|
Car insurance and credit question?
| Posted By |
Message |
CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
|
Car insurance and credit question?
When a car insurance company checks your credit to get insurance what exactly are they looking for?  If you have a lower score but good credit does that mean you get higher premiums? Thanks!
|
Posted 7/29/08 9:44 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
|
Re: Car insurance and credit question?
what do you mena a lower score, but good credit? your FICO score is a reflection of your credit, so if the score is low, your credit is reflected.
I would think that they go by groups. 750+ the best rates
680-750 good rates
etc
|
| Posted 7/29/08 9:47 AM |
| |
|
GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
|
Re: Car insurance and credit question?
I think they try to correlate good credit practices with good driving practices. If you are responsible with your money, you must be responsible on the road... The two aren't actually related, but I think the insurance companies tie them together anyway....
|
| Posted 7/29/08 9:51 AM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Car insurance and credit question?
There is no such thing as a lower score, but good credit.
If your score is lower, your rates may be affected.
I would say you would need at least a 720 to be eligable for the best car insurance rates.
That's my guess.
|
| Posted 7/29/08 9:52 AM |
| |
|
MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
|
Re: Car insurance and credit question?
Posted by GoldenRod
I think they try to correlate good credit practices with good driving practices. If you are responsible with your money, you must be responsible on the road... The two aren't actually related, but I think the insurance companies tie them together anyway....
yup--that's exactly it. for some insurance companies they believe that if you are not up to date on your bills and credit--and have poor credit--that it increase the chance of you having poor driving practices or the liklihood of you being late on payments. its kind of silly though...cause there are plenty of people who have bad credit and no accidents or anything. but a rich person with excellent credit gets a good rate and could smash their car up or get a DWI just as likely!
|
| Posted 7/29/08 10:04 AM |
| |
|
Potentially Related Topics:
Currently 815341 users on the LIFamilies.com Chat
|
