Can paying monthly for car insurance increase credit score? November 28, 2009
Posted by Banking in : Credit , 6comments
sweetdrmz6 asked:
I was just wondering if I pay my monthly insurance bill if my credit score would go up?
I am trying to build my credit score after having a real bad score. I know that if you have a recurring payment it will increase the score, but does that include car insurance?
I have the money to pay my insurance for the year all at once (birthday present) but if it helps my score to pay monthly, I’ll just keep the money in my account and pay monthly.
Thanks!
I was just wondering if I pay my monthly insurance bill if my credit score would go up?
I am trying to build my credit score after having a real bad score. I know that if you have a recurring payment it will increase the score, but does that include car insurance?
I have the money to pay my insurance for the year all at once (birthday present) but if it helps my score to pay monthly, I’ll just keep the money in my account and pay monthly.
Thanks!
Will closing my checking account affect the credit card I have with the same bank? November 26, 2009
Posted by Banking in : Credit , 8comments
eijlwq asked:
Do I still keep the bank credit card and use it (as to not affect my credit score)? Or would I have to cancel since I no longer bank with them? Thanks.
Do I still keep the bank credit card and use it (as to not affect my credit score)? Or would I have to cancel since I no longer bank with them? Thanks.
How can you have a great financial credit score but a lousy home insurance credit score? November 21, 2009
Posted by Banking in : Insurance , 2comments
My wife and I are in the process of buying a house. We were able to get an 80/15/5 mortgage totalling about $450,000 with no problems since our credit scores are both in the 780s. However, when we applied for home insurance we got rejected. We were shocked to find out the “insurance” credit score in New Jersey is about 790 which is in the bottom 20%. We have never owned a home before and never filed a claim under renters insurance. I tried looking up an explanation online through truecredit.com and some of the reasons made no sense such as I have not had the same credit card for at least 18 years. That would have meant that I would have had to have a credit card since I was 16.
Can someone please explain the madness? The insurance agent, our real estate lawyer, and the bank have never heard of such an instance where the mortgage was no issue but the insurance due to credit is.
By: quackadiledundee
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Can my credit card company, namely Chase do this to me? October 26, 2009
Posted by Banking in : Credit , 11comments
I have flawless credit but due to some unfortunate things, I had to rely on my credit cards and have high balances. I have not been late on any of them or any other credit obligation that I have, in fact I have never been late on any of my payments every. My credit score is still over 700.
Yesterday I found out that Chase has increased the interest rate on my account from 14.24% to to 27.24%!
I called them and they completely refused to reduce my rate by saying that since I am using over 80% of my credit limit, I am a high risk so they can do that.
My question to you guys is, can they legally do that? What can I do to have my interest rate changed back to 14.24%? At this time, I am unable to transfer my balance to another account.
Please HELP!!!
By: thecharmedfive
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