topic Re: Geico car insurance quote & credit report in General Credit Topics

Geico car insurance quote & credit report

Ancalagon — Tue, 02 Apr 2013 23:01:17 GMT

Geico sent me an email saying that they were legally required to notify me because their post-credit quote was higher than the initial quote. In it, they state: "ratio of total balance to credit limit for all bank installment accounts is greater than 84%." I'm not entirely sure what that means, as CK showed about $800 on a total of $15,000 in available credit. Even my $10k in student loans shouldn't do that.

Reporting agency was Transunion. I was able to find out where to request it for free on TU's website, and got the report. I can't find anything that substantiates what Geico's email said. All my accounts are all green (except for Sallie Mae student loans which I deferred while in school then consolidated, shows X's). Credit limits are clearly there, and utilization is between 5-6%.

Makes no sense to me, any thoughts?

Re: Geico car insurance quote & credit report

llecs — Wed, 03 Apr 2013 00:56:44 GMT

Since they referenced installment loans, I'd focus on your mortgage (if any), SLs, open car notes, personal loans, etc.

Re: Geico car insurance quote & credit report

Ancalagon — Wed, 03 Apr 2013 01:43:51 GMT

I have no mortgage, all vehicles are paid off, no personal lines of credit, only debt is $10,000 Sallie Mae student loan. Even $10k plus (generously) $1k balance on CC's is $11k. My total CL is $15k, so that puts it at 73%.

I spoke to TU and they said Geico got everything I saw. Geico said they just got what TU gave them.

There is a disconnect somewhere it seems.

Re: Geico car insurance quote & credit report

llecs — Wed, 03 Apr 2013 02:25:23 GMT

Ignore your CCs. They are targeting your SLs only if you don't have any other open loans. Try taking the balance on your loans and comparing it to the high balance. Maybe that might work.

Re: Geico car insurance quote & credit report

blondy250 — Thu, 04 Apr 2013 12:21:32 GMT

Not speaking to the OPs specific issue, but most people don't realize how much a credit score comes into play in car insurance rate.