Impact of Frequently Moving on Credit Report

I'm interested if anyone knows the impact frequent moving has on a credit report?

I have a spotless credit report with regards to no defaults, court judgements, late payments etc and have regularly been using credit cards for the last 8 years or so. I also have 2 home loans which I am well in front for repayments. When I went to check my score with Experian last week it was down around the 560 mark, which I considered quite low.

I did take advantage of a bt offer 6 months ago for 10k simply to take advantage of interest savings and also recently consolidated my other credit cards, closing three old ones and opening a new reward credit card (which was fee free) as part of my home loan. ( overall reducing my total credit liability).

The only other thing that I considered could be having an impact is that I have frequently moved at least every 12 months or so, due to work (full
time perm).

Would this be having a significant impact on my rating?
Or have my recent credit movements (BT/new account) had a bigger impact than expected?

Thoughts..

Comments

  • I wouldn't take to much note of the score.

    Each lender has their own set of criteria which is not disclosed.

    Me personally, I'd expect them more to check debt vs assets (plus and encumbrances), income/serviceability and recent credit enquirers/applications.

  • +1

    Moving a lot does have a negative impact on your credit score
    as does closing accounts (as stupid as that sounds), how they look at it is, you have 3 established accounts with good repayment history, you've now opened up a new account with little history, the closure of the accounts is viewed as a negative in most cases with regards to credit scores, probably a little more so than moving a lot

    Moving a lot each year creates a higher risk to any lender that you're going to potentially do a runner, although with your good repayment history on the 2 home loans I feel that based on their lending criteria, your current credit providers would see you as a good customer anyway

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