You’ve finally retired and you’re thinking about relocating and downsizing. However, you may have some concerns about how your credit score when moving. While your addresses are listed on your credit report, it does not have a direct impact on your credit score.

Retirement is a time to relax and enjoy yourself. Solivita Living allows you to do that. We are a real estate agency located in central Florida specializing in 55+ communities. We have 8 locations across the area that we deal with.

In this article, we’ll take a closer look at what you need to know about your credit score when you decide to move.

FAQs about Credit Scores and Moving

Below are 4 frequently asked questions about credit scores and moving:

Why do my addresses appear on my credit report?

Lenders use your credit report to determine your creditworthiness. There are three major credit bureaus: TransUnionExperian, and Equifax. Your credit report from each agency is based on the information they have about you and your financial history. The reason your addresses are listed is because it is part of your identity. Your name and birthdate are also listed. Lenders use this information to confirm that you are claiming to be, which is why you should make sure that the bureaus have your current information.

When a lender pulls your report, they want to see that your personal information is accurate and up-to-date. They may also require that you have a permanent address on file to be considered for credit. If there is no address or the address is different on the different reports, it may cause a red flag.

Does moving/changing my address impact my credit report?

The answer to this is yes and no. You may see a small drop in your credit score after moving because lenders are interested in stability. The act of moving is not what impacts your score the most- it’s the other tasks that go along with the move, such as:

  • Setting up new utility accounts because you may not always be able to transfer to the same provider, even in the same area. Opening more than one account within 6 months may cause a drop until you show a history of responsibly paying your bills.
  • Selling your mortgaged property, especially if you sell it for less than the value of the mortgage.

The best thing to do is ensure that you have registered an up-to-date address with the credit bureaus and that you are registered on the electoral roll.

Does moving often have an impact on your credit score?

Moving/changing your address often may not necessarily impact your credit score directly but it could impact your ability to get credit. This is because moving several times within a certain period indicates instability. Lenders may think that you moved because you couldn’t settle in one place or that you couldn’t keep up with your rent payments. A stable, accurate address history always looks better.

Are certain addresses/areas blacklisted by credit bureaus?

You may have been told that moving to an area where most people have bad credit can have a negative impact on your score. This is not true at all. Your address simply helps lenders verify your identity. Where you live is not a factor in calculating your credit score.

What to Do When You Move

If you’ve decided that it’s time to relocate, but you are concerned about your credit score when moving, keep the following in mind:

  • Register on the electoral roll
  • Redirect mail
  • Set up auto-pay on your bills
  • Check your credit reports

Consider Enjoying Your Retirement in a Solivita Living Community

If you are considering retiring- or you’ve already retired- and you want to relocate, consider finding a home in a Solivita Living community. Our offices are located in Kissimmee, Florida and we have 8 communities that we work with across the area. We offer a variety of amenities and attractions.