MyMommy asked:
ok i just turned 18, recently got my own car insurance. I would like to know, if your auto insurance would bring up your credit score or seeing that I have no credit, add to it? I know that some companies are checking credit before giving a quote, but i dont know if it would in any way help your credit.
ok i just turned 18, recently got my own car insurance. I would like to know, if your auto insurance would bring up your credit score or seeing that I have no credit, add to it? I know that some companies are checking credit before giving a quote, but i dont know if it would in any way help your credit.
Thanks
Consolidating Debts
Tags: Car Insurance, Insurance, Quote
4 responses to Will paying your auto insurance in a timely manner bring up your credit score?
Mortgage Finder
No. They don’t report it to the credit bureaus.
They check your credit because there’s a correlation between good credit and good drivers / bad credit and bad drivers. Bad credit=irresponsiblity
Instant Auto Insurance Quote
While it’s a good idea to pay all your bills in a timely manner, things like your insurance, rent, utilities, etc don’t report timely payment to the credit bureaus and don’t impact your credit score.
Credit Report
No things like car insurance, rent, utilities, cell phones and gym memberships do not report to the credit bureaus unless you do not pay them.
The reason is they are not considered loans.
Student Loan Refinancing
Insurers do not report to credit bureaus because they are not lenders. If you don’t pay your premiums, they will just cancel your policy.
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