South Huntsville Neighbors, June 2024
Steady for Life has a big announcement about classes at the Sandra Moon Complex. Huntsville's got a new City Administrator, John Hamilton - get to know him and what he's about in this month's issue. Pool Scouts of Huntsville helps you stay active with your family, and relax this summer with their tips for pool safety. IMP Huntsville is bringing us SpongeBob the Musical, and you can be there if you read more to find out how! This summer is bound to be packed with lots of excitement, stay healthy out there with tips from some of our contributors!
Steady for Life has a big announcement about classes at the Sandra Moon Complex. Huntsville's got a new City Administrator, John Hamilton - get to know him and what he's about in this month's issue. Pool Scouts of Huntsville helps you stay active with your family, and relax this summer with their tips for pool safety. IMP Huntsville is bringing us SpongeBob the Musical, and you can be there if you read more to find out how! This summer is bound to be packed with lots of excitement, stay healthy out there with tips from some of our contributors!
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How Credit Scores Affect Your Insurance Rates
By C. Knighten, Founder Sozo Digital Media, LLC
Have you ever wondered ‘why’ your neighbor
two doors down is paying less for their homeowners’
insurance when your homes have similar
square footage and features? It has a great
deal to do with your FICO Score.
Yes, we know - you never imagined that your bankruptcy from 5
years ago could still be haunting you. Sadly, collections can stay on
your credit for up to 7 years or whenever the statute of limitations
runs out. As for a bankruptcy, it can hang over your head for a total
of 10 years. No matter the circumstances that created these issues
your credit and especially bad credit can cost you a bundle during
your lifetime!
What do companies look at when reviewing your
Credit Score:
• Your payment history in 昀氀 uences 35% of your score.
• Another 30% is affected by the amount you owe.
• Time span of your oldest account.
• Your Credit Mix, auto loan, mortgage and credit cards.
• Frequency and number of hard credit inquiries and new accounts
opened.
How to Boost your Credit Score:
• Consistent, on-time payments.
• Keep your CUR (Credit Utilization Rate) below 30%.
• Having a long credit history shares your spending behavior.
• Review your credit report on Equifax, Transunion and Experian.
• Pay down high balances on your cards.
Overall, while your credit score is a key factor that insurance companies
consider, they also focus on their own version, known as the
credit-based insurance score!
This exists to help them determine how likely you are to 昀椀 le a claim.
If you have a higher "insurance score", then insures view you as a
“low risk’ which can lead to lower premiums. However, if they see
a "low insurance score", then you are more likely to 昀椀 le a claim and
thus, will have higher premiums for comparable insurance coverage.
Additionally, age and gender also have their own effect on your insurance
rates. Teenagers and younger adults are subject to higher
rates which is commensurate with their lack of driving experience.
Males under the age of 25 will have even higher rates as they are
ranked as a "high risk" statistically as they are often involved in car
accidents and considered not as responsible as older males.
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