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Posted in Auto Insurance
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why would my auto ins score drop 20 points while the rest of my scores have skyrocketted upwards
A 10 year old + bankruptcy has finally fallen off my back, and all my credit scores have jumped tremendously, except my auto ins score on KK. Why would that one marker drop when all the others took off with a huge jump up?

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To be honest

Helpful to 38 out of 49 people

Every time you get a new line of credit your home and auto insurance takes a dump. Every time you go over 30 percent utilization your auto and home policys rates go up. Plus every time you get a new credit line it splits your over all credit history age bye a percentage based on number of open accounts. Its sad because what they give you in good driving discounts they turn around and take back every time you try to improve your credit. This is just my advice 1visa,1 mastercard 1 autocare or sears card, 1 store maybe even 2 store credit cards one for fixing things and one for cloths and such. 1 healthcare type credit card,1 personal loan 1 auto 1 home. let age build up on one at a time. As ones age hits 2 year mark or higher you can start replacing crappy ones with better ones. Avoid your heavy hitters till your 740 or higher. us bank,discover,american express,chase or you'll take hard hits for no reasons. Plus if you ever had a bankrupcy they are more than likely going to say no. barclays good for rebuilding so capital one. But capital one ditch it once you get some thing better. If a company or bank can't give you some ideal of your approval rate based on advantage score,income,fico score or knowing youve had bankrupcy or etc. then walk away. a hard hit takes 2 years to drop off. So go in knowing you got good odds if they give you a I don't know walk away. These are experts they do know what your chances are depending on type of card or loan your applying for with a few simple questions.

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Helpful to 2 out of 3 people

Thank you so much that makes sense! I was a bit worried when i noticed a drop in my Auto Insurance score. 

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Helpful to 22 out of 24 people

personally I think it wrong how the do the auto insur thing. What does getting a credit card , increase have to do with your driving skills!! I have excellent credit but my auto score is low. 

No reason for it. Had the same insurance company for 5 years. Been a great client of thereS no claims no nothing.  So my score should be great! Gotta love how we get screwed from everywhere. Enter Your Reply

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Age of Credit seems to be a HUGE factor

Helpful to 13 out of 17 people

I added a new credit card and my Auto Insurance score dropped 41 points. It's the only thing that changed about my credit profile. I was surprised to see such a dramatic change.

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Helpful to 10 out of 13 people

Same here 😨 I added a UA Milage + Visa from Chase (TU +45/ EQ +30) and my State Farm policy dropped 18pts and rates are up $16 per month! Time for that "Discount Double Check" I suppose! What a double-edged sword this is! 

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ron of weeki wachee

Helpful to 1 out of 1 people

I agree! My credit reports are great but my insurance score is low! I also think it's a rip off by the insurance companies! My driving record is good, no tickets and the same auto insurance co,(State Farm) for 7+ years!  Come on auto insutrance companies get with it!!! Is it because I live in Florida?   Any answers PLEASE!

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Helpful to 1 out of 2 people

Age of credit can't be that much of a factor, since I'm at 874 auto insurance w/ a 5xx transunion and vantage score.  My credit history right now is zero (bankruptcy).

It's probably based mostly on location?...

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