When getting insurance quotes, there was a disclosure that a credit check had been conducted, listed the top 4 items affecting my Risk Score, and gave a link for questions. I found the guide to all the possible reasons and was amazed at some of the elements. [1]
* They prefer 84 years of credit history to put you in a lower risk category. Having 2 lines of credit paid every month versus 1 would make a huge difference in this regard.
* Oil company credit cards are seen as very high risk, and even having 1 is seen as a negative.
* Department store credit cards are also viewed negatively.
The weightings and mixing of variables is the secret sauce...but reading through it all made me very happy with my decision to turn down an offer from one of the major reporting agencies.
* They prefer 84 years of credit history to put you in a lower risk category. Having 2 lines of credit paid every month versus 1 would make a huge difference in this regard.
* Oil company credit cards are seen as very high risk, and even having 1 is seen as a negative.
* Department store credit cards are also viewed negatively.
The weightings and mixing of variables is the secret sauce...but reading through it all made me very happy with my decision to turn down an offer from one of the major reporting agencies.
[1] PDF Warning
https://consumer-solutions.custhelp.com/ci/fattach/get/29038...