Insurance comparo 2010 4.6 - 2011 5.0
#22
#23
That is not true. The credit score is not based off of how much you use it. There are 35 factors that make up a credit score. The credit score is utilized as a measure of risk not profitability. The interest rate is assigned based off the credit score as by law a financial institution has to give everyone the same opportunity to get the same rate. The lower the score the higher the risk and subsequent margin to offset any losses. In addition, just because you don't use credit doesn't mean you won't have a good score. Look at the 70 year old with the A+ credit. The bottom line is you do have to build your credit but you don't have to use it to keep it up. If there is no activity for two years though it will revert back to no credit and you start from scratch. There are a lot of misconceptions about credit. Most local Credit Unions have free seminars you can attend that give a good idea how it all works.
Respectfully,
Roger
#24
Age is the biggest factor, and gender usually plays a big role too. When I was young, I was paying about 3x what I do now, and back then I had an old beater with the minimum possible insurance, whereas now I have fully insured cars that are fairly new. And that doesn't even take inflation into account. Other strange factors can have some impact on insurance as well...things you would never even think about. Like whether or not you live in a trailer home. I used to work in insurance, and I always felt some of their rating factors were unethical...they just were not illegal.
Roger
#26
MOTM Committee Member
#27
Cobra Member
I agree. There are exceptions to every rule but generally speaking, people who fail to pay their bills don't have their s**t together in other aspects of their life, either. Show me an employee who frequently comes in late, calls in hungover, and doesn't care about doing a good job, 9 times out of 10 they've got a bad credit rating, too. And if he brags about how he cleverly hides his true income so he doesn't have to pay child support, that's another tipoff that he'll be a bum.
#28
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#29
No just to keep it active. Ie put a tank of gas in your tank and pay it off before the bill comes in so you don't get hit with any interest. If you do that every couple of months you don't have to do anything else. I guess I don't consider that "using credit". The idea is financials are trying to gauge how likely you are to pay them back to prevent loss ie mortgage crisis and bad underwriting. Would you rather your bank fold or underwrite your loan properly?
Respectfully,
Roger
Respectfully,
Roger
#30
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Roger, I read somewhere that one way to get a good score is to be using your available credit to about 1/2 your credit limit. Have you seen anything in that respect before?
#31
#32
Cobra Member
got a quote on the other day ..asked rep what would be
difference in price if i traded in my 03 accord for a 2010 gt.. it was just $171 more for the year.. not bad
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#35
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#37
Member
Anyone check into insurance premium quotes for the new 5.0 --> a previous posted stated his almost DOUBLED ! He also stated good driving record w/ multi car discount. I myself got rid of an old 2002 base F-150 thrasher truck. My insurance went up only 15 bucks a month (2010, 4.6, standard insur. $250 deductable) Of course I'm 47, married, cln record, multi...
I called GEICO (who is my current insurer) over the weekend and the girl I was talking to was kinda' vapor locked since the 2011's aren't in the system yet, she kept wanting a VIN # to a car that doesn't exist yet to give a quote, She finally ran the 2011 quote thru the system with out a VIN and it kicked out $720 a year, I thought that was rather high since she quoted me $340 for the 2010 GT,
I just checked USAA (which I was told by a co-worker has recently opened it's insurance products to all honorably discharged veterans) and after joining USAA I got a more knowledgeable USAA CSR to quote me insurance on my current three vehicle and then the 11' GT.
Just to see if I was comparing apples to apples,, USAA quoted me $1048 for my current vehicles, (which is $15 higher than my current GEICO policy),, then dropping my KIA,, he quoted me the nearly the same $340 GEICO gave me for the 2010 GT and with out a VIN for the 2011 GT he quoted $420 a year, which sounds more reasonable..
He did say that they needed the VIN to get the actual insurance cost so it could be 'a few dollars either way' higher or lower ,, but it shouldn't go too drastic ,
I can only figure the girl from GEICO must have gave me a quote on a GT500, since GEICO quoted $620 on a 2010 SRT8 Dodge Challenger,,, which is a more comparable car to the GT500..
Those are nice,, however, I can't see dropping 45-+-grand on a car.
#38
Respectfully,
Roger
#39
I called GEICO (who is my current insurer) over the weekend and the girl I was talking to was kinda' vapor locked since the 2011's aren't in the system yet, she kept wanting a VIN # to a car that doesn't exist yet to give a quote, She finally ran the 2011 quote thru the system with out a VIN and it kicked out $720 a year, I thought that was rather high since she quoted me $340 for the 2010 GT,
I just checked USAA (which I was told by a co-worker has recently opened it's insurance products to all honorably discharged veterans) and after joining USAA I got a more knowledgeable USAA CSR to quote me insurance on my current three vehicle and then the 11' GT.
Just to see if I was comparing apples to apples,, USAA quoted me $1048 for my current vehicles, (which is $15 higher than my current GEICO policy),, then dropping my KIA,, he quoted me the nearly the same $340 GEICO gave me for the 2010 GT and with out a VIN for the 2011 GT he quoted $420 a year, which sounds more reasonable..
He did say that they needed the VIN to get the actual insurance cost so it could be 'a few dollars either way' higher or lower ,, but it shouldn't go too drastic ,
I can only figure the girl from GEICO must have gave me a quote on a GT500, since GEICO quoted $620 on a 2010 SRT8 Dodge Challenger,,, which is a more comparable car to the GT500..
Those are nice,, however, I can't see dropping 45-+-grand on a car.
I just checked USAA (which I was told by a co-worker has recently opened it's insurance products to all honorably discharged veterans) and after joining USAA I got a more knowledgeable USAA CSR to quote me insurance on my current three vehicle and then the 11' GT.
Just to see if I was comparing apples to apples,, USAA quoted me $1048 for my current vehicles, (which is $15 higher than my current GEICO policy),, then dropping my KIA,, he quoted me the nearly the same $340 GEICO gave me for the 2010 GT and with out a VIN for the 2011 GT he quoted $420 a year, which sounds more reasonable..
He did say that they needed the VIN to get the actual insurance cost so it could be 'a few dollars either way' higher or lower ,, but it shouldn't go too drastic ,
I can only figure the girl from GEICO must have gave me a quote on a GT500, since GEICO quoted $620 on a 2010 SRT8 Dodge Challenger,,, which is a more comparable car to the GT500..
Those are nice,, however, I can't see dropping 45-+-grand on a car.
Respectfully,
Roger
#40
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Thats actually a very common misconception. The less revolving and unsecured debt you have the better. What your talking about is capacity. The magic number is actually 25%. The way it works is all of your limits and all of your balances are tallied. You divide the total of the balance/total of the limits. If that number is over 25% it accounts negatively for your credit. Balances do not drive credit score positively, positive payment history does. The capacity piece is the second highest component and accounts for 35% of your score, because other than late payments its the biggest indicator of bankruptcy. You should never have more than three cards at a time. They should be the one you have had the longest (for length of credit), the one with the highest limit (for capacity), and the one with the lowest rate (to use). All three factors make up a part of your score and if two of those cards coincide thats better. Remember a loan decision and a credit score are two different animals.
Respectfully,
Roger
Respectfully,
Roger
My score is quite good, would it be worth it to dump the Amex? It's not the card I had the longest.