New: EQ Auto & Homeowner's Scores

Score killers?
I was told my Auto Insurance score was being hurt due to my NOT having any oil company cards.

 

I haven't read it yet, but, do they explain how having a gas card makes someone a higher risk? What a crock of ...........

 

Ah, here it is:

FICO Reason Code 1,356,900:
Having a gas card makes you a higher risk. Don't ask us how we know; we just do.

...so that explains it!

wajaba

 

It's quite simple...having a gas card implies you'll drive more, implying that you might get into an accident, then implying that you'll then be sued for every cent you've got, finally implying that you then won't be able to pay your bills, causing your credit scores to plummet.

See?

 

I am getting sick of having my credit report ran for everything. It is really getting ridiculous.

There is no relation to my credit report and my driving record.

I have never had an insurance claim and I have been driving for 16 years. Shouldn't that count for something?

I have never been site for an accident and I have a perfect driving record (for past 5 years). Shouldn't that count for something?

My credit has been horrible, is slowly getting better, but still not great. I just got an Orchard Card. It was the only unsecured card that I could get.


I just tried to get auto insurance through a company in Ohio that doesn't pull credit reports (Erie). The agent said that she wanted to pull a credit report. I said no and hung up.

I'm so sick of everyone wanting to pull my credit report!

 

Try GEICO, tell them up front no credit and they won't pull it.

 

I ran my report with them.
They encouraged me to get a gas card to increase my auto insurance score. They also encouraged me to have less inquiries.
I suppose having gas cards may hurt or help depending on your other characteristics.

 

Auto Insurance
"Important Note: The insurance score that you receive from ChoicePoint was generated using ChoicePoint's proprietary model. The score used by your insurance company may differ if it is generated using a different scoring model"

Homeowners
"Important Note: The insurance score that you receive from ChoicePoint was generated using ChoicePoint's proprietary model. The score used by your insurance company may differ if it is generated using a different scoring model."

Obviously more scores we should pay no attention to...

kev

 

*shaking head*

I can't even think of how the whole insurance cost/credit rating relationship works.

I wouldn't mind nearly as much if they could pull only an AR, if I ask them _not_ to pull my credit (and they actually don't) what's to say I don't get automatically placed into the highest "risk" tier?

I very likely am paying too much for my insurance, but I don't have any desire to shop around and tank my scores for the next six months!

 

What state are you in? Some states don't allow then to place you in "high risk" for refusing credit.

You can actually refuse credit, and if you find your rate excessive, change your mind and tell them to go back and pull it. I know we can.

PA, SC, AZ, NY are heavy on credit - you can get a higher rate for refusing credit in those states, but not necessarily, if everything else is really good.

Insurance companies like married homeowners, with college educations, professional careers, clean driving records, and never, ever say you don't have current insurance. Most don't check, unless, of course, your license is suspended for driving without insurance. Hard to get away with it then.

If you can't be married, be widowed, and have children under 18 that live with you. Say you're an engineer or teacher if they ask occupation.

IMO, this is all a sneaky form of redlining, and has nothing much to do with risk. BUT the insurance companies have the stats to make their point with the state regulators, so they get to do it in most states.