How Much Good Credit Can Save You

The Basics

What Your State Requires

Credit Matters

Content for Seniors

Common Questions

Key Terms

How Much Your Credit History Can Cost You or Save You

Find out how much money you can save or how much more you have to pay based on your credit history.

		Jackie and Keith Smith live in Chicago. Keith is 29 and works in a bank. Jackie is a 27-year-old policewoman. The Smiths want auto insurance for their 2000 Dodge Intrepid. They also want $50,000 dollars worth of renter’s insurance, with $100,000 liability. Find out how the Smiths’ credit record affects how much they pay for insurance.

		Becky Miller lives in Portland, Oregon. She’s a 23-year-old single mom with a 5-year-old daughter. She recently started working as a dental assistant. Becky needs auto insurance for her 1992 Honda Civic. She also wants $10,000 worth of renter’s insurance to protect her possessions in case of fire. Find out how Becky’s credit record affects how much she pays for insurance.

		Carlos and Magda Portillo live in Los Angeles. They’re both in their late 30s and have two teenage sons. Carlos works for the city government. Magda works part-time in a store. Carlos and Magda want cheaper auto insurance for their minivan and cheaper homeowner’s insurance. Find out how the Portillo’s credit record affects how much they pay for insurance.

		Claudia Villablanca is 30 years old and lives in Miami. She recently immigrated to America from Nicaragua. She works as a waitress. Claudia needs auto insurance for her 1993 Chrysler Sebring. She’s also moving to a bigger apartment and wants renter’s insurance. Find out how Claudia’s credit record affects how much she pays for insurance.

		Ken and Lucille Chao are in their 50s and live in San Francisco. They have two grown children. Ken retired recently. Lucille works as an executive assistant. The Chaos are selling one of their cars and keeping their 1998 Saturn. They want to save money on their homeowner’s insurance. Find out how the Chao’s credit record affects how much they pay for insurance.

		Clarence Robinson is 26 and lives in Brooklyn. He works on Wall Street and has started saving and investing his money. He recently bought a brand-new Acura Legend and wants to buy a home. Clarence needs auto and home insurance. Find out how Clarence’s credit record affects how much he pays for insurance.

If you have a good credit rating, you could save as much as 40% on auto insurance and 40% on home insurance. If you have bad credit, you could pay as much as 40% more for auto insurance and 50% more for home insurance!