Jul
22nd
Filed under Auto Insurance Discounts Dallas |
Posted by admin
axillon asked:
Im just starting to build my credit history here in the US..
Im about to get an auto insurance and planning to pay 6 months in full to avail of a discount.
But I also want to build my credit history thru this.. Does paying in full add me credit score?
Or do I need to make monthly installments to help build my credit history?
By Johnny G on Jul 26, 2009 | Reply
It will have no affect on your credit report. Insurance companies are not credit reporting agencies. In order to establish credit, apply for a credit card or a car loan.
By carmas530 on Jul 29, 2009 | Reply
No Insurance does not help you build your credit up as far as getting credit cards in the future it helps build your credit towards different insurance company’s that may look at who was your other insurance company and how you paid them. Only way to build your credit is get a VISA, MASTERCARD,DISCOVER,AMERICAN EXPRESS, credit card. Or if you have student loans, or get an auto loan, or a house.
By Studly on Aug 1, 2009 | Reply
Your insurance payments are not considered a loan and are not reported to credit reporting agencies. Paying the insurance premium in full will have no effect at all on your credit.
What you could do is get a credit card and pay the premiums monthly. See if you can get insurance that does not charge you a fee for monthly payments. That way you will not incur any monthly fees or interest, and you will be starting a new account (credit card) for purposes of establishing a credit history.
By Amanda H on Aug 3, 2009 | Reply
Neither will build your credit. Utilities and insurances are not shown on credit reports. Neither is rental history.
You have to have loans or credit cards for your credit report.