Moving home and credit score

[Stella66]

I have just heard that your credit score is reduced when you change an address.Is this true? I have been renting for over 5yrs at the same address but have recently bought my own flat,moved in 5months ago, surely this should be a plus in my score, or is it not.

[Loosehead]

Sounds like cobblers to me. The only thing is that when you move you have to quote previous address(es) on credit applications so they can find your credit history. I'd be surprised if the act of moving itself had any effect on credit worthyness.

[Sammy Snake]

When I worked for a high street bank, time spent at an address was included in the credit scoring process and you got more 'points' the longer you had lived there so you would lose a few.

However you would have increased your score by becoming a home owner rather than renting so that will compensate for the other part and your credit score will more than likely not be affected.

[Oneeyedvic]

Make sure you register to vote and get put on voters role - if a finance company can't find you, they won't want to lend you money!

As previously said, by being a homeowner your score will increase far more than being a tenant.