TravelSort reader Kerry writes “I'm about to move and am wondering if I should apply for a few new credit cards while still at my old address, to improve my chances of instant approvals. How long does it take for credit reports to reflect my new address after I move? Is there a way to update all the credit reports (Experian, Equifax, Transunion) with my new address so that this isn't an issue when I apply for new credit cards using my new address?”
Kerry asks an excellent question, given that many of us will move at some point or another, and along with all the other hassles is getting the new address updated in the credit reports and issuing bank databases.
My tips:
1. Given the Choice, Apply for New Credit Cards Before You Move
Given the choice, I would definitely prefer to apply for a few credit cards while at an address I've lived at for a few years, rather than apply a few days after moving, when you may well have some credit card applications go to “pending” status instead of being instantly approved. While of course it could go to pending for several different reasons, one of them is when the issuing bank can't match the new address you're applying from with the address you either have on file with them, or with the address in the credit report(s) they pull as part of your application.
2. Update Your New Address for All Your Credit Card Accounts Promptly
It can be easy to forget to do this if you receive all your statements electronically and are enrolled in Auto Pay, but don't forget to log into your Chase, American Express, Citi, Bank of America, Barclay's etc. credit card accounts and update your mailing address. Usually this is in the “Profile” section.
3. By Updating Your Credit Card Addresses, Your Experian, Equifax and Transunion Credit Reports Are Also Updated
Assuming you have some personal credit cards and have updated your accounts with your new address, you don't actually have to contact the individual credit bureaus, as it will get updated from the account updates of your individual cards that get reported to the credit bureaus.
If you don't have any open credit cards or for some reason your address is still not updated after several weeks, you can write to the credit bureaus at these addresses or call:
Experian 1-888-397-3742
Equifax 1-800-685-1111
Equifax Information Services, LLC
P.O. Box 740256
Atlanta, GA 30374
TransUnion 1-800-916-8800
TransUnion LLC
Consumer Dispute Center
P.O. Box 2000
Chester, PA 19022
4. If Your Application Does Go to Pending, Call Reconsideration
There's no need to wait for a week or more for a decision; it's often best to call reconsideration to see if you can help move your application from pending status to approved. Perhaps the bank needs further verification of your new address, or perhaps you'll need to shift credit lines around in order to get approved. See Credit Card Reconsideration Phone Numbers
5. For Citi Credit Cards, You Can Fax a Copy of a Bank Statement with Your New Address
A typical Citi response when you have a new address they can't verify is as follows:
“It seems I was having trouble verifying your home address. We will be sending you a letter requesting a copy of your residential phone bill, dated within the past 60 days, stating your name, and mailing address and phone number. Cellular phone bills are not acceptable. You could also send a utility bill copy that must be dated within the past 60 days, and state your name and mailing address. Water, cable, electric, sewer or gas bill are also acceptable. We may also take a bank or credit card statement. This information can be sent prior to receiving the letter and can be mailed to PO Box 6495, Sioux Falls, SD 57117-6495 or faxed to 1-866-706-5137 or email at Credit.Operations@citi.com. Please place your Application ID number on the top of each document.
If you have any questions regarding the documents you may send or to confirm if they’ve been received (please allow us 24-48 hours to review after receiving); please feel free to call our Customer Inquiries Department at 1-888-201-4523. We are available from 6am-2am EST, Monday – Sunday.”
Since it's a pain to have to wait for a new utility bill, I recommend you use a bank or credit card statement to show proof of new address. Citi may not accept it if the entire bank account number is blacked out, so leave the last 4 digits visible and that should suffice.
If you had a change of address and applied for credit cards soon after, what was your experience?
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