5 Things ... When Your Credit Score Reaches 760

[Medic981]

5 Things to Consider Doing When Your Credit Score Reaches 760

• Negotiate for Better Terms on Your Credit Cards
• Apply for a Better Credit Card
• Refinance Your Mortgage and Reduce Your Monthly Payment
• Pay Off Credit Card Debt Without Paying Interest
• Revisit Your Car Insurance Premiums

[Andypanda]

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@Medic981 wrote:

5 Things to Consider Doing When Your Credit Score Reaches 760

• Negotiate for Better Terms on Your Credit Cards
• Apply for a Better Credit Card
• Refinance Your Mortgage and Reduce Your Monthly Payment
• Pay Off Credit Card Debt Without Paying Interest
• Revisit Your Car Insurance Premiums

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I have scores in the 730's across all 3 Cra's (primary reason for low scores is AAoA). I alwayse PIf on all CC acounts, so I never pay intrest. Since I alwayse PID, I really don't care what The APR is. I have had no problems getting the cards I need.

[Anonymous]

It can't hurt to negotiate better APR, just because you can PIF now doesn't mean forever. One day a person may need it for emergency, and a lower APR is nice to have in that instance.

And for those who can get better Auto rates, is a nice perk too. Paying a higher rate due to lower scores is almost like paying interest, when you shouldn't have to? 

[Trudy]

This is good information, thanks.  But regarding rates my understanding is that insurance companies do not use your Fico scores to set your rates as seen in CK (below).  And the insurance score has a much higher top # and tiers are different where my insurance score of 853 is not considered great. One of the gurus posted this information with ratings associated with insurance scores.  I was going to do this until I read that post.  I'll try to find it.  Couldn't get a straight answer from my insurance as to the last time my score was checked and not sure I want to risk a change considering I was in an accident last year.  Not my fault but since that's part of the risk factor I'm going to leave it be now as my rates are good.  But I will be checking on APR.  Re-fi'd home last year.

[Trudy]

Here it is.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Auto-Insurance-Score/td-p/5570148/highli...

[Anonymous]

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@Trudy wrote:

 And the insurance score has a much higher top # and tiers are different where my insurance score of 853 is not considered great.

This is direct from TransUnion: "Typical insurance scores range from 200 to 997; a good score is usually around 770 or higher. If your insurance score is low, that means that you’re potentially a higher insurance risk, and that you may end up paying a higher premium each month."

I also posted that back in April in the thread you linked to above. When I check my auto insurance score, Credit Karma says something to the effect of 'based on your profile you probably won't save much by switching car insurance'. I have an 820  TU Auto CBIS score on CK.

[Anonymous]

IMHO, Credit Score should even be considered for Ins.  I've not been in an accident for years, yet get dinged due to a low score. It consistently hoves in the 740 range, and may have even been lower at the time I switched Insurance Company. I also do not know how often they check my score. That said I recently had my rate lowered for being accident/ticket free the past 6 years. Which is nice, as it's almost $100 savings over 6 months.   Unfortunately I was involved in a hit and run a couple weeks back, so now I'm just waiting to see how that will affect my rate. lol

[Anonymous]

@Anonymous ... from my experiences I've switched companies three times in eight years and one checks credit type scores once every three years and the other two checked the scores every year. So, the agent should be able to tell you. The best part of all this is the insurance industry has checked information gathers as well as the three credit bureaus for ratings so it is a challenge to keep up with them.

[Anonymous]

How does one negotiate their APR down?  is this common?

im closing in on 760 and should be there within a month.   7 of 8 cards are over 22%

[AllZero]

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@Anonymous wrote:

How does one negotiate their APR down?  is this common?

im closing in on 760 and should be there within a month.   7 of 8 cards are over 22%

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It's lender specific. Looking at your signature, I would say Capital One and Synchrony are a no go for APR reduction.