Understanding FICO® Scoring

[holidaygak]

in Feb 2007, checked my credit report and Equifax gave me a score of 799 credit . My insurance policy is up for its annual renewal. On the policy it states that I have Insurance Score from Equifax of "Very Good" not a "Superior" score. Insurance company says as I only have a "very good" score, I am being charged a higher premium for my insurance.

The insurance policy listed 2 negatives on my insurance score:
1. unfavorable length of time since most recent account established (loan was April 2006)
2. Unfavorable length of time since most rent retail account established Card approved 2/2007.

Opens to Suggestions on what I should do to get the lower insurance rate?

[fused]

---

holidaygak wrote:
in Feb 2007, checked my credit report and Equifax gave me a score of 799 credit . My insurance policy is up for its annual renewal. On the policy it states that I have Insurance Score from Equifax of "Very Good" not a "Superior" score. Insurance company says as I only have a "very good" score, I am being charged a higher premium for my insurance.

The insurance policy listed 2 negatives on my insurance score:
1. unfavorable length of time since most recent account established (loan was April 2006)
2. Unfavorable length of time since most rent retail account established Card approved 2/2007.

Opens to Suggestions on what I should do to get the lower insurance rate?

---

Congrats on your 799 score! Too bad you're in a state that allows insurance companies to pull a soft inq on you. What does credit have to do with driving habits! I would venture to guess your rates will still be very good.

[Timothy]

WOW-

My auto insurance company LOWERED my rates.
Didn't check my credit, had a claim last year (first ever)

I am curious what company this is? What state you live in? and How long have you been with them?

Chances are you are not paying more as much as not getting a maximum discount.
BY LAW they must report "adverse action"

[holidaygak]

I live in Florida. My insurance company is Auto-Owners Insurance Company Group located in Lansing, Michigan. Insurance for Homeowners'insurance, car insurance (2 cars) and umbrella insurance.

[holidaygak]

Have been with the company since Sept 2004, when we bought a house here in FL