utilities? Do it in order, and you shouldn't have an issue. Yes  you're right, some utilities credit check (not all) - but if you follow an order of -  complete mortgage - apply card - set up utilities -  I don't think there'll be any issues. None of the utilities will say 'you can't have gas because you just opened a credit card'.

Ah right, maybe I'll do that. So the utility company won't mind if I apply for a credit card on the same day? Or can I setup utilities a couple days later?

When you complete on your new home you will automatically become a customer of the existing Electricity & Gas supplier. Once you get the keys, take photos of the meter readings, set up an account with the existing supplier & submit opening readings. Then you can take your time & switch if you want to, though there’s no rush in view of the Energy Price Cap. 

fourmarks

 I'm confused (not an unusual occurence) why don't you just apply for the credit card now and be done with it. Why the need to wait until you complete?

cymruchris

fourmarks said:

 I'm confused (not an unusual occurence) why don't you just apply for the credit card now and be done with it. Why the need to wait until you complete?

In case the lender conducts a final hard search credit check prior to handing over the cash.