JMor1218

6 Contributions 9 People Helped

Member Since: May 2014

Most Helpful Contribution

How to get a decent price after not having insurance for awhile?

Jul 22, 2016
Helpful to 4 out of 6 people

Go to State Farm - they will make you jump through hoops to verify that you were not driving uninsured but as long as you can prove that they dont surcharge for insurance gaps like other companies do.   However, if you have driven uninsured, they will not accept you until you have been insured somewhere else for at least 6 months.

Activity (6 Total Contributions)

Trends by Age

Jul 22, 2016
Helpful to 2 out of 2 people

Dont be suprised when that score drops when you graduate and start getting real bills,  I went from 770 in college to 660 after a car, a house, and student loans.

Why are accounts removed from my credit report?

Dec 12, 2014
Helpful to 1 out of 1 people

When you have an open loan,  its viewed as having credit.   The more available credit to you, the more "trustworthy" you appear.   Using a low % of your available credit also increases your score because it shows good financial responsibiltiy. 

When a line of credit closes, ie a paid off loan,   your available credit drops, and your % of credit used rises, thus lowering the overall score.

Backwards as it might be, this is the simplistic reason for a credit score going down when your loans is paid off.

How to get a decent price after not having insurance for awhile?

Jul 22, 2016
Helpful to 4 out of 6 people

Go to State Farm - they will make you jump through hoops to verify that you were not driving uninsured but as long as you can prove that they dont surcharge for insurance gaps like other companies do.   However, if you have driven uninsured, they will not accept you until you have been insured somewhere else for at least 6 months.

Why & How credit score affects auto insurance/health ins. premiums.

Jul 22, 2016

Insurance rates come from a variety of factors,  your rates may not have changed soley because of a bankruptcy.   That said, as far as why credit scores affect rates,  they are looking at the likelyhood of you making a claim, how much that claim is expected to be, and how much they need to take in to offset the future claim.   People with lower credit scores make more claims, its a fact.   People who cant afford to fix a $1000 fender bender will claim it to insurance, those who have enough to cover it themselves do.   Your credit score dropping increases the likelyhood you will need to make a claim and therefor increases your rate. Hopefully this unboggles your mind.

Credit card utilization and your credit score

Jan 12, 2015

Can anyone make sense of this..

Credit Utilization: 5%

Late Payments: 0

Derogatory Remarks: 0

Age of Credit: 2-4 years

Total Accounts: 19

Hard Credit Checks: 6

Score: 639

Why is my score so low?   Ive never missed a payment on anything and im barely using my available credit.

Why is my auto insurance score low. I haven't had any claims, tickets, or accidents?

Jul 22, 2016
Helpful to 2 out of 4 people

Actually,  the formula is not a "trade secret" but filed with the state you live in.   All insurance companies are allowed to have their own formula but they must apply the same formula to every quote they give so as not to show any favortism.   Insurance rates are factored based on Driving record,  location you live, vehicle your driving, credit score, claim history,  insurance history (longevity helps, switching companies alot hurts) and age.  All of this is factored against a base rate for the state you live in which is determined by the amount paid out in claims every year.  If claims are higher then expected, rates go up, if they are lower, rates go down.    There may be other factors as well but these are the most common.