CK scores?

[Dw4250]

I've known for a long time the credit score given on Credit Karma should be taken with a truckload of salt.

But what about the other scores given on there (home/auto insurance)?  Are these BS as well, or do they have some measure of validity?

I'm wondering how I can have "Good" credit per CK, but have a "Poor" auto insurance score and  "Very Poor" home insurance score.  I've never made an insurance claim in my life (home or auto).  The two car accidents I've been in were not my fault and thus covered by the other driver's insurance.

Thoughts?

[TRC_WA]

CK is good for monitoring changes to your TU report.

I pay no attention to any of the scores.  It tells me I have poor credit due to a BK nearly 6 years old.  Good thing that Amex Discover and Sallie Mae don't base their decisions on CK.

[Anonymous]

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@Dw4250 wrote:

I've known for a long time the credit score given on Credit Karma should be taken with a truckload of salt.

But what about the other scores given on there (home/auto insurance)?  Are these BS as well, or do they have some measure of validity?

I'm wondering how I can have "Good" credit per CK, but have a "Poor" auto insurance score and  "Very Poor" home insurance score.  I've never made an insurance claim in my life (home or auto).  The two car accidents I've been in were not my fault and thus covered by the other driver's insurance.

Thoughts?

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Also bs.

[gdale6]

As far as I know those 2 scores are very real and valid. I dont know how they are determined but I can say the insurance industry seems to consider your credit history very relevant to evaluating their risk though I completely disagree with their premis that bad credit individuals tend to file more insurance claims.

[CreditCuriosity]

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@gdale6 wrote:

As far as I know those 2 scores are very real and valid. I dont know how they are determined but I can say the insurance industry seems to consider your credit history very relevant to evaluating their risk though I completely disagree with their premis that bad credit individuals tend to file more insurance claims.

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Scores are BS... My part time roomate does Auto insurance for a living(being an actuary for pricing models... Being Risks, losses, etc.) and they are TONS of models out there and CK isn't one of them.. They use products form Lexus-Nexus and such... Yes credit scores can make a difference in your auto insurance rate, but there are also non credit score based pricing for auto insurance as well.  I don't know where CK gets that crud from .

[Dw4250]

Thx everyone.  Yeah I figured something did not jive.  Hard to believe a 30 day late to Cap 1 from 2009 would have anything to do with whether or not I'm more susceptible for getting into a fender bender.    Plus both my auto/home rates are very reasonable, and I got both policies when my actual credit score sucked (high 500's - low 600s).  

Glad to hear my home insurance score isn't in the toilet for no apparent reason...lol!

[takeshi74]

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@Dw4250 wrote:

I've known for a long time the credit score given on Credit Karma should be taken with a truckload of salt.

But what about the other scores given on there (home/auto insurance)?  Are these BS as well, or do they have some measure of validity?

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Just as with credit scores there are different insurance score models used by insurers and different data sources as well.  Just as with credit scores the CK scores will only matter if an insurer uses those insurance scores.

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@Dw4250 wrote:

I'm wondering how I can have "Good" credit per CK, but have a "Poor" auto insurance score and  "Very Poor" home insurance score. 

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It's just like you can have different scores with any different scoring models -- whether FICO, FAKO, insurance scoring, etc.  Different algorithms will produce different results.  The insurance scores weigh factors differently.

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@Dw4250 wrote:

I've never made an insurance claim in my life (home or auto). 

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The scores have nothing to do with your claim history.  They are generated based on data in your TU report just like the CK credit scores.

https://beta.creditkarma.com/auto-insurance-score

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@Dw4250 wrote:

Thx everyone.  Yeah I figured something did not jive.  Hard to believe a 30 day late to Cap 1 from 2009 would have anything to do with whether or not I'm more susceptible for getting into a fender bender.

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Whether there's a causal relationship or not there are insurance companies that use credit based insurance scores.  It may not affect your odds of getting into a fender bender but it can certainly affect your rates if your insurer does so.

[Anonymous]

I agree the scores are bs. As my insurance agent has told me I'm in their best tier which is (A) tier and it goes from there.