Free Credit Score from WSJ article

[JOHNNIE36]

Some time back I posted info regarding credit score relative to insurance rates. When I started with Progressive Auto Ins., they sent me a letter telling me why I didn't get their "best rate" and it was due to my credit score. It might have been a ploy but in working with Progressive and Experian on this matter, I quickly got my credit score raised and Progressive lowered my rate and sent me a refund. They lowered my premium by $400/yer. I would call my insurance companies and ask how your credit score affected the rate. My car ins policy just renewed and I called them again to make sure I was still getting their best rate.

 

[Sarah in SC]

I had precisely the same experience, Johnnie, but don't pay nearly that much in insurance for the POS fleet, LOL! All I had to do was email the credit reporting agency and it was fixed within a week. I got a check back from Progressive right away for the overpayment.

Progressive is very competitive on rates if you have a higher score.

 

[ERD50]

Some time back I posted info regarding credit score relative to insurance rates. .... I quickly got my credit score raised and Progressive lowered my rate and sent me a refund.

I had precisely the same experience, Johnnie,

Thanks, Johnnie & Sarah - good to have real life experiences reported. I will call.

Heck, I wouldn't be surprised if they throw me a bone just for snoopin' around and asking, figuring they might lose a customer. Can't hurt.

-ERD50

 

[FUEGO]

773 for me, 781 for DW. This is after a few years of stoozing dozens of CC accounts with 0% rates. We still have 30-40 accounts open right now. Only using 2% of available credit though. Apparently all those new cards pushed the average age of accounts down to 3.x years. Our credit scores are way better than when we were actively stoozing and borrowing 6 figures on the cards. This equates to a couple hundred dollars in savings on our insurance. Nowhere near the thousands we were earning from stoozing though. Oh yes, 1077 on time payments out of 1077. A perfect 100%!

 

[JOHNNIE36]

I had precisely the same experience, Johnnie, but don't pay nearly that much in insurance for the POS fleet, LOL! All I had to do was email the credit reporting agency and it was fixed within a week. I got a check back from Progressive right away for the overpayment.

Progressive is very competitive on rates if you have a higher score.

Progressive is the best company I've ever dealt with. They give you a lot of discounts and then cut your bill by a $100 if you pay in full for 6 months. I have a 2008 Saturn Vue and my 1998 Escort (golf car) that I get for $1100/year total. I carry $100k/$300k on both, $500 deductible on the Vue and no collision on the escort. You need to check them out.

 

[Rustic23]

I have an 'F' for Total Accounts with Only 3. This is a hard catagory to figure out. In the simulator if I open more my score goes down. In fact, there does not appear anything I can do to raise my score. However, it did go up 10 points from last month.

 

[samclem]

I have an 'F' for Total Accounts with Only 3. This is a hard catagory to figure out. In the simulator if I open more my score goes down. In fact, there does not appear anything I can do to raise my score. However, it did go up 10 points from last month.

I was feeling bad that I got a "D," and I have 14 total accounts. I hope this factor doesn't get a lot of weight.

 

[Rustic23]

My score is still rated 'Good', but I would imagine it has the same problems as others on this board. I still have a mortgage, but no income, and as above only two credit cards, both with 0 balance. Also never had a late payment. I would expect the score to go down if we pay off the house.

 

[FUEGO]

42 accounts gets you an A. 40 (as DW has) gets you a B.

 

[ERD50]

42 accounts gets you an A. 40 (as DW has) gets you a B.

That is what I noticed after finally seeing the "report card" tab.

42 accounts!! I can't imagine that, or why it would be "good". I got A or n/a in every category, and an F there with my 2 CCs and small mortgage.

Hmmmm, maybe they figure with that many accounts, the odds are extremely high that you will be late on one of them once in a while, and they can collect their late fees? And that lateness would be an accident, not really a credit risk (based on other areas)?

I dunno, don't make sense to me.

-ERD50

 

[samclem]

Hmmmm, maybe they figure with that many accounts, the odds are extremely high that you will be late on one of them once in a while, and they can collect their late fees? And that lateness would be an accident, not really a credit risk (based on other areas)?

My guess is that they believe 42 different entities have deemed the person is creditworthy, so that's a stronger "plus" than just 2 or 3 entities reaching the same conclusion.

