Originally posted by backtoschool
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Court Weighs Use Of Credit Scores
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Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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Originally posted by justbroke View PostWho me? I guess it's the implication of "age" that came with that reference. Not that I'm young and I do remember the hula, although I never engaged in such activity. I was a Pogo Stick kinda guy. LOL
I did have a really cool purple Big-Wheel though....You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under
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I am from Michigan. I had Michigan Ins. Co. After my bankruptcy they jacked up my home owners insurance( I had bad siding) I am talking jacking it up by more than double. My insurance was in escrow. I never made any claims on them except for a windshield (auto).
Liberty Mutual is my new carrier. They were also cheaper than my old insurance and cover more. Again, I got them post bankruptcy( 3-4 months). This includes full coverage on two vehicles and a home.
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Originally posted by Mi Bankruptcy View PostI am from Michigan. I had Michigan Ins. Co. After my bankruptcy they jacked up my home owners insurance( I had bad siding) I am talking jacking it up by more than double. My insurance was in escrow. I never made any claims on them except for a windshield (auto).
Liberty Mutual is my new carrier. They were also cheaper than my old insurance and cover more. Again, I got them post bankruptcy( 3-4 months). This includes full coverage on two vehicles and a home.CH7 Filed 2/26/2009 (no asset)
341 Meeting 4/7/2009
Discharged 7/10/2009
Closed 7/28/2009
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Originally posted by nc73 View PostIt's statistics. People with lower credit scores tend to claim more often. At least that's how the insurance companies see it. It makes sense. Hell if I couldn't afford to fix something myself I'd file a claim. Alot of people with bad credit can't afford anything. It's a fact of life. Yeah it sucks but insurance companies have every right to especially if we give them the ok.
I know many who are well off that have totaled multiple cars, yet because their score is good, they still receive great lower rates. Whereas, knock on wood, I am yet to have one single claim. Yet I pay 300% more.My comments are solely based on my opinion. The information and links that I have
posted are provided solely for informational purposes, and do not constitute legal advice
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Originally posted by justbroke View PostThe problem is how do you create a model (and pool) which represents collections of insureds which is accurate and not punitive?
Honestly, I think that, especially in the case of auto insurance, people with better credit and higher incomes are more likely to file because they aren't scared of having to pay the higher rates and they own pricier property. The poor people are more likely to go 'ah, it's just a ding', shake hands and walk away because they can more easily afford the repairs (or just not repair anything) than higher premiums.
The economy is so bad that we will likely see the almighty credit score vanish as a determinator in business decisions as millions of sharp, skilled individuals go through layoffs and incur resulting financial difficulty. Credit cards may (and should) just vanish altogether, removing artificial demand and driving down prices. We have seen how horrible this credit monster has affected our economy, so why should we be expanding its presence rather than contracting it?Filed Joint, No Asset, > $100,000 Unsecured Ch.7 6/7/13 ~~ 341 Meeting 7/15/13 ~~ Discharged 9/16/13 !!
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Oh, and just so everyone doesn't get too worked up about this (other than politically), I popped open the phone book and found tons of "No Credit Check" insurance companies. My dad hasn't seen a rate increase and his credit has been rock bottom for years.
I'll apply the same theory as the chain letter e-mail about banning the big guys. If enough people with bad credit switch away from major carriers who discriminate based on credit, companies will loosen the standards to keep from losing their customers.Filed Joint, No Asset, > $100,000 Unsecured Ch.7 6/7/13 ~~ 341 Meeting 7/15/13 ~~ Discharged 9/16/13 !!
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Originally posted by Pizza View PostClaims history is the best model for insurance decisions just like work history is the best model for employment decisions. Credit history is the best model for getting credit. Why mix them up, other than as punishment for something that does not make any difference (and shouldn't be any of their business)?
Post bankruptcy, there is no justification for the cost considering that most people end up debt free. Considering we just discharged a large sum of money, a utility asking for a deposit is one thing but a bk does not affect our driving in anyway.
To the contrary of the insurance companies stance, since we are debt free, our minds are totally clear and we are much less likely to cause an accident or even try to scam the insurance.Last edited by shabam; 10-09-2009, 08:10 PM.My comments are solely based on my opinion. The information and links that I have
posted are provided solely for informational purposes, and do not constitute legal advice
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What folks need to be aware of as to credit insurance profiling is whether or not the state in which you reside allows the practice to occur. Insurance companies are out to make a buck and will raise rates based on your credit score and hope you will not check that out or not send back the usual form in the packet of informatoin sent to you to have your credit reviewed for a lower rate. Someone in the throws of BK may not want to contact their insurer due to the BK on their records thinking it doesn't matter. If your state does not allow insurance credit profiling and your rates suddently go up a big percentage a year and you had no accidents or claims, call your state Department of Insurance and ask if the practice is allowed in your state. Many states have banned the practice so an insurance company doing business is that state is not allowed to profile your credit. Educate yourself and be aware..._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"
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Raising them as high as 50% based on credit is unlikely to go unnoticed, and isn't particularly wise if the insured start running like hell to anyone that can offer a cheaper rate. Since credit-risk profiling is not a good model, they are just costing themselves customers by trying to gouge them.Filed Joint, No Asset, > $100,000 Unsecured Ch.7 6/7/13 ~~ 341 Meeting 7/15/13 ~~ Discharged 9/16/13 !!
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Okay, so I have never bounced a check and never been late and never filed a BK before and I am almost 60. But this year because of the recession and Illness of hubby, suddenly I am a crazed driver? Purely stupid thinking. If it has had any effect on my driving it is to drive my cars for longer, so maybe dealerships should be able to sue me for not buying as often too? Just one more game insurance uses to stick it to you. This makes as much sense as increasing penalties and interest rates on someone who has lost a job or has an illness.... IT makes it so you run out of money faster .. geesh, do this people really have college degrees at the top?
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Good Post, and a Common Story
Originally posted by momisery View PostOkay, so I have never bounced a check and never been late and never filed a BK before and I am almost 60. But this year because of the recession and Illness of hubby, suddenly I am a crazed driver? Purely stupid thinking. If it has had any effect on my driving it is to drive my cars for longer, so maybe dealerships should be able to sue me for not buying as often too? Just one more game insurance uses to stick it to you. This makes as much sense as increasing penalties and interest rates on someone who has lost a job or has an illness.... IT makes it so you run out of money faster .. geesh, do this people really have college degrees at the top?
Michigan has suffered so deeply that they found the initiative to do something about it; for them it's a new disease to add to their pandemic. I hope other states get the picture and soon. Don't fret too much, though. Insurance companies are a dime a dozen; competition will hurt them if they take this too far.Filed Joint, No Asset, > $100,000 Unsecured Ch.7 6/7/13 ~~ 341 Meeting 7/15/13 ~~ Discharged 9/16/13 !!
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