Need insight, please help

[Anonymous]

I currently have 2 open credit cards, one Citi that I have had for almost 6 years and one BoA which I have had for a little over a year.  I currently have an open auto loan which I have had for about 3 years.  None of these I have ever been late on.  I am 23 and my current score is about a 760.  My problem is this.  I recently got an insurance quote and attached were 4 reasons I did not qualify for the best rate. 

1) Length of time revolving accounts have been established ~ 6 years

2) # of retail accounts established.  ~ 0 open.  Had one about a year possibly longer ago from a jewelry store because of a large purchase made.  "Insurance industy research shows that consumers who open accounts with retailers have more insurance losses"

3) # of Non closed accounts ~ 3

4) Insufficient information on oil company accounts.  ~ No I don't have a gas card, who cares

Now this pretty much says to me, to get a better insurance qoute, they want me to go open up a gas card and because I had one open jewelry store card, it makes me look bad.  Also that my current open 3 revolving accounts is insufficient.  

My score in and of itself is enough to qualify for some of the better rates out there.  But for me to get a cheaper insurance quote, they want me to go out and get a gas card I do not want/need/or will use.  It will hurt my score by opening a new account and in my opinion are completely pointless because I have no need to have apply for a card that the purchase could go simply on the cards I already have.  

Could someone please help me with how the hell they are judging what is on my report for this stupid stuff vs what my score actually is?

[fused]

This insurance company is not worth it, try another one.

[Anonymous]

Well the quote they gave me is still the best I have found.  Currently have progressive and its for my bike.  594/year with progressive vs 487/year with this company.  So its still cheaper, but I want something lower just cause I know when I upgrade my insurance will go up a lot due to the size of the engine so I was looking to get the quote as low as possible and for some of the reasons that is not, is ridiculous in my opinion

Message Edited by Nmbr1ballr on 08-24-2009 11:56 PM

[creditwherecreditisdue]

Let's assume for a moment that you do what is ever necessary to clear the hurdle with these people. If you have the slightest hiccup in the future what's to stop them from saying you no longer qualify for the "best" rate and up you? You have a relatively thin credit file. As soon as you start making some credit moves you may see some modest score drops. Do you really want to rely on an insurance company whose underwriting standards are so strict that that would cost you an increase?

[Anonymous]

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@creditwherecreditisdue wrote:
Let's assume for a moment that you do what is ever necessary to clear the hurdle with these people. If you have the slightest hiccup in the future what's to stop them from saying you no longer qualify for the "best" rate and up you? You have a relatively thin credit file. As soon as you start making some credit moves you may see some modest score drops. Do you really want to rely on an insurance company whose underwriting standards are so strict that that would cost you an increase?

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I apologize but I am not exactly sure I follow what you are saying  A slight hiccup in what, like my credit or my driving record.  I don't make hiccups in my credit, that won't happen if that is what you are referring to.  I don't plan on making any credit moves, I am not going out and getting a gas card cause some insurance company says it will drop my policy premium.  Although when I got my 2nd credit card my score went up over 20 points.  What would cost me an increase?  I apologize and appreciate the response, however I am really not following you

[Desert-Rat]

You didn't mention what you're riding but if it's a sport bike it's going to cost more.  Is both the bike and your auto insured with progressive?  That would save some, but the other thing that hurts is age.  I think you'll notice a substantial decrease in premiums when you hit that magic 25.

This old butt has lots of miles on GW's but sadly, we've aged out of them. Progressive was the best coverage, the cheapest and had great service.  I suggest that before you change, run your new company thru BBB to check for kudo's or complaints.  Cheaper is not always better, most times you get what you pay for.

Good luck to you and keep the rubber on the road!

D-R

[Anonymous]

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@Desert-Rat wrote:

You didn't mention what you're riding but if it's a sport bike it's going to cost more.  Is both the bike and your auto insured with progressive?  That would save some, but the other thing that hurts is age.  I think you'll notice a substantial decrease in premiums when you hit that magic 25.

