Iv Hey I got a question about those LN codes. Retail cards are adverse and high credit limits on retail accounts are adverse. Do retail credit limits count in average credit limit? Because if they are, then doing a CLD to get a lower retail credit limit would hurt your overall average.
The codes for average credit line ($10,553 or higher is best) specifically refer to "Bank Revolving Accounts".
LN considers different types of "retail" tradelines separately - "Retail Accounts" (non-department store general retail), "Sales Finance Accounts" ("big ticket" retail), "Department Store Accounts" (JCPenny, Macy's). (And "Personal Finance Accounts" are also separate.)
All are "bad", but the older the Department Store Account is... the worse it gets!
"Insurance industry research shows that consumers who have a long established account history with department stores have more insurance losses."
I didn’t even think about them using an SP until you mentioned SP.
Remember that there are two different inquiries involved here:
Your insurance company requests your LN file (if a new relationship, a freeze should block this, if it's your existing insurance company, the freeze shouldn't matter), and they record the appropriate inquiry in your LN file.
LN then provides the data they directly hold (prior insurance claims, driving history), but they also pull CRA data to include in the report (from Equifax, in LN's case). That Equifax inquiry will always be recorded as "soft" - it doesn't count for credit scoring purposes.
I just got Care Credit, so does that mean my existing ins. auto rates could go up too? Or is it just new auto ins. rates?
Maybe. Depends on your existing accounts, how frequently your insurance company runs your scores (and which scores they use! It's not just LN out there...), and if it's enough of a difference to change your tier. (Also depends which state you live in... a few don't allow insurance score-based pricing.)