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Old Jul 20, 06, 12:35 am   #16
 
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How come everyone seems to churn 5 Chase and 3 Citi cards (UA, AA) but only have one Amex HH, one Amex Delta and one Starwood Amex?
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Old Jul 20, 06, 12:41 am   #17
 
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because you only get the bonus one time for the last 3 cards you mentioned, whereas the former cards give repetitive bonuses
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Old Jul 20, 06, 7:35 pm   #18
 
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Quote:
Originally Posted by pevo
because you only get the bonus one time for the last 3 cards you mentioned, whereas the former cards give repetitive bonuses
You forgot to say: "sadly"
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Old Aug 11, 06, 1:52 pm   #19
 
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Citi AA Amex

Has anyone have success churning Citi AA Amex cards?
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Old Aug 9, 07, 4:27 pm   #20
 
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So IS there anyone out there who HAS had an issue with insurance rates going up b/c of churning?

I have a friend who, against my advice applied for an amex gold card, amex delta, and spg, along with 2 or three cards in a relatively short period of time. He said his auto insurance went up $30 dollars a month. This may have to do partially with the fact that it was a lot of app's in a VERY short period of time, and that the only longstanding account on his report was a cc that he'd had for about 2 years. He may have had a loan too...

anyway... YMMV.
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Old Aug 9, 07, 4:53 pm   #21
 
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Quote:
Originally Posted by devriesryan04 View Post
So IS there anyone out there who HAS had an issue with insurance rates going up b/c of churning?

I have a friend who, against my advice applied for an amex gold card, amex delta, and spg, along with 2 or three cards in a relatively short period of time. He said his auto insurance went up $30 dollars a month. This may have to do partially with the fact that it was a lot of app's in a VERY short period of time, and that the only longstanding account on his report was a cc that he'd had for about 2 years. He may have had a loan too...

anyway... YMMV.
Thankfully I live in hawaii and according to previous posts, that would be illegal here. So my answer is no. About to get my annual ins refund check. My question on that is, how would the ins company know once you're a customer? Do they pull your report regularly? How can they do without your permission and wouldn't that be a hard pull? I wouldn't think they'd be able to do softpulls as is done for CC solicitations, etc. Are you/your friend sure there isn't some other reason the insurance went up? Rate change, market conditions, etc? I could see it going up if you were jumping around ins companies.
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Old Aug 9, 07, 5:08 pm   #22
 
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All this hard pulls/soft pulls/ score dropped by 8 pts is utter BS. m I have found that if one has a good realtioship with their banker at a bank and uses that bank to do a home loan, then you should have no worries.

For example: I am a Premier banking customer with BofA and I all I need for the mortgage on my new house is:

700 and the loan has to be with BofA (which is offering the NO FEE PLUS) and my banker will take care of everything else because he knows me personally and knows that chance of me defaulting are 0%
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Old Aug 9, 07, 7:12 pm   #23
 
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Originally Posted by anaggie View Post
All this hard pulls/soft pulls/ score dropped by 8 pts is utter BS. m I have found that if one has a good realtioship with their banker at a bank and uses that bank to do a home loan, then you should have no worries.

For example: I am a Premier banking customer with BofA and I all I need for the mortgage on my new house is:

700 and the loan has to be with BofA (which is offering the NO FEE PLUS) and my banker will take care of everything else because he knows me personally and knows that chance of me defaulting are 0%
Utter BS? Just because you have a personal relationship with a banker does not mean everyone does. It's quite clear that inquiries affect credit scores and that can affect different people based on their varying financial situations. Personally I'm not worried about my score, I was mentioning it in relation to the previous posters request(which is what resurrected the thread) on how this can affect one's insurance rates. Do you have any insight for devriesryan04 on that issue?
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Old Aug 9, 07, 8:20 pm   #24
 
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As mentioned above, it depends on the state. Some states prohibit the use of credit reports and scores for insurance purposes--among other reasons because it appears that there was an effort by at least some companies to use the reports and scores to avoid serving ethnic groups they disfavored.

