1. Home
  2. General Toyota Forum
  3. Credit Scores

Credit Scores

There was a recent thread that included credit scores.

Insurance companies also use credit scores when determining auto and home owner insurance rates. Another good reason to get your credit report from one of the three credit bureaus every four months. (You can get one report free from each of the three bureaus every year - if you do this every four months, you have the best chance of spotting unauthorized activity.)

formatting link
is one site that lets you get the report free.

Other recommendations for the August issue of Money magazine (p25):

keep your oldest credit card - creditors like a long history of credit, at least 5 years, 10 is better with the same card.

don't apply for lots of credit at once (multiple inquiries for auto or mortgage loans count as one inquiries over a 45 day period)

get rid of cards that you don't regularly use - having too many cards decreases your credit score

Just some thoughts.

Jeff

Reply to
Jeff
Loading thread data ...

**Excellent post, Jeff. I'd like to add this: Insurance companies will compute your score with their own in-house methods also. There was a bit of a scandal when this became popular in Michigan (and premiums skyrocketed) and then the industry refused to admit just how they fiddled with your score.

My insurance kept going up with Nationwide even though I had an old Chevy. Fed up, I called to cancel it and the agent said that I would have a hard time finding cheaper premiums because my credit score was ordinary, not great but not bad. Imagine my surprise when I went ahead and checked it only to find it was over 800.

My insurance went down when I moved to CT, sadly, the property tax that I now have to pay on it is now hundreds more than any savings :(

kaboomie

Reply to
kaboom

owner insurance rates. Another good reason to get your

get one report free from each of the three bureaus

spotting unauthorized activity.)

State Farm used CHOICE POINT INC. to check up on me a couple years back. I was shocked how much data they have and use for there "inscurance scores." Here is a link.

formatting link
Dan

least 5 years, 10 is better with the same card.

mortgage loans count as one inquiries over a 45 day period)

decreases your credit score

Reply to
Danny G.

I recently obtained a home mortgage and was told by loan officer that my credit scores from the 3 main agencies were 805, 818, and 799. I am going to sue those bastards who gave me the 799.

Reply to
Mark A

Why? If the score were 804 or 404, it wouldn't have mattered. Mortgage companies usually go with the middle of the three scores.

Besides, all the credit company did was examine your record and plug numbers into a formula.

jeff

Reply to
Jeff

Because I have been defamed, humiliated, and embarrassed by the 799 score. The pain and suffering I went through because of that score has scarred me for life. I am going to get those bastards.

Reply to
Mark A

No relation, but if you let me handle your lawsuit against those monsters, I can arrange for Dr. Lonnie Lanier to help you overcome your pain at no charge. Unlike traditional psychiatrists, he doesn't conduct his sessions in an office but instead prefers more realistic settings, like roller coasters, casinos, steak houses, and strip clubs. Call me if you're interested.

Reply to
sue_dbastard

"at no charge"?

Anytime a lawyer says "at no charge" I always place my hand firmly on my wallet and quickly walk out the door.

Reply to
Mark A

MotorsForum website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.