Car insurance

Link between Car insurance and department store cards

I was watching the Suze Orman show the other night and she said that when you get insurance and they score you on the “insurance risk” model, if you have a department store card with a balance over 50% of your limit, it will increase your premium by 20-30%.

I couldn’t find anything online to support that statement (yet), but I thought I would share with the group. I do recall my insurance being VERY high when I had a lot of credit cards, and then when I consolidated them, my insurance dropped dramatically at the next renewal.