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Esteemed Contributor
Posts: 5,250
Registered: ‎04-20-2013

I could care less about my credit rating.....we have no debt, no mortgage, no car payments.  I don't plan on applying for another mortgage.  My husband and I use 2 credit cards and we pay them in full monthly.   I use our credit cards as much as possible for miles or travel points. 

Honored Contributor
Posts: 13,914
Registered: ‎10-25-2010

@Bird mama wrote:

@SeaMaiden

 

I live in Michigan and we have some of the highest rates out there.

 

Insurance is a crock too.  When I was young and lived in Detroit, my Allstate (at the time) agent admitted they redlined Detroiters.  I was told when you move the rates will go down.

 

Then I was told as you mature the rates will go down.

 

I'm 54 and haven't lived in Detroit for 16 years and the rates on my 7 year old Nissan Versa went up this last renewal period.

 

My State Farm agent told me that when I go on Medicare, expect another rate hike because Medicare does not coordinate any benefits with auto insurance.

 

Bottom line - we never seem to get a break do we?

 

 


It doesn't make sense that your car insurance will go up when you get on Medicare.  Your car insurance would have to exhaust 100% before ANY health insurance would cover expenses, including Medicare. NO Health Insurance COB's with car insurance.  The car insurance MUST pay and exhaust first before health insurance kicks in.

 

Many people only carry $5k for car insurance medical per person and it exhausts very quickly.  That's one reason why health insurance costs so much. Car insurance is a rip off.  It basically only covers your car and some medical expenses thrown in.

 

Your agent is pulling your leg. If your insurance goes up, it's for another reason.  Don't fall for that line.

 

 

Frequent Contributor
Posts: 103
Registered: ‎03-17-2013

I worked for a major financial institution for 41 years and spent my last 28 years in the mortgage division. I analyzed probably thousands of credit reports and I never saw a score over 850 and that was rare. I would like to know which credit rating company has a 1-1000 scale. I have never heard of it.

Reggie 

Honored Contributor
Posts: 15,534
Registered: ‎03-09-2010

We follow Dave Ramsey's Financial Peace program.  He doesn't care about FICO scores because you are encouraged to pay off all debt and save enough to keep from going into debt. Eventually, we will probably fall off their radar.

Honored Contributor
Posts: 10,438
Registered: ‎09-22-2010

It is not good for your FICO score to cancel credit cards.  I carry two cards (both rebate cards) and I have four credit cards in my desk drawer.  If I buy something on-line I will take turns using one of the credit cards every couple of months so they don't get cancelled for nonuse.  My house is paid for and I do not carry balances on any cards.  Your credit score is based on the amount of credit you have available.  Late payments and large balances go against your credit score.  

Esteemed Contributor
Posts: 5,069
Registered: ‎05-27-2016

@Carmie wrote:

@Bird mama wrote:

@SeaMaiden

 

I live in Michigan and we have some of the highest rates out there.

 

Insurance is a crock too.  When I was young and lived in Detroit, my Allstate (at the time) agent admitted they redlined Detroiters.  I was told when you move the rates will go down.

 

Then I was told as you mature the rates will go down.

 

I'm 54 and haven't lived in Detroit for 16 years and the rates on my 7 year old Nissan Versa went up this last renewal period.

 

My State Farm agent told me that when I go on Medicare, expect another rate hike because Medicare does not coordinate any benefits with auto insurance.

 

Bottom line - we never seem to get a break do we?

 

 


It doesn't make sense that your car insurance will go up when you get on Medicare.  Your car insurance would have to exhaust 100% before ANY health insurance would cover expenses, including Medicare. NO Health Insurance COB's with car insurance.  The car insurance MUST pay and exhaust first before health insurance kicks in.

 

Many people only carry $5k for car insurance medical per person and it exhausts very quickly.  That's one reason why health insurance costs so much. Car insurance is a rip off.  It basically only covers your car and some medical expenses thrown in.

 

Your agent is pulling your leg. If your insurance goes up, it's for another reason.  Don't fall for that line.

