Fico Experts - Help on 4 store card's and Fico 8 Scoring

[Anonymous]

Wow that’s very very interesting. You are a fount of information. Can you point me in the direction to learn more? I love learning from you guys.

[ibebarrett]

@Birdman7
Interesting you say that, my credit karma insurance score fell over 200 points and I couldn’t figure out why, now I wonder if it was related to opening my care credit card around that time

[Anonymous]

hmm...   I never really think about it even though I used to deal w/ Insurance in the past as an agent.  However looking at my insurance scores I'm not seeing a huge swing of 200 points by simply opening a card or in my case an extra 300K in cards in the past 2 years.

https://www.creditkarma.com/myfinances/scores/insurance#auto

When I started my little spree 2 years ago it says I was at 887 before the first 3 apps.  Of course it's been steadily declining with each app series but overall it's still not seeing that big impact or increase on premiums for that matter which is what really counts.

Food for thought though.

[Anonymous]

Credit based insurance score differentiate retail cards and penalize you for them.

Also they pull data from TU or EQ so inquiries also matter

[ibebarrett]

@obscure-expert
I literally lost 200 points in one drop, and no one with credit karma or Transunion can give me a straight answer as to why

[Anonymous]

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@ibebarrett wrote:
I literally lost 200 points in one drop, and no one with credit karma or Transunion can give me a straight answer as to why

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To be honest it's not their job to give you a straight answer why, or any idea really.  Scoring algorithms are proprietary information and how they work isn't supposed to be known.  All of us on this forum constantly talk about profile changing data and how it impacts FICO scores in an effort to better understand the different algorithms... but that's really all; it's an effort to try and learn more.  No secret codes are ever going to be cracked, so all we can do is better educated ourselves.  That being said, I can assure you that the well versed members of this forum probably know more about score-changing CR ingredients than a CSR from CK or TU.  My guess is that whoever you spoke to knows next to nothing since it's not their job to determine why a credit score changed.

[ibebarrett]

@brutalbodyshots

Yeah I gave up trying, it was just weird because over the prior year my FICO 8 went up close to 200 points, yet my insurance dropped 200, and there were no derogatory events tied to the drop, no insurance claims, nothing

[Anonymous]

Very well said BBS!

Ibebarrett First off are you talking about your home insurance score or your car insurance score?? Secondly you are talking about the CK TU score. Well contributor TT may chime in, he knows quite a bit about the subject, but I can tell you inquiries and new accounts it’s very sensitive to that. How many inquiries do you have in the last 25months at TU? What happened around the time of that score drop? were there multiple inquiries or multiple new accounts opened?

[Anonymous]

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@Anonymous wrote:

Ibebarrett First off are you talking about your home insurance score or your car insurance score?? Secondly you are talking about the CK TU score.

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I think he's talking about the TU CBIS score provided by CK, not the TU VS 3.0 provided by CK?

[Anonymous]

There is a car score and a home score and then there’s the score from TransUnion (CK) and the score from Equifax(LN).

We may need CGID or TT for this.