Why is my credit ratingscore brought down for getting car insurance quotes?
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I’m trying to get auto and renter’s insurance and I do not understand why my credit score is brought down because of this. Can’t they tell I’m not our trying to get several credit cards or lines of credit or loans? How can this be dealt with and changed or stopped? If this is going to happen, how will my credit look in two years when I am ready to buy a newer vehicle?
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neanah_e said:
When someone runs your credit, you lose 4 points from the agency they use. When several people pull your credit within a set number of days, it is assumed that you are shopping and you lose only 1 point for each search after the first one. So if, in one day, 6 companies pull your credit from Equifax, you will lose 9 points from your Equifax score.
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0January 13th, 2010 at 9:37 am -
jcmark4501 said:
Why are they checking your credit? If you have alot of credit checks in a row, most loan officers understand what you are doing and do not count that against you. Of cours,e if you have shitty credit, nothing will help you.
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0 0January 13th, 2010 at 9:37 am -
idontknow said:
The inquiries should not bring down your score.
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0 0January 13th, 2010 at 9:37 am -
chadamog said:
Any inquiry into your credit history will cause your credit to decrease. Sometimes as much as 15 points! The best way to handle this is to do your homework before you let investors or insurance agents check your credit. Knowing that your credit score is affected by simple inquirys just means you have to be a little more on top of things in the credit world. It is supposed to be designed so that wise decisions will cause it to go up, bad ones to go down. Which is why it is so important to put a stop to random credit checks by people you don’t know. I would sign up for something like credit inform or something else through your bank. It’s just smart in today’s world of identity theft and us little guys fighting for a piece of the big pie. Just remember there a number of factors that increase your credit just as there a number of factors that decrease it. Get some info on the subject and make the decisions to increase it and you should have no problem in the future. It takes work, but it can happen.
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0 0January 13th, 2010 at 9:37 am -
David San Antone Tx. said:
This reminds me of what just happened to me. As several insurance companies weigh a factor into a policy’s cost related to the credit rating of the insured, they make a credit inquiry. Any time any credit inquiry is made on you it is a minor "Blemish" on your credit score. Many credit inquiries or recently opened accounts can be a major credit rating buster. If they ran an inquiry, and you were shopping for insurance, it is possible that several inquiries were run .This caused the temporary and minor diminish in your credit score.
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0 0January 13th, 2010 at 9:37 am
