Does getting car insurance quotes online affect your credit score? March 5, 2010
Posted by Banking in : Insurance & Registration , trackback
Do they bring up your credit score when doing insurance quotes? Wouldn’t that lower credit score if they do do that?Submited by:hb
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Yes, most companies do check your credit when they give you an insurance quote. And, frankly, it’s for good reason. People that are in financial trouble or have a history of not paying their bills statistically file more insurance claims and are a much higher risk for the company for insurance fraud too.
But, even getting several quotes would have no affect on your credit score as what the insurance company is doing is called a “soft hit” on your credit. That means that you’re not shopping for a loan or a new credit card, they’re just taking a look at your history and it doesn’t show up as an inquiry on your credit report. In fact, every time you get a “pre-approved” credit card in the mail they’ve already done that same “soft hit” peek at your credit.
The idea that shopping for a loan affects your credit is greatly exaggerated too. If you’re shopping for a car and you let 5 different dealers pull your credit in a week or two the credit bureaus are smart enough to know what’s going on, you’re shopping for a car. Don’t expect much change in your score from the first inquiry to the last one. But . . . if you let two car dealerships, two credit card companies, and a motorcycle dealership take a peek at your credit you’re in trouble. It’s still the same 5 (hard hit) inquiries in that same two week time period but it looks like dangerous behavior, you’re either looking to take on a bunch of debt that you may not be able to pay off or your maxing everything out because you’re getting ready to declare bankruptcy.
Generally, no. Just as some lenders will look at your overall credit score to give you those “Based on preliminary information, you are pre-approved…” the possible look they did won’t affect your credit rating.
Once you have accepted a tentative offer is when they will actually get your social security number and signature and run your real score.
But I’d suggest instead of the on line method that you talk to a local independent agent and find out what is best for you. That will also give you something more than a web page and toll free number should you need to discuss your policy at any time.
for the situation like yours,I would like to suggest you have a look here
you should find something useful.
I think No, they check your credit score but they dont affect it. Try this site
here you can get quotes from different companies so you can find the best rates for you.
Try…
When asked for a solution number, type in SPMH4 and Last name is Barrientos.
This will give you a good source of auto insurance qoutes… let me know if you have any problems..