Among those states are California, and, I believe, Maryland, Texas and New York. There are many others.

Last edited by biggestbopper; Aug 9, 07 at 8:27 pm.
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Old Aug 9, 07, 11:51 pm   #25
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Supreme Court has sided with insurance companies - they dont have to inform their customers when they pull their customers' credit reports UNLESS it results to a higher premium.

Insurance companies claim FICO and credit reports are factors they use in their proprietary models. However, they also claim it is highly co-related that a poor FICO and possible insurance fraud related to filing claims.

I am too lazy to google - the case was decided not too long ago, insurance companies won.
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Old Aug 10, 07, 12:48 am   #26
 
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Well, of course this Supreme Court sided with the insurance companies.

But the issue was not state law, but federal law. State law continues to control on using credit reports for insurance purposes. The Safeco v Burr case is about something else. See, for example,
http://pubcit.typepad.com/clpblog/20...e_court_d.html
http://www.californiacreditlaw.com/2..._fair_cre.html
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Old Aug 10, 07, 1:20 pm   #27
 
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Quote:
Originally Posted by Ripper3785 View Post
Utter BS? Just because you have a personal relationship with a banker does not mean everyone does. It's quite clear that inquiries affect credit scores and that can affect different people based on their varying financial situations. Personally I'm not worried about my score, I was mentioning it in relation to the previous posters request(which is what resurrected the thread) on how this can affect one's insurance rates. Do you have any insight for devriesryan04 on that issue?
Well, my score is not that high and I just renewed my car insurance. Upon renewal, my agent whom I again have a good relationship with, moved me over to another company which gave me an "ultra preferred" rating thus giving me higher coverages and lowered my biannual payment by $120.

I live in TX and do not know if it is illegal to use one score to determine rates. But I really do not think that credit scores weigh too heavily in a quote. When I added my wife toi my policy, she had zero credit history and my payment went down.....so the whole formula is so FUBAR that even a SUPER CRAY could not solve it.
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Old Aug 13, 07, 11:06 am   #28
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This is a more comprehensive view of the State Laws regarding this issue.

http://www.namic.org/reports/credith...editgovern.asp

Note as long as the consumer is getting "Credit Neutral" rate, it is considered "fair" - insurance companies do not need to give consumer the "Best available rate" which of course is better than the "credit neutral" rate.

California has prohibited the use of credit history.

http://www.ncsl.org/programs/insur/I...Scores2003.htm

The database is last updated in June 2006 so should be fairly accurate.

Texas actually allows the usage of credit score, but specifically prohibit the discrimination based on No, or very little credit history. (that is why anaggie's wife has no credit history does not hurt them.)

Quote:
Originally Posted by biggestbopper View Post
Well, of course this Supreme Court sided with the insurance companies.

But the issue was not state law, but federal law. State law continues to control on using credit reports for insurance purposes. The Safeco v Burr case is about something else. See, for example,
http://pubcit.typepad.com/clpblog/20...e_court_d.html
http://www.californiacreditlaw.com/2..._fair_cre.html

Last edited by Happy; Aug 13, 07 at 11:19 am.
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Old Aug 13, 07, 3:08 pm   #29
 
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I live in Michigan and my credit score is printed right on my bill, what is interesting is that it has not changed in the 5 years I have been with this company. I am assuming that they must have pulled on my inital application and then kept that score since. It is 780, so I wont mention it to them, although the last time Chase did a "free" check up for me they said it was 820.What was interesting was the home ins quote I got. I got a quote before closing on house, then went to get ins after closing and price had gone up $20...Ins agent said my credit score had gone down because of home debt....go figure!
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Old Oct 4, 07, 7:07 pm   #30
 
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I only churn for Interest Rates and only when one offer is close to expiration.
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