Judging from your question I presume you are Canadian, and although this situation might occur in other Countries, I will answer it as a Canadian.
In Canada, automobile insurance companies can use anyreason, or no reason at all, to increase your insurance premiums; there are no regulations regarding the stories these businesses can fabricate to justify the increase, even though the "justification" sometimes contradicts their own published literature. In Canada, automobile insurers are given carte blanche to rob anyone they choose - and each insurer seems to choose a different victim.
You, of course, can, and should, shop your insurance with the greatest of diligence.
yes your credit score goes down everytime you apply
Actually, it does. It uses the available credit you have so when that goes down the credit score does too.
credit score is not based on age but how you handle your credit....handling your credit well and your score goes up.....handle your credit bad, as in having a lot of debt and not paying on time brings your score down.
It is a mediocre score. As a side note: every time you check your credit, your credit rating goes down. Yes, any score under 600 is considered "bad".
typically, a credit score will go DOWN a little when you get a loan or have any inquiries on your personal credit information. The credit score usually goes up after there are reports that you have made timely payments on a loan and after you have some assets that are of real value.
Typically a credit inquiry lowers your score by 3-4 points. However, if you apply too frequently you might be perceived as being desperate, resulting in an even larger impact on your score...
Opening three lines of credit will drop your score because it increases your perceived risk. It is impossible for risk managers to immediately assess how you will perform with the new credit availability so your risk goes up and your credit score goes down. It takes a long time to build a good score. I suggest you make sure you're keeping all of your REPORTED bills paid on time. Pay down balances as far as you can to keep your debt to income ratio in the low risk category and your score will start to improve. The algorythm that FICO uses to calculate your credit score is extremely complex. Take good care of the credit you have now and remember your debt to income ratio. That is HUGE.
When a derogatory item is removed from your credit report, them yes, your score increases. If you have a credit account with no derogatory items (late payments) and you close it, then your score is likely to decrease.
A credit score of 450 is not good at all. It is considered very high risk and you will not be able to recieve a credit line until your score goes up.
your bill payment history, the number of accounts you have and what kind, how long you have had your accounts open, and your recent credit activity.
I know it sounds a little goofy but, your credit score is based on your credit history. Once you pay something off your credit history is completed for that particular account so your score drops a little. Having said that, I certainly don't recommend that you keep a lot of bills open just to keep your credit score high. A credit card where you maintain a small balance with most of the credit line available and paying your utilility, phone and rent or house payment on time or a little early will keep your credit score pretty healthy.
Your credit score reflects how well you repay debt. So all accounts which are not extensions of credit are not reported to your credit report. Also, personal information such as: - Race - Gender - Income - Address