According to McElroy, «very few» insurance companies use credit - based insurance scores every time a policy is up for renewal, which means that
changes to your credit score probably aren't going to affect your premiums very much, if at all, once you are already signed up for a policy.
Not exact matches
Those who have a high
credit score will
probably see their
credit score change slightly if they apply for new
credit, for example, when an issuer makes a hard inquiry on their
credit report
to check their creditworthiness.
Standards are
changing dramatically this summer, as lenders lower their
credit score requirements
to generate more business... 580 — below this and you're
probably not going
to get a conventional or government loan.
Of course, if the premium increase was due
to claims, your
credit scores dropping dramatically or some other issue within your control,
changing carriers
probably won't improve your payments.
Though you
probably can't
change your
credit score before you need
to purchase insurance, it will give you a good idea of where you will stand with the insurance companies.