@Remember0 wrote:I'll join the club. My regular scores (and CK's TU) are generally 740+.
But CK shows my auto insurance in the crapper ("poor"). Curiosly though, my home insurance score is in the excellent category. What on earth is going on?
I think a big part of this maybe that insurance scores like to see long histories and few new apps? My AAoA is only 1.5 years, and I have a bunch of new accounts (only 21 yrs. old).
Also I hear that a gas card helps raise auto insurance FICO? But does anyone have a gas card that can tell me if it even reports differently on their credit report? I assume a gas card would report as revolving just like everything else?
Where'd you hear that?
@Remember0 wrote:Sorry to bump this thread from a month ago, but here:
http://editorial.autos.msn.com/article.aspx?cp-documentid=435604
"The ChoicePoint Attract scoring model, with dozens of separate factors, has the most complicated formula of any we analyzed. It dings you for having department-store charge cards and auto loans from automaker finance companies such as GMAC, for not having an oil company credit card, and for so much as touching finance-company credit, which may include incentive installment loans from appliance, electronics, or jewelry stores."
Hence my question regarding if say the Shell or Mobil gas cards report differently on a credit report...like how do they tell you have an oil company credit card? Shell and Exxon for example are backed by Citi. It wouldn't shock me if it reported as a retail citi card, unless credit reports have a special Gasoline category.
Would suggest asking regarding the gas cards reporting over in the CC forum, maybe someone has one there.
That said, I am certainly not going to optimize my credit report based on some second or third tier auto insurance score (for that matter, what's claimed to be on there via the Intarwebz), no thanks. Fortunately it's not relevant to me in California.
@Remember0 wrote:
"The ChoicePoint Attract scoring model, with dozens of separate factors, has the most complicated formula of any we analyzed. It dings you for having department-store charge cards and auto loans from automaker finance companies such as GMAC, for not having an oil company credit card, and for so much as touching finance-company credit, which may include incentive installment loans from appliance, electronics, or jewelry stores."
Check ... check ... check ... check. Oh boy, I'm in big trouble now!
@Anonymous wrote:
I've read that your credit score – auto or otherwise – has more to do with the likelihood that you'll file a claim. People with high credit scores are financially sound, and more likely to have the cash around to repair relatively minor damage to their cars and/or the cars of anyone involved in an accident with them. Insurance companies assume that you'll take the least expensive route you can, and for those with spare money it's frequently cheaper in the long-run to pay out-of-pocket than to file a claim and have premiums skyrocket. People with low credit scores (and presumably less money) don't have the luxury of that option and are forced to rely in their insurance all the time, every time. As a result, the insurance company charges them more in anticipation of bearing the weight of more claims.
The financial acccounts, including our mortgage and the above car installment loan, of DW and me are mostly shared or intertwined, yet her auto and home insurance scores are lower than mine. I have no idea why, unless backseat driving is taken into account.
@Anonymous-own-fico wrote:
@Remember0 wrote:
"The ChoicePoint Attract scoring model, with dozens of separate factors, has the most complicated formula of any we analyzed. It dings you for having department-store charge cards and auto loans from automaker finance companies such as GMAC, for not having an oil company credit card, and for so much as touching finance-company credit, which may include incentive installment loans from appliance, electronics, or jewelry stores."
Check ... check ... check ... check. Oh boy, I'm in big trouble now!
@Anonymous wrote:
I've read that your credit score – auto or otherwise – has more to do with the likelihood that you'll file a claim. People with high credit scores are financially sound, and more likely to have the cash around to repair relatively minor damage to their cars and/or the cars of anyone involved in an accident with them. Insurance companies assume that you'll take the least expensive route you can, and for those with spare money it's frequently cheaper in the long-run to pay out-of-pocket than to file a claim and have premiums skyrocket. People with low credit scores (and presumably less money) don't have the luxury of that option and are forced to rely in their insurance all the time, every time. As a result, the insurance company charges them more in anticipation of bearing the weight of more claims.
The financial acccounts, including our mortgage and the above car installment loan, of DW and me are mostly shared or intertwined, yet her auto and home insurance scores are lower than mine. I have no idea why, unless backseat driving is taken into account.
Lol could be a deciding factor 
Believe it or not. 50% or more of your auto insurance premium is based on credit score. While statistics show truth, it's not fair to many.
Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
