Moving to a new home is an exciting time, but it can also be a stressful one. Amidst all the packing and coordinating with movers, it can be easy to overlook the impact that moving can have on your credit score. However, it’s essential to remember that a move can actually hurt your credit score if you’re not careful. In this article, we’ll explore some tips for protecting your credit score during a move.
Notify Your Creditors and Banks
Before you move, make sure to notify your creditors and banks of your change of address. Updating your address with creditors and banks will help you avoid missing bills and statements, which can negatively impact your credit score. It’s also a good idea to update your contact information with the credit bureaus.
Pay Your Bills on Time
Moving can be expensive, and it’s easy to overlook bills or forget to pay them on time. However, late payments can have a negative impact on your credit score. Make sure you prioritize paying your bills on time, even during a move. Set reminders or automatic payments to help you stay on top of your bills.
Keep Credit Card Balances Low
Moving costs can quickly add up, and it’s tempting to charge them all to your credit cards. However, high credit card balances can hurt your credit score. Try to keep your balances low and pay off your credit card balances as soon as possible. Avoid opening new credit cards during a move, as this can also hurt your credit score.
Check Your Credit Report
Before and after your move, it’s a good idea to check your credit report for any errors or inaccuracies. Errors on your credit report can hurt your credit score, so it’s essential to correct them as soon as possible. If you notice any mistakes, dispute them with the credit bureau to have them corrected. This can help protect your credit score and ensure that you’re being accurately represented to lenders and creditors.
Be Cautious of New Credit
Avoid applying for new credit during a move. Applying for too much new credit can hurt your credit score. Additionally, new credit applications will result in hard inquiries on your credit report, which can also lower your credit score.
Moving can be a stressful time, but it’s important to remember that it can also have a significant impact on your credit score. By following these tips, you can help protect your credit score during a move. Remember to prioritize paying your bills on time, keep credit card balances low, and check your credit report regularly. With a little extra effort, you can ensure that your credit score remains in good standing even during a hectic move.