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In the strictest sense, your credit score does not affect car insurance rates. Instead, insurance companies assign customers “ insurance scores ,” which use credit information to calculate a ...
The average credit score is 716. (Average credit scores by state)47 percent of credit cardholders carry debt from month to month. (Bankrate credit card debt survey)Drivers under 25 pay the most ...
Although credit scores and credit-based insurance scores are slightly different, your insurance score is still affected by your credit history. This is because, like a credit score, it takes into ...
An insurance score – also called an insurance credit score – is a numerical point system based on select credit report characteristics. There is no direct relationship to financial credit scores used in lending decisions, as insurance scores are not intended to measure creditworthiness, but rather to predict risk .
The insurance premium a motor vehicle owner pays is usually determined by a variety of factors including the type of covered vehicle, marital status, credit score, whether the driver rents or owns a home, the age and gender of any covered drivers, their driving history, and the location where the vehicle is primarily driven and stored.
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate. [7]
“Credit scores affect far more than just the ability to get a loan or a good interest rate on a loan,” Fox said. “They can affect the ability to rent an apartment.” Pay Less for Auto Insurance
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