A common question nowadays is "Can my insurance company jack up my insurance rates because my credit score has gone down even though I have never been late on any premium payment?" The answer is: "Yes, your insurance company can and they will!" It is a new trend in the insurance industry to base premiums on credit scores. It is just not getting credit that is affected by credit scores it's insurance too.
Find out more about the insurance industry and your credit scores in Liz Pulliam Weston's book Your Credit Score: How to Fix, Improve, and Protect the 3-Digit Number that Shapes Your Financial Future. This book covers a lot of material about credit scores including: recovering from a credit crisis like bankruptcy or foreclosure, how closing credit accounts impacts credit scores, the new credit scoring systems now coming onto the credit bureau scene, being careful about paying off older debt as it might actually hurt your credit scores, and other important topics.
This book also provides tips and strategies for establishing and building credit, maintaining good credit and scores, and also how to raise credit scores. These are very important topics for first time home buyers if your credit scores are a little low for qualifying for a competitive conventional mortgage or FHA mortgage.
Here are the specific chapters of her book:
- Why My Credit Score Matters
- How Credit Scoring Works
- VantageScore–A Revolution or Just More of the Same?
- Improving Your Score–The Right Way
- Credit Scoring Myths
- Coping with a Credit Crisis
- Rebuilding Your Score After a Credit Disaster
- Identity Theft and Your Credit
- Emergency! Fixing Your Credit Score Fast
- Insurance and Your Credit Score
- Keeping Your Score Healthy
If you have any reason to protect your credit or your bank account - most of us do - then this book is right up your alley. Use this book to save money by improving your credit scores to get better interest rates and terms on your car and home loans. You will also improve the type of credit cards and other credit accounts that you can get by improving your credit scores. Do not get caught worrying about your credit scores when you need to, get interested now before it's too late. It is time to get this book!
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