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Insurance Scoring

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Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards


@iv wrote:

@Anonymous wrote:

Oh hey that got it! Thank you!

It looks to be going up, but I have no idea what a 853 really means LOL.


For TU CBIS, 853 is a middle-of-the-road score - not terrible, but also not terrific.

 

Above 900 is great, and you really don't want to drop below about 825.

 


I am at 790 as of today so I guess it's a good thing I don't drive!

368EFF22-6C2F-4F56-BB8D-DAB8D90C1172.jpeg

 

Message 21 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards

Haha I suppose so! I do drive a lot.

Message 22 of 37
iv
Valued Contributor

Re: Insurance Scores - Ideal Max of Store Cards


@Anonymous wrote:

I am at 790 as of today so I guess it's a good thing I don't drive!


Ouch.  I'm guessing multiple recent HPs and new accounts?

 

I dropped from 913 to 880 with a SINGLE HP.

No new account (yet), no other change - 913 had been stable for a year.

But as soon as the HP hit (no 14/45 day grace period here!), boom, 33-point drop:

 

 

Screen Shot 2019-11-06 at 6.35.58 PM.png

EQ8:850 TU8:850 EX8:850
EQ9:847 TU9:847 EX9:839
EQ5:797 TU4:807 EX2:813 - 2021-06-06
Message 23 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards

Wow and in mid next year I will be having another hard pull and 2 new accounts opened lol

Message 24 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards


@iv wrote:

@Anonymous wrote:

I am at 790 as of today so I guess it's a good thing I don't drive!


Ouch.  I'm guessing multiple recent HPs and new accounts?

 

I dropped from 913 to 880 with a SINGLE HP.

No new account (yet), no other change - 913 had been stable for a year.

But as soon as the HP hit (no 14/45 day grace period here!), boom, 33-point drop:

 

 

Screen Shot 2019-11-06 at 6.35.58 PM.png


I am at 11/6 and 22/24, definitely new accounts and HPs 😂 

 

I also have Amazon Store Card, Target, B&H, and CareCredit. I'm not sure if CareCredit counts as a store card but the others do. 

Message 25 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards

Yeah I’m kind of curious if the non-M/C Carecredit counts as retail as well. It seems some places it’s counted as retail and in some places it’s not, but it definitely doesn’t have a MasterCard Visa American Express or Discover logo so I fear that it does count.

Yes it is a shame the insurance scores do that because what if your oldest account is retail? And like @iv said, that just makes it worse being older. 😩

I will tell you something that improves your LN insurance scores though. Credit union credit cards. Highest breakpoint is 33%, so you can get the most points if a third of your cards are from credit unions.😉
Message 26 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards


@Anonymous wrote:
Yeah I’m kind of curious if the non-M/C Carecredit counts as retail as well. It seems some places it’s counted as retail and in some places it’s not, but it definitely doesn’t have a MasterCard Visa American Express or Discover logo so I fear that it does count.

Yes it is a shame the insurance scores do that because what if your oldest account is retail? And like @iv said, that just makes it worse being older. 😩

I will tell you something that improves your LN insurance scores though. Credit union credit cards. Highest breakpoint is 33%, so you can get the most points if a third of your cards are from credit unions.😉

Really? I didn't know that. 

I have four currently - SSFCU, DCU, NFCU x2. I am looking to get my third NFCU card and either Alliant or Langley (or both) eventually in addition to getting rid of some of my Sync retail cards next year. 

I am also getting more use out of my Target than I expected as it's replaced most of my Amazon spending so that one should be a MC in no time. 

Message 27 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards

Well thats interesting to know! I dont belong to any CU although I have been considering in June potentially opening up a personal line with a CU to get their benefits.. does a PLOC cound the same as a credit card? There is no way I will get to a 33% CU card holding though lol

Message 28 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards

I am not 100% positive if a LOC would count, but I believe it would. I would have to go back and look at the LEXIS-NEXIS attract codes or you could do so.

And you don’t have to have 33%. Having one helps you, but as you cross thresholds with more it helps you more, all the way up to the highest breakpoint being 33%. Therefore it would do you no good to have more than a third of your cards or accounts being credit union.

I’m pretty sure the terminology was accounts though, so I think loans or LOC’s would count, but don’t quote me on that. They would also have to be on your EQ credit report. Remember LN uses EQ.

The other CBIS uses TU data. We can only speculate as to whether or not their algorithm is similar to the LN algorithm. As far as I know, the codes are not published.

I guess no one uses EX data for insurance.

@Saeren Yes, really! So if you get another navy card and you get those other two, that would give you 7 out of 23. If you got rid of two you would have a third, the top breakpoint, but I imagine closed accounts probably still count. Either way you would be in the second tier, so it would definitely be an advantage.
Message 29 of 37
Anonymous
Not applicable

Re: Insurance Scores - Ideal Max of Store Cards

Hm well, I was thinking of opening an account at Alliant. I was reading some other posts about them and it might be a good idea. My current bank ticked me off and I am looking at alternatives. Also like the pre-approved visa program they seem to have although I have to check to see if they offer LOC.

Message 30 of 37
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