I applied for and received a Wells Fargo Active Cash credit card with $20k limit right after we purchase our new-to-us house. Purchases made in the first 15 months are interest free (as long as monthly minimum due is paid). The card begins charging interest in September 2025.
I've loaded the card to ~$19k for various renovations and purchases. We can easily pay off this amount without touching our 1-yr emergency fund, but thus far I choose not to, in order to earn ~3% annualized after-tax interest.
Needless to say, my credit scores have taken a beating (dropped ~75-80 points, with the lowest at ~720 and highest ~770). These scores are not provided by the bureaus themselves but are the ones provided by various credit cards, some using TransUnion data and others using Experian data. For almost all other credit cards (store cards and Amazon Card excepted, as balances on those are infrequent and usually low), I pay off the respective full balances a day or two before the respective statements are generated. For all my cards other than the WF Active Cash card, balances are fully paid off by payment due date, and my credit reports indicate that I generally carry a revolving balance of ~$350.
I have read that credit scores play a role in determining insurance premiums, which for us is currently ~$1,700/yr for property, ~$675/yr for a single vehicle, and ~$425/yr for umbrella. I think we get our renewal paperwork ~2 months prior to annual due date, which would be March 2025 for vehicle and umbrella, and April 2025 for property.
The actionable questions as follows, all having to do ensuring minimal increase in insurance premium. When should I expect credit score associated with premium determination be pulled (pretty sure these are soft pulls)? How low should the balance owed be? How high should the lowest credit score be?
As an aside, I did some rate shopping for my mortgage, and three lenders did hard pulls on my credit (within 3 days). I'm under the impression that these pulls should all appear as a single inquiry, but this hasn't quite been the case. It seem like for the various scores obtained from my credit cards, the underlying info for recent hard inquiries is either 3 or 4 when it comes to the mortgage application (as opposed to 1). Is this normal, and could I do something about it?
Many thanks in advance
I've loaded the card to ~$19k for various renovations and purchases. We can easily pay off this amount without touching our 1-yr emergency fund, but thus far I choose not to, in order to earn ~3% annualized after-tax interest.
Needless to say, my credit scores have taken a beating (dropped ~75-80 points, with the lowest at ~720 and highest ~770). These scores are not provided by the bureaus themselves but are the ones provided by various credit cards, some using TransUnion data and others using Experian data. For almost all other credit cards (store cards and Amazon Card excepted, as balances on those are infrequent and usually low), I pay off the respective full balances a day or two before the respective statements are generated. For all my cards other than the WF Active Cash card, balances are fully paid off by payment due date, and my credit reports indicate that I generally carry a revolving balance of ~$350.
I have read that credit scores play a role in determining insurance premiums, which for us is currently ~$1,700/yr for property, ~$675/yr for a single vehicle, and ~$425/yr for umbrella. I think we get our renewal paperwork ~2 months prior to annual due date, which would be March 2025 for vehicle and umbrella, and April 2025 for property.
The actionable questions as follows, all having to do ensuring minimal increase in insurance premium. When should I expect credit score associated with premium determination be pulled (pretty sure these are soft pulls)? How low should the balance owed be? How high should the lowest credit score be?
As an aside, I did some rate shopping for my mortgage, and three lenders did hard pulls on my credit (within 3 days). I'm under the impression that these pulls should all appear as a single inquiry, but this hasn't quite been the case. It seem like for the various scores obtained from my credit cards, the underlying info for recent hard inquiries is either 3 or 4 when it comes to the mortgage application (as opposed to 1). Is this normal, and could I do something about it?
Many thanks in advance
Statistics: Posted by InvisibleAerobar — Thu Aug 15, 2024 10:18 am — Replies 0 — Views 66