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Why Insurers check your credit score They are not looking at your entire credit record, most likely a bump up against the file to get the score, which is a way credit bureaus sell your credit records without selling your credit information. When you apply for insurance, or, if you have a policy they have language in there where you agree to let them do this, and if you think your company hasn't, you're wrong.... | |||
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Member |
Rather than address the sepcific question asked (which others have already done), I'll offer you this instead. Credit score is simply one more item an insurance company can use to jack your rates. My recommendation to everyone is to treat insurance like any other consumer good. Shop for the best deal every year or two and go with what you find. There is virtually zero benefit in today's world to being a long term customer of any particular company. I've had approximately five different auto insurance companies over the last 10 years. Never due to being cancelled, always due to premium increases I felt were unjustified. IMO, you should never be attached to any insurer for more than a few years, unless it continues to make financial sense to do so. ----------------------------- Guns are awesome because they shoot solid lead freedom. Every man should have several guns. And several dogs, because a man with a cat is a woman. Kurt Schlichter | |||
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Member |
Thanks. Yes, my daughter mentioned that adding second CC would eventually help if I used it, just that the score would drop initially as I now have the ability to double my CC debt. I have no interest in adding a third card and really could give a hoot what my score is, "0" would be fine with me because I have no interest in borrowing money. But since this stupid "score" can effect my insurance I want to keep my score over whatever the minimum number where they might nick me for more money. I guess I need to find out what that number is? No car is as much fun to drive, as any motorcycle is to ride. | |||
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| As Extraordinary as Everyone Else  |
I’ve had an interesting experience recently regarding my FICO score... My FICO score has been over 800 for over a decade. Like many here we always pay off our cards monthly and I have had two personal cards although I changed one recently to get a mileage bonus... Then for Christmas I purchased a very nice ring for my wife and my “Credit Utilization” on that one card went up to about 20%. A few days later I get a notice from Credit Karma that my score has changed. When I looked it up it had dropped by more than 50 points! That makes no sense to me...so I’ll be asking to have my credit limit upgraded to allow for other future purchases...we’ll see.. ------------------ Eddie Our Founding Fathers were men who understood that the right thing is not necessarily the written thing. -kkina | |||
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| Member |
Interesting, smisig. No car is as much fun to drive, as any motorcycle is to ride. | |||
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