Just logged in to CK for my weekly update:
TU score _ -1
Vantage Score _ +41
Autoinsurance score _ -55
Home Insurance score _ -2
Dontcha just love scredit scores? 
Especially ones that don't matter at all. 
Looks like you won't be saving a bundle on your car insurance. 
@pizzadude wrote:
Looks like you won't be saving a bundle on your car insurance.
Always wondered about that.
I got my renewal offer yesterday with the "your credit score is indicative of auto insurance claim risk."
How so? Are they paranoid of insurance fraud?
@TRC_WA wrote:
@pizzadude wrote:
Looks like you won't be saving a bundle on your car insurance.
Always wondered about that.
I got my renewal offer yesterday with the "your credit score is indicative of auto insurance claim risk."
How so? Are they paranoid of insurance fraud?
Not certain, people that are sloppy in one area of life might be sloppy in another? I have a tough time drawing any conclusions about driving habits based on credit score other than some ugly redlining type scenarios. Sort of irrelevant in my case since California doesn't allow a credit pull for insurance purposes, my tax dollars at work I guess.
More cynically, could just be an excuse to charge some people more.
@MidnightVoice wrote:Just logged in to CK for my weekly update:
TU score _ -1
Vantage Score _ +41
Autoinsurance score _ -55
Home Insurance score _ -2
Dontcha just love scredit scores?
No wonder credit newbies are always so confused!
I have to admit that CK auto insurance scores are a perpetual thorn in my brain. My real scores, and even my CK TU FAKO are all edging toward 800 and have never been below 700, but my CK auto insurance score has been in the dumpster for years. And no, I haven't had a single accident, ticket, or insurance claim in more than 25 years. It's completely irrational.
When I look up articles on auto insurance scoring, all they ever say is "improve your credit and you'll improve your auto score." Yeah, that's really helpful. How much above 790 does it have to be before I don't look like an auto insurance risk?
@Gunnar419 wrote:
@MidnightVoice wrote:Just logged in to CK for my weekly update:
TU score _ -1
Vantage Score _ +41
Autoinsurance score _ -55
Home Insurance score _ -2
Dontcha just love scredit scores?
No wonder credit newbies are always so confused!
I have to admit that CK auto insurance scores are a perpetual thorn in my brain. My real scores, and even my CK TU FAKO are all edging toward 800 and have never been below 700, but my CK auto insurance score has been in the dumpster for years. And no, I haven't had a single accident, ticket, or insurance claim in more than 25 years. It's completely irrational.
When I look up articles on auto insurance scoring, all they ever say is "improve your credit and you'll improve your auto score." Yeah, that's really helpful. How much above 790 does it have to be before I don't look like an auto insurance risk?
I think not looking like an insurance risk to an insurance company has more to do with your state of aliveness rather than credit score or anything else .
Dead people don't cause accidents! Just sayin...
It's meant to be confusing, because knowledge is power. The less we know.......
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@Revelate wrote:
@TRC_WA wrote:
@pizzadude wrote:
Looks like you won't be saving a bundle on your car insurance.
Always wondered about that.
I got my renewal offer yesterday with the "your credit score is indicative of auto insurance claim risk."
How so? Are they paranoid of insurance fraud?
Not certain, people that are sloppy in one area of life might be sloppy in another? I have a tough time drawing any conclusions about driving habits based on credit score other than some ugly redlining type scenarios. Sort of irrelevant in my case since California doesn't allow a credit pull for insurance purposes, my tax dollars at work I guess.
More cynically, could just be an excuse to charge some people more.
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.
@Anonymous wrote:
@Revelate wrote:
@TRC_WA wrote:
@pizzadude wrote:
Looks like you won't be saving a bundle on your car insurance.
Always wondered about that.
I got my renewal offer yesterday with the "your credit score is indicative of auto insurance claim risk."
How so? Are they paranoid of insurance fraud?
Not certain, people that are sloppy in one area of life might be sloppy in another? I have a tough time drawing any conclusions about driving habits based on credit score other than some ugly redlining type scenarios. Sort of irrelevant in my case since California doesn't allow a credit pull for insurance purposes, my tax dollars at work I guess.
More cynically, could just be an excuse to charge some people more.
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.
Interesting, certainly a credible theory which I hadn't considered. Thanks!