Morrow insurance a Brevard NC local agent was kind enough to send me this month's tip. Interesting that they check your credit score and interesting the finidings.
Tip of the month for November 2009: I recently read that you should never go beyond 30% of your credit card's limit each month, even if you pay it off each month, it hurts your credit score. Check and see what your credit card limit is and make sure you don't go over the 30%. If the card has a low limit, you can request that they increase it for this reason.
I sometimes get comments from customers who question their insurance score (which is based on one's credit and affects their insurance premium), even though they pay off their cards every month and are never late, etc. This may be one reason their insurance score is not as high as it should be.
As I have mentioned before, an insurance score is not the same as a credit score that a bank uses. An insurance score is not as in depth and does not show as a hit on a person's credit account. Some other factors that influence an insurance credit score are: bankruptcies, number of credit cards and/or credit card applications made (don't apply for the credit card in the store just to receive the discount off your purchase), net worth, and liquid assets available.
Thank you, Priscilla Tinsley, CISR
Morrow Insurance Agency, Inc