WalletHub now offering free Auto Insurance Scores ( CBIS )

Credit Karma used to have this and discontinued it a few years ago. This is also known as a Credit Based Insurance Score, or CBIS. I got this in email. EDIT: My CBIS score is 863. My TransUnion VS3 score is currently 768, and my entire credit file is 4 years and 6 months old. ( It's located under OFFERS next to the DASHBOARD menu selection at the top. )

Cassie wrote: ↑Wed Jun 22, 2022 6:50 pm Credit Karma used to have this and discontinued it a few years ago. This is also known as a Credit Based Insurance Score, or CBIS. I got this in email. wallethub-auto_insurance_scores-cbis.png EDIT: My CBIS score is 863. My TransUnion VS3 score is currently 768, and my entire credit file is 4 years and 6 months old. ( It's located under OFFERS next to the DASHBOARD menu selection at the top. ) wallethub-my-cbis-06_22_2022.png

Thanks for that info. I was looking for Credit Karma's a few weeks back and was disappointed it was gone. Mine is 804 and my TU VS3 is 810.

I remember recording this score from Credit Karma shortly after getting my first 2 cards ever: AoOA: 1 yr 4 mo (age of credit file as well) AAoA: 8 mo AoYA: 4 mo 2 cards, both 4 months old, and a closed credit builder loan on file. 3 accounts total with a total revolving credit limit of $8,500. TU VS3: 730. Auto Credit Score: 820

Cassie wrote: ↑Wed Jun 22, 2022 6:50 pm EDIT: My CBIS score is 863. My TransUnion VS3 score is currently 768, and my entire credit file is 4 years and 6 months old.

Very interesting that your CBIS is nearly 100 points higher. My TU VS3 is currently 829 and my CBIS is only 851. So with a VS3 of 61 points higher my CBIS is 12 points lower compared to your numbers. So much for a direct correlation! I'd like to know what sort of factors go into CBIS scores.

BrutalBodyShots wrote: ↑Wed Jun 22, 2022 11:43 pm

Cassie wrote: ↑Wed Jun 22, 2022 6:50 pm EDIT: My CBIS score is 863. My TransUnion VS3 score is currently 768, and my entire credit file is 4 years and 6 months old.

Very interesting that your CBIS is nearly 100 points higher. My TU VS3 is currently 829 and my CBIS is only 851. So with a VS3 of 61 points higher my CBIS is 12 points lower compared to your numbers. So much for a direct correlation! I'd like to know what sort of factors go into CBIS scores.

CBIS hates inquiries apparently. Thomas_Thumb at MF lost a whopping THIRTY-THREE points for a single inquiry on BOTH auto and home! Here are a list of factors he posted too.

Do we know if CBIS scores inquiries for a full 2 years unlike them becoming unscorable after 365 days with Fico?

BrutalBodyShots wrote: ↑Thu Jun 23, 2022 12:00 am Do we know if CBIS scores inquiries for a full 2 years unlike them becoming unscorable after 365 days with Fico?

Looks like the full 24 months. "Not sure how TU CBIS treats inquiries other than factoring in the age of the most recent HP under 24 months age and looking at QTY of bankcard applications in the last 12 months and 24 months." Here's the thread if you want to read it. I'm still perusing it and just so happened to be RIGHT at the reply that talked about that when I got the email alert. https://ficoforums.myfico.com/t5/Genera ... p/5262099/

Man, that's a big scoring impact for a long time for what is generally perceived as a quite insignificant profile change.

Yeah these scores are not friendly at all. They put EX2 to shame.

BrutalBodyShots wrote: ↑Thu Jun 23, 2022 12:00 am Do we know if CBIS scores inquiries for a full 2 years unlike them becoming unscorable after 365 days with Fico?

Up to 25 months for inquiries and 42 months for Most Recent Account opening. ( See the list posted above by @Saeren for 'optimum values'. ) Also, this score tracks intervals prior to 25 months, such as "Time Since Most Recent Consumer Initiated Inquiry is 1 to 4 Months' and 'Time Since Most Recent Consumer Initiated Inquiry is 5 to 11 Months', and there's more. The exact number of inquiries is also tracked with a number of different reasons for 1 through 14 inquiries. @Have1 found a huge list of reason codes for these scores and pulled them out of a PDF file. I converted them to a rough draft webpage here: insurance-industry-reason-codes.php It's a very long list, and looks like a superset of what Thomas_Thumb posted. Thomas_Thumb was/is the king of CBIS tracking at MF, so Google searches should always include +thomas_thumb and +cbis. (And site:ficoforums.myfico.com to get results from only MF.) According to these reason codes, I have 'optimum values' for most recent inquiry (28 months), number of inquiries 25 months or less on file (0 everywhere), average credit limit ($11,500, they say optimal is above $7,500 [EDIT: $10,532], and track several other thresholds as well). Also...you guys are getting dinged a bit [edit: on insurance premiums, not this score] for the M on your drivers license, because boys+cars are dangerous in general! LOL https://en.wikipedia.org/wiki/Riding_in_Cars_with_Boys

CBIS really gives me anger. This article https://www.experian.com/blogs/ask-expe ... it-scores/ by Experian says CBIS are not available to consumers. Why is that? Other credit scores are. I really think they should be illegal; they discriminate against men and people of lower income if what @Cassie is saying is true.

Credible wrote: ↑Thu Jun 23, 2022 1:59 pm CBIS really gives me anger. This article https://www.experian.com/blogs/ask-expe ... it-scores/ by Experian says CBIS are not available to consumers. Why is that? Other credit scores are. I really think they should be illegal; they discriminate against men and people of lower income if what @Cassie is saying is true.

It's really just the rates where they discriminate, and not in all states - some, like California and Michigan have banned the use of gender in determining auto insurance rates. This score doesn't take that factor into account. My fault - should have mentioned the ding to insurance premiums. "It’s important to note that no one piece of information will determine your ultimate credit-based insurance score. Also, your score doesn’t consider your race, gender, age, income, nationality, religious affiliation, disability or marital status, as this is prohibited by law."

Credit limits influence insurance scores, and credit limits are strongly influenced by income level. Discrimination with rates is also a terrible thing to do. If any of those factors are not used in credit scores, they should not be used to calculate insurance rates.

Credible wrote: ↑Thu Jun 23, 2022 5:26 pm Credit limits influence insurance scores, and credit limits are strongly influenced by income level.

A very good point.

I agree with that overall point, but do think it can be manipulated rather easily. Someone with a lower income that presses limits can easily have an ACL in excess of someone with a higher income that doesn't.

BrutalBodyShots wrote: ↑Thu Jun 23, 2022 8:37 pm I agree with that overall point, but do think it can be manipulated rather easily. Someone with a lower income that presses limits can easily have an ACL in excess of someone with a higher income that doesn't.

The reason codes from @Have1 's list are in order, but the individual threshold/intervals don't always line up that way. So, I overlooked this one in the middle of the other listed ranges. This is the highest range tracked, so anything above $10,532 won't generate a code for this factor: (I'm pretty sure Thomas_Thumb mentioned that $10.5K number a gazillion times.) Average Credit Line on Bank Revolving Accounts is $7,920 to $10,532 What information is this message derived from? The score considers the average credit line for open bank revolving accounts. This is done by summing the credit lines for all open bank revolving accounts and dividing by the number of bank revolving accounts on file. A bank revolving account is one such as a Visa, MasterCard, etc. How does this affect my insurance risk score? Insurance industry research shows that consumers with higher credit lines on their bank revolving accounts have fewer insurance losses. What can I do to improve this aspect of my score? As your bank revolving accounts age your credit card issuer may consider raising your credit line.