Which, of course, makes no sense, because all 42 entities looked at the same FICO score and just rubber-stamped the application based on that number. "Hey, everyone else thinks this risk is low, we should, too." Like the whole CDO thing/subprime mortgage bubble/etc.

Looking at how "the industry" deems people are/are not good credit risks has helped me understand why we are in our current mess.

 

[Rustic23]

There seems to be a dichotomy here. If I go out and open 40 accounts I will move from and F to an A. However, if you run the simulator, opening a new credit card lowers your score. So I would most likely go to an F in some other section.

 

[ziggy29]

There seems to be a dichotomy here. If I go out and open 40 accounts I will move from and F to an A. However, if you run the simulator, opening a new credit card lowers your score. So I would most likely go to an F in some other section.

It seems like improving some areas harms others, as you say.

Opening a new credit card would help the number of accounts, AND it would improve your utilization ratio (assuming you didn't run up more debt), but would hurt the average age of open accounts. Pick your poison...

 

[FUEGO]

There seems to be a dichotomy here. If I go out and open 40 accounts I will move from and F to an A. However, if you run the simulator, opening a new credit card lowers your score. So I would most likely go to an F in some other section.

Exactly. I have 2% utilization ratio - better than 92% of people. $2700 debt and $117,000 limits. But that is because the denominator is so large due to the huge number of CC's I have and the relatively large credit limits.

I also have a D for average age of accounts due to opening up all these accounts recently.

In general, opening new accounts hurts at first and helps in the long run as accounts age.

I guess the theory is that if one has a lot of accounts but doesn't need the credit (ie low utilization rates) then that person is a good credit risk (ie isn't overextended).

 

[tuixiu]

I also got dinged badly for not having enough accounts... one credit card and a zero balance HELOC for emergencies = D.

 

[Khan]

From May 2009:

PLUS Score from Experian
This PLUS Score is based on information from your Experian credit report.
Your PLUS Score is: 798 on a scale of 330 - 830.

 

[Dreamer]

My score was 796. I also received a D for Total Accounts of 19. I really don't like seeing a D on my report card. I know what would have happened if I brought home a D on a report card. Mortgage is paid off and no other type of loans. Credit cards paid off monthly.

 

[ejman]

I just found out from the AMEX statement that they have a free credit score service available if you have an AMEX card. Just checked mine - 795 on Experian I guess its Ok? I never buy anything on credit so am not sure what the practical significance of this really is.

 

[Bimmerbill]

I got a 766. When I refied a few months back my official scores from the 3 credit bureaus were 805-811.

Got a "C" for average age and number of accounts open. $165K total debt. Hey, my mortgage is $160k.

 

[Kronk]

What a gyp. I got a 737. 2 open accounts, 10 closed accounts. That's what I get for paying off my mortgage, having 2 credit cards, and loans of any sort.

 

[Maurice]

They can't provide a credit score if you have a credit freeze in place, so I'm out of luck. We use the 'nuclear option' of freezing to prevent identity theft. Since we rarely ever apply for credit, it works for us, but has the downside of not being able to take a peek at our credit score.

Just curious - how'd you do the freeze? Using one of those services or did you write the individual credit reporting firms? If the former, which service did you use? If the latter, how does one go about that and do you need to 'refresh' it often?

 

[calmloki]

What a gyp. I got a 737. 2 open accounts, 10 closed accounts. That's what I get for paying off my mortgage, having 2 credit cards, and loans of any sort.

Hey - i got an F there too - 4 open and 6 closed accounts. Guess we're just a couple deadbeats.

 

[Maurice]

Hey - i got an F there too - 4 open and 6 closed accounts. Guess we're just a couple deadbeats.

Me too, I got an F there, an A or n/a everywhere else.

2 open accounts, 5 closed.

My score was a 758.


Funny, it shows my 'total debt' equal to my last credit card balance (which gets paid in full every month).

 

[Sarah in SC]

I liked that on the credit simulator, if I declared bankruptcy, that my score would go from 781 to 702. I got a D on the age of cards and D on the number of cards. With zero debt, I got N/A on that part. As on the rest.

Very entertaining!

 

[jimnjana]

My score from this website was 70 points lower than the score from experian that was used by PFCU in approving my equity loan.

Jim