Each Store Card Deletes 20 FICO Points?

[Anonymous]

so getting rid of my 3 store cards would increase my 799 FICO to 859 FICO.

I can break the scale!

[Anonymous]

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esshua wrote:

so getting rid of my 3 store cards would increase my 799 FICO to 859 FICO.

I can break the scale!

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Yeah, and just imagine what's gonna happen when you lose all your inquiries, too.  Hello, 874!!!

[fused]

Steve Rhodes should join this forum...he might actually learn about FICO scoring. LOL!!!!!!!!!!

Steve Rhodes: those who have bad or fair credit might benefit from a new positive revolving TL, who cares if it's a store card or not. An opportunity to dilute the bad stuff on a report with something positive can and usually is a win, win situation.

[Anonymous]

Utl went from 4% to 2% - at the time

Seems you need 1 store/gas card for a good insurance score too-

I got it for the 0% deal- 12 months same as cash-

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pdxuser wrote:

Hm... add 20pts, subtract 20pts, whatever. I wonder if the extra 20pts could have been from a lower util? What are other people's experiences in getting a store card (NOT a store-branded Visa/Disc/etc.)? And what is this little magic FICO estimator thing I keep reading about that lets you edit your credit report and see what happens? Would that be helpful to see how a store card affects a FICO score?`

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[pdxuser]

What's an insurance score?

[Anonymous]

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pdxuser wrote:

What's an insurance score?

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Your credit profile is a part of what determines your insurance score, which in turn determines your auto insurance rates. 

[pdxuser]

Does it apply to home or other insurance?

[Anonymous]

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pdxuser wrote:

Does it apply to home or other insurance?

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Yes, it does.  I don't know why I specified auto insurance in my earlier post.

Insurance underwriters claim a person's credit profile is predictive of how likely someone is to file a claim.  Greater likelihood of filing a claim = higher risk for the insurer = higher rates.

[haulingthescoreup]

MV grumped about paying higher insurance, because of EX stubbornly treating his HELOC as revolving and dropping his score.

[rubaty]

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cheddar wrote:

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pdxuser wrote:

Does it apply to home or other insurance?

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Yes, it does.  I don't know why I specified auto insurance in my earlier post.

Insurance underwriters claim a person's credit profile is predictive of how likely someone is to file a claim.  Greater likelihood of filing a claim = higher risk for the insurer = higher rates.

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Do all insurance companies do this?