How your FICO Score can help you save money on Rhode Island Insurance

August 14, 2011

Did you know that nearly all your financial services including your RI Home and Auto Insurance may be affected by your FICO Score?  By now most people are familiar with the term FICO Score.  This is essentially a number between 300 and 850 based on your financial history as it is reported by each of the three credit bureaus: Experian, TransUnion, and Equifax. The higher your score the lower your risk is to creditors. While the median score is 725, the best rates from banks are generally reserved for those with a Credit score over 760. 

A good FICO Score is not only essential to get a loan or a credit card but your score may also affect the rate your bank provides you for those items. Knowing your FICO score is important and understanding what it is based on and how to improve it is the subject of this article from the October, 2011 Family Circle Magazine: The Real Secret to Saving 

Want to know your Credit Score?  There’s no true way to get a free FICO credit score, the bureaus aren’t in the business of giving that information away, but they will give you your score if you sign up for one of their credit related services. Fortunately, they offer trials so you can sign up for a program, see your score, and then cancel the trial.  

You can and should get your Credit Report which can be obtained for free from each of the reporting bureaus at Your credit report includes a list of the accounts that are affecting and may be hurting your credit score. Get a copy of your credit report to find out which accounts need work and which are just fine. Then use the information from The Real Secret to Saving to improve your score and see the results in three to six months.   Before you get any loans you should be checking your credit report to make sure there is no negative information that could then affect your ability to get the loan or a good rate for the loan. 

 Because credit scoring may also affect the price you pay for insurance John Andrade Insurance Agency wants you to understand your score and know how to improve it so you can get the best rates possible for all your financial needs.