This old butt has lots of miles on GW's but sadly, we've aged out of them. Progressive was the best coverage, the cheapest and had great service.  I suggest that before you change, run your new company thru BBB to check for kudo's or complaints.  Cheaper is not always better, most times you get what you pay for.

Good luck to you and keep the rubber on the road!

D-R

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Yes both my auto and bike are insured with progressive.  I am currently getting the multi policy discount with them but even with that it is more expensive than this other company.  My current bike is an 08 ninja 250r.  I was looking at getting an 08 cbr600rr, so yes sport bikes.  The big thing is insurance wise to go from my current bike with just full coverage, comprehensive, no collision is $594 a year.  If I went to the 600, with progressive I'm looking at $3500 a year full coverage, comprehensive and collision.  And from my understanding, the newer company, dairyland (now owned by sentry), is rather popular with motorcyclists. I'm hoping with them coverage on a 600 is significantly cheaper than my progressive quote and don't like the fact that one reason my rate is high is cause of the above listed reasons.  

[creditwherecreditisdue]

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@Desert-Rat wrote:

You didn't mention what you're riding but if it's a sport bike it's going to cost more.  Is both the bike and your auto insured with progressive?  That would save some, but the other thing that hurts is age.  I think you'll notice a substantial decrease in premiums when you hit that magic 25.

This old butt has lots of miles on GW's but sadly, we've aged out of them. Progressive was the best coverage, the cheapest and had great service.  I suggest that before you change, run your new company thru BBB to check for kudo's or complaints.  Cheaper is not always better, most times you get what you pay for.

Good luck to you and keep the rubber on the road!

D-R

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In many states the brutalization of young drivers continues until age 30!

[creditwherecreditisdue]

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@Anonymous wrote:

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@creditwherecreditisdue wrote:
Let's assume for a moment that you do what is ever necessary to clear the hurdle with these people. If you have the slightest hiccup in the future what's to stop them from saying you no longer qualify for the "best" rate and up you? You have a relatively thin credit file. As soon as you start making some credit moves you may see some modest score drops. Do you really want to rely on an insurance company whose underwriting standards are so strict that that would cost you an increase?

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I apologize but I am not exactly sure I follow what you are saying  A slight hiccup in what, like my credit or my driving record.  I don't make hiccups in my credit, that won't happen if that is what you are referring to.  I don't plan on making any credit moves, I am not going out and getting a gas card cause some insurance company says it will drop my policy premium.  Although when I got my 2nd credit card my score went up over 20 points.  What would cost me an increase?  I apologize and appreciate the response, however I am really not following you

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Any kind of a hiccup: credit, driving record, relocation - anything. If the underwriting standards start this ridiculous they usually continue in the same vain. And yes, you will make credit moves. It is inevitable.

[Anonymous]

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@creditwherecreditisdue wrote:

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@Anonymous wrote:

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@creditwherecreditisdue wrote:
Let's assume for a moment that you do what is ever necessary to clear the hurdle with these people. If you have the slightest hiccup in the future what's to stop them from saying you no longer qualify for the "best" rate and up you? You have a relatively thin credit file. As soon as you start making some credit moves you may see some modest score drops. Do you really want to rely on an insurance company whose underwriting standards are so strict that that would cost you an increase?

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I apologize but I am not exactly sure I follow what you are saying  A slight hiccup in what, like my credit or my driving record.  I don't make hiccups in my credit, that won't happen if that is what you are referring to.  I don't plan on making any credit moves, I am not going out and getting a gas card cause some insurance company says it will drop my policy premium.  Although when I got my 2nd credit card my score went up over 20 points.  What would cost me an increase?  I apologize and appreciate the response, however I am really not following you

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Any kind of a hiccup: credit, driving record, relocation - anything. If the underwriting standards start this ridiculous they usually continue in the same vain. And yes, you will make credit moves. It is inevitable.

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If I screw up my driving record by getting a ticket, then I should be expected to pay a higher premium, definitely.  And I will make credit moves in the sense of when I buy a house, when I buy a new car, that kind of thing.  Don't need any more credit cards, 2 is fine for me.