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Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: CreditKarma is killing me!

I have never used a claim on my auto - ever, not since I was 16 and now I'm 40. i had bad payment history, though.

It wasn't until 6 months ago that I saw a 15 dollar drop in my monthly auto ins plan, which I can only assume came from increasing my scores.

I know numbers don't lie = but there are exceptions. Why can't ins. companies base more on your actual driving and claim history?
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: CreditKarma is killing me!

Shogun - have you talked to your ins. company about what score they use? Maye they don't use what CK does.

When I was getting homeowner's ins. the comany I went with was over 300 dollars cheaper than the others for the same coverage. My agent said "They must like something about your history and scores."

Like, FICO, I doubt we'll ever really know, but I do encourage people to shop around for ins regularly ( ev 2 years or so) because things change. Though I like Statefarm's 100 dollar deductible removal for every year claim free! Wish i had signed up with them 5 years ago!
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Contributor
KnewBee
Posts: 89
Registered: ‎10-10-2012

Re: CreditKarma is killing me!

To try to answer OPs original question as simply as possible with out getting too wordy, here are some oversimplified examples of how your score would affect your rates at my company.

 

Best Driver and best score= lowest rate these customers as a group would have the lowest amount of claims.

 

Best Driver and worst score = second lowest rate as this group would have slightly more claims than the above.

 

Worst driver and worst score = worst rate as this group would have the most claims.

 

Worst driver and Best score = second worst rate as these drivers as a group would have slightly less claims the the above group.

 

Even as a biased Insurance person, my preference would be that insurers did not use credit. I would prefer only creditors used credit not insurers or employers.

 

For insurance, because there are so many price points it is never possible to know exactly how your score affects your price. Just generally know that a better score will generally get you a cheaper rate, and like my momma told me, you'd better shop around!!!!

Starting Scores: 9/19/2012 EQ 613 / TU 526 / EX PLUS FAKO 563

Current Scores: EQ 642 / TU 519 / EX PLUS FAKO 610

Goal Scores: 700
Moderator
Shogun
Posts: 10,887
Registered: ‎04-15-2011

Re: CreditKarma is killing me!

Oh, I have excellent insurance rates.  My post has nothing to do with that.  I was just wondering how they factor they're scores.  My transrisk has gone up over 200 points and insurance down over 150. 


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Going for Wade64's RUDY Spade!
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: CreditKarma is killing me!

Im asian . when i first got my insurance they check my report and i was like ...what my credit score and report gotta do with insurance rate ?? .....hmmmmmm first thought of my mind, i thought they racist or something but i was like if i dont paid my bill on time is that mean i can't drive ? or they just think im asian.....lol..........


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

New Contributor
KnewBee
Posts: 89
Registered: ‎10-10-2012

Re: CreditKarma is killing me!

Ok, I understand now. Never heard of an insurer using  a score related to credit Karma. Most of the ones I have worked with either use a FICO directly or have their own propreitary score that will ignore things that tend to not be good predictors of future claims like medical collections. Actually this thread was the first I have ever heard of there being one separate score for insurance that is widely used.

 

 I can think of no logical reason an insurance score would be lower than a regular score or decrease while a regular score increases.  As you and others have stated it seems like their insurance score may be total bull pucky. 

 

Starting Scores: 9/19/2012 EQ 613 / TU 526 / EX PLUS FAKO 563

Current Scores: EQ 642 / TU 519 / EX PLUS FAKO 610

Goal Scores: 700
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007

Re: CreditKarma is killing me!

[ Edited ]

IF an insurance company uses a TU Insurance Risk Score they would use one of the three TU models offered to lenders:  Auto, Property or the combined Auto/Property Model. All of the above have a range of 150-950. The insurance score on CK has a range of 650-940 or so.

 

FWIW, my CK Insurance score hashas been EXACTLY 928 for two years while my Vantage and TransRisk have varied widely. Clearly based on very different information than credit info even though the info comes from your credit reports.

Moderator
Shogun
Posts: 10,887
Registered: ‎04-15-2011

Re: CreditKarma is killing me!

I think I'm closer to figuring it out.   Fico score plus humidity minus barometric pressure divided by phase of the moon.   Something like that.


Starting Score: 504

Current Score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Going for Wade64's RUDY Spade!
Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012

Re: CreditKarma is killing me!

Shogun I think your right!



Starting Score:
August Equifax 558 TU 600 EX 570
Current Score: Equifax FICO 642 TU FICO662 EX 651 (credit.com) 06/21/2013
Goal Score: 720 All Across

Take the FICO Fitness Challenge

Valued Contributor
lg8302ch
Posts: 2,011
Registered: ‎11-13-2012

Re: CreditKarma is killing me!

oh this must be it!  Finally get an explanation on the weird behavior of CreditKarma. It is also very funny how the approval odds change from day to day without any changes in scores and reports. Example: Chase Freedom - FAIR, Chase Sapphire Preferred - GOOD ..How can this be??

But a big compliment for free alerts to CK. Alerts come always 1-2 days before myfico SW!  So my recent drastic drop for my app spree might also not be so bad after all.. we will see once SW is getting me the alert.


Shogun wrote:

I think I'm closer to figuring it out.   Fico score plus humidity minus barometric pressure divided by phase of the moon.   Something like that.


+1

FICO® EQ 764 (as of today) - TU 778 (04/01) * Fako EX 816 (04/03 - CS) last app 11/09/13 * INQ last 2 yrs TU: 5, EX: 6, EQ: 6

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