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Part 3: Answers to your credit, debt questions Atlanta Journal Constitution (blog)

05.05.10

Here is Part 3 of the answers to your credit questions, provided by Consumer Credit Counseling Service of Greater Atlanta.

Please return Thursday for the next installment. Thanks.

Q: Auto and home insurance companies use an applicant’s credit score to determine the premium that will be charged for that particular applicant. If I have no outstanding loans (other than a home mortgage) and do not use credit cards, my credit score drops, even though I’m in good financial shape. Lower credit scores = higher premiums, meaning that I get punished for NOT being in debt! How can I live debt-free and still not get ripped-off by insurers?

A: The reality is that credit scores reward people who use credit. While a debt-free lifestyle is commendable, credit ratings depend on people to participate in the system to calculate a score. You can do this by putting a small purchase on a credit card each month and pay the full balance when you get the statement.

Source:

cheap auto insurance atlantal - News

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