 

 


@Carmie well as long as the finance company owns the car you will need insurance in my State.  No insurance?  No car!  When you own the car outright via title transferred to you, then you can carry less insurance.

 

People who have homes need to be concerned about how much car insurance they carry.  If not enough, the home can be put in a position to be leveraged for catostrophic coverage.   I've heard the term 'umbrella policies' to describe a combination of homeowner's insurance and car insurance in my state.

*Call Tyrone*
Honored Contributor
Posts: 8,995
Registered: ‎03-09-2010

@SilleeMee wrote:

I have seven cards. Each month I use at least one different card,  buy something small and pay it off that month. I do this on a regular basis and it helps maintain a high score. What you don't want to do is use the same one or two cards all the time and come close to maxxing them out. It's better to make small purchases and spread those out on many cards, all of them if you can.

 

If you find that you are maxxing out or coming close to it, then request a credit limit increase. This will also help keep your score from dipping. You can do this by calling or in some cases, online.


@SilleeMee   I do this, too.  I rotate my charges among different cards. Then pay them off 

Esteemed Contributor
Posts: 5,112
Registered: ‎03-11-2010

They just want to annoy and control us.

Honored Contributor
Posts: 13,914
Registered: ‎10-25-2010

@itiswhatitis wrote:

@Carmie wrote:

@Bird mama wrote:

@SeaMaiden

 

I live in Michigan and we have some of the highest rates out there.

 

Insurance is a crock too.  When I was young and lived in Detroit, my Allstate (at the time) agent admitted they redlined Detroiters.  I was told when you move the rates will go down.

 

Then I was told as you mature the rates will go down.

 

I'm 54 and haven't lived in Detroit for 16 years and the rates on my 7 year old Nissan Versa went up this last renewal period.

 

My State Farm agent told me that when I go on Medicare, expect another rate hike because Medicare does not coordinate any benefits with auto insurance.

 

Bottom line - we never seem to get a break do we?

 

 


It doesn't make sense that your car insurance will go up when you get on Medicare.  Your car insurance would have to exhaust 100% before ANY health insurance would cover expenses, including Medicare. NO Health Insurance COB's with car insurance.  The car insurance MUST pay and exhaust first before health insurance kicks in.

 

Many people only carry $5k for car insurance medical per person and it exhausts very quickly.  That's one reason why health insurance costs so much. Car insurance is a rip off.  It basically only covers your car and some medical expenses thrown in.

 

Your agent is pulling your leg. If your insurance goes up, it's for another reason.  Don't fall for that line.

 

 


@Carmie well as long as the finance company owns the car you will need insurance in my State.  No insurance?  No car!  When you own the car outright via title transferred to you, then you can carry less insurance.

 

People who have homes need to be concerned about how much car insurance they carry.  If not enough, the home can be put in a position to be leveraged for catostrophic coverage.   I've heard the term 'umbrella policies' to describe a combination of homeowner's insurance and car insurance in my state.


I am not suggesting that anyone go without car insurance.  It is required in most all states.

 

it is just lacking when it comes to covering bodily injuries.  It mostly covers the repair or replacement of your vehicle.  Here in PA, everyone has to use their own car insurance to cover their car and injuries.  It's called no fault insurance.  Your insurance pays even though you were not at fault.

 

I am just complaining about he cost of car insurance, it is too expensive and most people end using their health insurance to cover their injuries when their auto insurance runs out.

 

 

 

 

Honored Contributor
Posts: 18,504
Registered: ‎05-23-2010

I've stopped angsting over my credit score. I only have a few credit cards and I usually pay them off monthly and rotate their use as others do.

 

I had only one large loan (car) and that affects my score some because my income has dropped to less than half of what it was now that I'm retired. I had to get a bank healthcare loan for dental work, and those two loans together hit my credit score. But I'm paying off the dental loan in half the time, so I expect my score to go up a fair amount later this year. It is what it is. Not interested in having more cards, already bought and am paying for my last car. Not going to buy a house, lol. 

 

But I know it's the two large debt-to-income-ratio loans that affect my credit at this point, not the small amounts I'm continually paying off. So I'm kinda...whatever 😜

 

 

Life without Mexican food is no life at all