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Post by mightyme on Jul 3, 2014 22:33:50 GMT
Does anyone know how new accounts affect your insurance?
They raised our rates and said it was do to the amount of credit cards opened
Actually it says accounts opened. Which is zero. We pulled our credit report to check. It says in the last 3 years, which was when they last pulled our credit report/scores.
I called but didnt get an awnser as to if zero accounts is a negative.
Also im hating posting from my ipad. Any tips. I dont have a cursor, its a pain to edit errors.
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Deleted
Posts: 0
Sept 19, 2024 21:57:22 GMT
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Post by Deleted on Jul 3, 2014 22:58:56 GMT
We just went through changing our insurance (car and home) and I just got the lexisnexus reports and Equifax credit report they are using for ours. Unfortunately, they don't give any formula and different brokers/companies might have different formulas. Overall, we are still saving about $125 a month so it was a worthwhile switch. But surprisingly we were ranked in the 2nd tier (and usually our scores are near 800). The broker told me it had to be OVER 800 to be in the topmost tier with the lowest rates. True everywhere? who knows? I do however wish they explained their formula a bit more.
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Post by mightyme on Jul 4, 2014 1:18:28 GMT
Do you mean credit score or insurance score? My agent got us into a lower rate with wrong info. They said we lived under 1000 ft from a fire hydrant. But we live in the country. So now that they changed it. The rate went up. Then they listed that number of accounts open in 3 years. We pay cash for everything. I was shocked when the credit site said having 22 or more credit cards was a good thing. So we are assuming its affecting our rates by not having any.
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Deleted
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Sept 19, 2024 21:57:22 GMT
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Post by Deleted on Jul 4, 2014 2:12:09 GMT
She said credit score 0f 800. Neither report told either the credit score OR the insurance score unfortunately.
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