Credit scoring is here to stay for pricing insurance coverage. Please review the follow ten tips to help improve your insurance score and hopefully reduce your insurance cost.
1. Pay your bills on
time. Timeliness in paying your bills improves your score.
2. Manage your outstanding
balances. As a rule of thumb, maintain account balances at least 75 percent
below your available credit.
3. Avoid excessive
inquiries to your credit reports. Too many inquiries may negatively impact your
score.
4. Limit the number
of credit accounts. Your access to excessive unused credit could result in
too much debt.
5. Review your credit
report regularly. Know what is on your credit report, and take necessary steps
to dispute any inaccuracies.
6. Avoid ‘quick’
credit fixes. Good credit is built over
time.
7. Manage your debt
consolidation. Consider how to effectively pay down your debt without
generating more credit activity.
8. Limit the amount
of new debt you take on. Too many new
loans or credit accounts opened in a short amount of time can negatively effect
your credit rating.
9. Establish credit
if you do not have a long track record. A longer credit history has a positive
impact on your score.
10. Work with your
creditors. Resolve outstanding balances
before they are turned over to a debt
collector.
Good Luck and good living with an improved insurance score!
0 comments:
Post a Comment