Would this affect my credit score?

I purchased an auto insurance 2 weeks ago. I received a mail says that they wont give me the premimum price since I applied for many credit cards over a short period of time, so they will higher the monthly price. Does this affect my credit score?

Would this affect my credit score?

Yes.

Here%26#039;s what happened.

Your auto insurer uses credit scoring to determine your risk.

It has been solidly proven that people with lower credit scores file more claims and therefore they should pay more in premiums to make up for it.

Your applying for many credit cards over a short period of time drops your credit score and now it is low enough not to qualify you for a discount.

Now comes the hard part....now that you%26#039;ve applied for so much credit you have to be very, very careful in how you use it.

65% of your credit score is determined by how much credit you have and how timely you make the payments.

It sounds as if you are pretty far out on the credit extension part of that 65%.....so that%26#039;s one strike against you.

If you start making late or miss payments altogether....you will take that second strike and up to 65% of your credit score is going to be at risk of being really low.

This will mean not only will you not get more credit cards (or if you do it will be at ridiculously high interest rates), but now you%26#039;ll look worse in the eyes of potential employers or landlords, both of whom legally use credit scores to determine if you a good enough risk to hire or rent to.

And....as you%26#039;ve mentioned....you lose your favorable discount on your auto and homeowner%26#039;s insurance.

Would this affect my credit score?

Dear all,

I am really so sorry, I forgot to pickup the best answer. However, the community did, but all answers are good. Report It

Would this affect my credit score?

Yes.

Would this affect my credit score?

Many queries to your credit report can become detrimental to your score.

Would this affect my credit score?

Yes, applying for too many credit cards will lower your credit score. Or were you asking if the higher premium will raise your score???????

Would this affect my credit score?

applying for all them credit cards will. I don%26#039;t know your age but try like hell to stay away from credit of any kind. If you can%26#039;t afford it with cash. you don%26#039;t need it

Would this affect my credit score?

Each inquiry on your credit report does lower your score. If you were approved and have new accounts that can also lower your score because that is more potential debt without extra history to show you can handle it.

Insurance companies look at credit score because it correlates highly with accident risk. They look at it especially bad if you have several new credit cards because that is a characteristic shared by many fraud perpetrators as well as drug abusers and even suicidal people.

Would this affect my credit score?

It%26#039;s already affected your credit score. Insurance companies check credit to help determine your rates. Applying for many credit cards is a red light that you may be trying to run up credit and declare bankrupcy. Stop applying for credit cards.

Would this affect my credit score?

If you apply for credit more than once during a six month period, you get %26quot;dinged%26quot; 10 points for EACH time. Applying for credit includes things like getting 10% off your purchase if you get the store card, shopping around for an auto loan, and 90 days same as cash purchases. So if you shop out that loan, apply for a new visa with a lower rate, and take a Sears card for a 10% discount, AND buy a sofa under 90 days same as cash, you just lowered your credit score 30 points.

Would this affect my credit score?

Yes, every time you make application for a loan such as a credit card, a car loan, a mortgage....anything you put on time payment. Sounds like you have given out your social security number and authorization for a credit check maybe to many times recently. It also seems that the insurance company feels you might be overextending yourself. Try canceling a couple credit cards, paying the others off on time and WAIT so that your credit score has a chance to go up.....

Do not have anyone check your credit for at least 3 or 4 more months as this can also lower your score.

Best wishes!

Would this affect my credit score?

I am an insurance agent who writes personal insurance such as autos and homes.

According to the companies that I write for their credit inquiries do not affect your credit score. I am not familiar with ALL insurance companies but most that I know of do not pull an actual credit report. They tap into %26quot;something%26quot; that lets them know what program you qualify based on credit.