Rebuilding Your Credit

[Shogun]

Everytime my scores go up or a balance goes down, my Auto Insurance Score goes down.  So, now I am to figure that because I pay my bills on time, I' can't drive very well.    Not that any of that matters, just wondering why.

[S7]

You make me LOL 

[Johnny_Favorite]

I have stopped even logging into Credit Karma. I have no idea what kind of systems they are using, but none of it makes any sense. Maybe there is some magician in the background who understands more than we do. Is it possible that if you are happy from paying your bills that you will somehow not pay attention on the road and maybe if you have the collection man on your back, you will be scared to wreck and drive like my grandmother? I have no idea. I am basically uninsurable according to them, yet I pay 112 dollars a month for two cars, full coverage. Go figure.

[LoveGoodCredit]

My Insurance Score on there hasnt moved at all since April.  Maybe its broken!

[Cageym]

LIke most places scores really aren't that important so it doesn't matter if they are accurate. I'm learning very quickly to ignore the actual scores since everyplace you look seems to have their own way of figuring them. It would drive me nuts to be concerned about every sites credit score. I use CK mainly for info on what's showing up on my report and more movement of the score, not the actual numbers. The numbers are impotant when you app but I've been using the attitude that's it's more important what I see on my report. Like I said, I can't control what formula they use to figure it out so I might as well just worry about the information.

[masscredit]

I'm looking at my CK report now. The score doesn't match my TU score but the rest of the details are on the mark. Balances, accounts ect... very accurate.  I ignor the score and monitor the rest. 

[LoveGoodCredit]

my vantage score is exact to what transunion told me on the phone.  I am about to cancel the membership with TU because the last three changes with TU and CK have been right on the money.

[Shogun]

Oh, I don't put any faith in the score.  Just wondering what kind of algorithm they are using for the insurability portion.   Just makes me wonder.

[Cadillac-XTS]

I could care less about there ins score. My insurance premiums  have been low since I have been able to obtain ins not to mention no where on my credit report does it state anything about my insurance score. I know credit checks are done to get the insurance policy but Im just saying

[KnewBee]

Hi I work in Insurance, maybe I can help a little. From what I understand each company has thier own model customized for them. YMMV but most take your score range and just separate it into about 5 to 10 buckets,  based on their own experiences with scores and claims frequency. Generally the groups that have lower scores have a higher frequency of claims. 

the company I work for uses different algorithms than a lender. For example we ignore medical collections. . We try to focus only on data that is a directly correlated to increased  claims frequency such as general payment history.  We can actually correlate the score buckets directly to the level of claims frequency. For example people with the lowest score may have a claim on average once per year and people with the best scores more have a claim on average once every 5 years and this is why it affects the pricing. 

Other insurers may vary widely.  hope that helps!