cancel
Showing results for 
Search instead for 
Did you mean: 

Insurance Scoring

Highlighted
Super Contributor

Re: Insurance Scores - Ideal Max of Store Cards

Maybe I will grab Unify too then when my EX2 score has improved lol. 

I like CU cards, they're just more difficult for me to get with my low income. 




Message 31 of 37
Highlighted
Regular Contributor

Re: Insurance Scores - Ideal Max of Store Cards

I was thinking the same thing. Unify and Alliant.

 

marking the calender! haha
















/
Message 32 of 37
Highlighted
Valued Contributor

Re: Insurance Scores - Ideal Max of Store Cards


@Birdman7 wrote:
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.

It's any open account (card, LOC, loan, anything), with a credit union, savings and loan (if you could still find any!), or any open mortgage account.

 

 

 

 

For Attract Auto, the threshold is only 14.3%, and the codes are 3118-3120:

 

"% of Open Credit Union, S&L, Mortg Accts to Total Opn Accts is xxx":

 

14.30% or More of Opn Crdt Union,S&L,Mort Act to Ttl Opn Accts is Better

1. What information is this message derived from? Of all the accounts that are considered open, the percent of those accounts that are open credit union, savings & loan, or mortgage accounts. An account is considered open if it has been reported in the last 12 months and has not been reported as closed. Installment type accounts must have a balance to be considered open.

2. How does this affect my insurance risk score? Insurance industry research shows that consumers who have a higher proportion of their active accounts with a credit union, savings and loan or mortgage experience fewer insurance losses.

3. What can I do to improve my score? If you have only a few accounts, keeping them active and making payments on time shows that you use your credit responsibly.

 

 

 

 

For Attract Home, the threshold is 33.34% (the very nit-picky will notice that 1/3 of your accounts is NOT enough to hit this...), and the codes are 3482-3486:

 

"Ratio of Opn Credit Union, S&L, Mortg Accts to Total Opn Accts is xxx":

 

Ratio of 33.34% or More Opn Crdt Union, S&L, Mort Acct to Ttl Opn Accts is Better

1. What information is this message derived from? Of all the accounts that are considered open, the percent of those accounts that are open credit union, savings & loan, or mortgage accounts. An account is considered open if it has been reported in the last 12 months and has not been reported as closed. Installment type accounts must have a balance to be considered open.

2. How does this affect my insurance risk score? Insurance industry research shows that consumers who have a higher proportion of their active accounts with a credit union, savings and loan or mortgage experience fewer insurance losses.

3. What can I do to improve my score? If you have only a few accounts, keeping them active and making payments on time shows that you use your credit responsibly.

 

 

 

 

Attract Home also has the very fun combo of 3492-3493...

"# Credit Union, S&L, Mortgage Accounts Established is xxx":

 

7 or More Credit Union, S&L, Mortgage Accounts is Better

1. What information is this message derived from? The score considers the number of credit union, savings & loan, or mortgage accounts.

2. How does this affect my insurance risk score? Insurance industry research shows that consumers who have a higher proportion of their active accounts with a credit union, savings and loan or mortgage experience fewer insurance losses.

3. What can I do to improve my score? If you have only a few accounts, keeping them active and making payments on time shows that you use your credit responsibly.

 

...which interacts soooo well with 3494-3501:

 

"# of Accounts Established is xxx" (with ranges of 6-7, 8-19, 20, 21-28, 29-34, 35-40, 41-53, and 54+):

 

Having 5 Accounts or Less is Better

1. What information is this derived from? The score considers the number of accounts that you have on file. This includes accounts that are closed as well as those that are still active.

2. How does this affect my insurance risk score? Insurance industry research shows that consumers who open a large number of accounts experience more insurance losses.

3. What can I do to improve this aspect of my score? Once you have opened an account, regardless of whether you use it, your score will be impacted by this factor. Open new accounts only when needed.

 

 

EQ8:850 TU8:850 EX8:850
EQ9:850 TU9:850 EX9:850
EQ5:809 TU4:789 EX2:819 - 2019-09-06
Message 33 of 37
Highlighted
Regular Contributor

Re: Insurance Scores - Ideal Max of Store Cards

Thats great info! Does answer my question though that at this point, there isnt much I can do to greatly improve the score lol. Oh well. I carry insurance for a reason and will throw through a payout regardless of income or debt types so at least I have the satisfaction of breaking their algorithm a bit ha
















/
Message 34 of 37
Highlighted
Super Contributor

Re: Insurance Scores - Ideal Max of Store Cards

Awesome info as always iv!

When I was perusing it, I did not pay close enough attention to realize there were different thresholds for home and auto. Thank you for clarifying that and for clarifying the percentage, wow they’re slick!

Yeah and that’s crazy having 7 or more credit union accounts is good, but having more than five accounts is bad! And then counting the more accounts you have negatively. Seems like they just shoot each other back-and-forth, you can’t satisfy one without tripping another.

@Saeren well I guess you would be .01% shy even if you add the unify card for the home mortgage’s highest threshold. But at least you’ll have auto wrapped up.

Yeah it’s rather crazy and they have so many codes on so many things.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 35 of 37
Highlighted
Super Contributor

Re: Insurance Scores - Ideal Max of Store Cards

If all CU accounts matter, I actually am a bit better off. 

SSFCU card, NFCU card x2, NFCU SSL, NFCU CLOC, DCU card makes 6 current accounts and I'm looking to add at least two more with the third NFCU card and starting a relationship with one more CU. 




Message 36 of 37
Highlighted
Super Contributor

Re: Insurance Scores - Ideal Max of Store Cards

@Saeren It looks like they all count as long as they’re reported on your CR so yeah I guess you’re in a lot better shape!
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Nov 2020, Clean/Thick/Mature/No New Account Scorecard (EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 37 of 37
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.