Me too Hotrod. But we can be a cranky bunch.
@BungalowMo wrote:
@Anonymous wrote:I use a few cards, never carry a balance (which I think may be a negative), have had many accounts and mortgages over the years, and I have never been over-extended, always paid on time, no defaults or other blemishes, and I would care about FICO's definition of credit except that, apparently, everyone else does. My insurance premium statement notes cryptically that they were unable to offer me their lowest rate because of my credit score (around 720) at the time. I played the game and called them and FICO. They told me they don't know anything about me, just follow a formula based on the FICO score. FICO, understandably, wouldn't tell me anything specific about my score, but offered me, for a fee, access to watch and score calculator/tuner programs, which I believe just keep you on the hook. My complaint is that, regardless of your actual credit performance, that is actual history of obtaining and paying off credit, you can be disadvantaged by circumstance, e.g., profiling, such as too many cards, not enough cards, "too many inquiries", etc. I have the resources to have full control over my credit: to use it or not use it in any way I want, but I can't find out how to raise my score. The game is very difficult to win, and not playing is not an option.
That's interesting, as I have never had insurance rates based on my credit or FICO score. If your insurance company told you "they don't know anything about me, just follow a formula based on the FICO score", then it is time to find another insurance company.
Bungalow
I have never had an insurance company that didnt use my credit score that I am aware of. I always read very carefully every word of my policies and every insurance policy I have had from car to renters has had a section on discounts and rates and as I was irresponsbile years ago I am still rebuilding and there has always been a "sorry you dont qualify for the lowest rate due to your credit file information." I called once an inquired about this and it turns out it is justified because the studies have shown that people with lower FICO scores have more loss claims than those with higher FICO scores. Therefore they have statistical data to warrant the premium differences. And I have Allstate currently and love them and they are easy to work with and reputable. Not sure who you have but if they dont consider your score consider yourself one of the lucky few. Although I have to admit I am going to love the day I get the COngratulations you have received our lowest rate based on your credit file. 
@Anonymous wrote:
better lock this one down...the opposition is beginning to out number the cheerleaders and PR plants...Looks like more and more people are not drinking the FICO kool-aid now-a-days....lol
I'm sorry, but you don't decide which threads will be locked or deleted.
This thread is wonderful Reminds me of the good old Dave Ramsey days.
And it is my belief that most major auto insurers use FICO for rates. There is some argument about the studies that have been done about the relationship between FICO score and claims (technical on the merits of the statistical methodolgy). But some studies have shown the correlation
@MidnightVoice wrote:
This thread is wonderful
And it is my belief that most major auto insurers use FICO for rates. There is some argument about the studies that have been done about the relationship between FICO score and claims (technical on the merits of the statistical methodolgy). But some studies have shown the correlation
Thank goodness I live in a state that prohibits insurance companies from pulling credit reports and scores.
@fused wrote:
@MidnightVoice wrote:This thread is wonderful
And it is my belief that most major auto insurers use FICO for rates. There is some argument about the studies that have been done about the relationship between FICO score and claims (technical on the merits of the statistical methodolgy). But some studies have shown the correlation
Thank goodness I live in a state that prohibits insurance companies from pulling credit reports and scores.
+1
I think that's the difference that we're seeing with members' experiences here. Some states prohibit the tying of insurance rates to credit scores.
