Credit Cards and Auto Insurance Inquiries

Guest: dmband
Post subject: Credit Cards and Auto Insurance Inquiries
Posted: Fri Aug 25, 2006 10:57 pm

I am thinking about checking a bunch of car insurance companies to see if I can get a lower rate and I was wondering what effect all the credit checks they do will have on my credit score.

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Guest: hdporter
Credit Expert (100+ Posts)
Post subject: Credit Cards and Auto Insurance Inquiries
Posted: Sat Aug 26, 2006 8:14 am

Per Equifax, these inquiries are treated similar to other informational inquiries and do not factor into your FICO score:

Quote:

What information is NOT used in calculating my FICO® score?

Certain types of inquiries such as promotional, account review, insurance, employment-related inquiries, or inquiries when you request your own credit report

- Harry

Guest: maddybeagle
Credit Expert (100+ Posts)
Post subject: Credit Cards and Auto Insurance Inquiries
Posted: Sat Aug 26, 2006 8:22 am

Maybe they shouldnt but I know that they can be noted as hard inquiries and interfere with getting credit....I dont think it is worth the effort to get a lot of insurance quotes....

Guest: hdporter
Credit Expert (100+ Posts)
Post subject: Credit Cards and Auto Insurance Inquiries
Posted: Sat Aug 26, 2006 8:29 am

You've seen them show up in the hard inquiry section of your report vs. the section of Account Review/"only seen by you" inquiries?

Not challenging your statement ... I simply have no experience in this area.

- Harry

Guest: maddybeagle
Credit Expert (100+ Posts)
Post subject: Credit Cards and Auto Insurance Inquiries
Posted: Sat Aug 26, 2006 10:42 am

yes...I think it happens often....when I applied for my mortgage refi a few years back....I had to explain inquires on my report....2 of them were for shopping for insurance....my existing isurance carrier just runs a soft inquiry, though....The same happens for many of my existing credit accounts (credit cards run soft inquiries)...

Also, had a coworker get declined for a credit card because had just went insurance shopping...lots of hard inquiries.... I think others have had similar posts here also...