Get a free quote

s1717_get_a_quote_fb_ad

Whatever your regrets in life, your insurance shouldn’t be one of them. Contact me for a no regrets quote from Erie Insurance today. Personalized Get a Quote or call (317) 420-2867.

Add up the savings

Add up the savings
Do the math on ERIE’s multi-policy discount.

Get your quote HERE or call us at (317) 420-2867.

7 monthly bills affected by your credit rating

Brian Acton, Credit.com Published 4:02 p.m. ET June 1, 2017 | Updated 4:02 p.m. ET June 1, 2017

You probably know your monthly bills can impact your credit, as late payments or accounts in collections can land on your credit report and bring down your credit score. But are you aware your credit score can affect the payment amount on a number of your monthly bills?

Here are seven monthly bills with payments your credit score can determine.

1. Rent payments

When you apply for a lease, your landlord might request a background check that includes your credit report. They can’t run a background check without your permission, although refusing may prevent you from moving forward with the lease.

According to the Federal Trade Commission (FTC), the landlord can take adverse action if they find red flags in your credit report. This action could include denying your rental application or raising your rent higher than they would charge another applicant. The good news is they are legally required to give you written notice if they take adverse action, provide you the report they used (if you request it within 60 days) and give you the chance to dispute the information.

2. Credit cards

Consumers with good credit tend to qualify for much lower credit card interest rates than those with poor credit. Interest is applied to your credit card balance each month unless you pay it off in full within the monthly grace period. (You can go here to learn more about how credit card interest is calculated.) If you tend to carry a balance month to month, your poor credit could be costing you extra in interest.

3. Mortgages

Your mortgage payment is also directly affected by your credit. Mortgage lenders consider you a riskier borrower if you have a lower credit score. To hedge against that risk, they will charge you a higher interest rate.

4. Auto loans

Credit scores impact the interest rate lenders offer when you apply for an auto loan. While interest rates vary between lenders, having excellent credit generally results in lower interest and a lower monthly payment. Those 0% financing offers you see on car commercials usually require excellent credit.

Your credit score doesn’t generally affect federal loan payments, but if you plan on financing your education through private loans, lenders can use your credit score to determine your interest rate and fees. The worse your credit, the more interest you’ll pay on the loan.

6. Auto insurance

According to The Zebra’s State of Auto Insurance Report, there’s a correlation between credit and car insurance rates. On a national level, drivers with poor credit can pay more than twice as much as those with excellent credit for insurance. Some states have banned insurance providers from using credit scores to determine rates, but it’s a common practice in the states that allow it.

7. Homeowners insurance

Insurance companies use credit-based insurance scores to determine what you’ll pay for homeowners insurance. These scores are industry-specific and aren’t exactly the same as your credit score, but they use the information in your credit report to determine your score. The same negative marks that bring down your credit score can impact your insurance score, and affect your payment.

Given your credit’s affect on nearly every bill in your mailbox (among other things, of course), it’s important to regularly monitor your credit for errors (you can go here to learn how to dispute those), identity theft or legitimate negative items that are affecting your score. You can pull your credit reports for free each year at AnnualCreditReport.com and view your free credit report snapshot every month on Credit.com. You can generally improve your bad credit by paying down high credit card balances, shoring up accounts in delinquency and limiting new credit inquiries while your credit score rebounds.

More from Credit.com

This article originally appeared on Credit.com.

Brian Acton is a freelance writer and contributor at Credit.com. Several years ago, as he worked to pay down debt and purchase a home, Brian became interested in personal finance and credit. He has been covering these topics ever since. Brian has a BA in History from Salisbury University and an MBA from UMUC. He lives in Maryland with his wife and two dogs. More by Brian Acton

 Original Article

Seriously Good Car Insurance

Seriously Good Car Insurance

For Seriously Good Car Insurance visit: Scott Lynch Agency or call (317) 420-2867

Insurance Terms Made Easy: Subrogation

Watch this video to learn about Subrogation. For more information about insurance visit our website Scott Lynch Agency

Insurance Terms Made Easy: Subrogation

Insurance Terms Made Easy Subrogation

The Hidden Cost of Car Ownership

When you think about the costs of owning a car, what do you think of – the gas, maintenance or maybe insurance?  Actually, depreciation is often one of the larger expenses of car ownership.

According to U.S. News & World Report, new vehicles lose value at an average decline of 15-25 percent each year during the first five years. And whether new or used, all vehicles lose value over time.  Since the rate of depreciation varies by vehicle model, it’s a good idea to take resale value into consideration when shopping for your new ride.

According to the experts at Kelley Blue Book, picking a vehicle with excellent resale value is very likely the most important thing you can do when it comes to keeping costs down.  Paying a fair price for the car and securing a good loan rate can be undone by poor resale value, because eventually you’re going to sell it or trade it in.

Cars that retain a higher value

If you’re car shopping this year, it appears that bigger vehicles are depreciating better. Trucks and SUVs appear in nine of the top 10 spots on the Kelly Blue Book 2017 Best Resale Value Awards. Per Kelley, while the average new vehicle will be worth about 33 percent of its original sticker price after 60 months, the top 10 vehicles on their list will return an average of 50 percent to their owners at resale time.

The Kelley authorities say that choosing a car with good resale value can often save you more money in the long run than going for big rebates and other incentives.

New cars that may lose value the quickest

To highlight the other end of the spectrum, Forbes magazine shared the results of a study conducted by the used-vehicle website Carlypso.com.  Among the top 10 vehicles expected to have resale issues were the Nissan Leaf, Dodge Charger, Volkswagen Beetle, Mitsubishi Lancer and Kia Optima.

A little research goes a long way

When you’re ready to shop for your next vehicle, it will pay to do some research on resale value before making an investment. Whichever new (or used) car you choose, Erie Insurance can ensure that investment is protected with a great auto policy at a great price. And we can help you take care of the depreciation issue, too, with a coverage endorsement that provides true replacement value if you have an accident.

It’s called New Auto Security, and you can ask your agent to add it to your ERIE auto policy. If you’ve had your new car less than two years and it gets totaled, ERIE will reimburse you the cost to replace it with the newest model year. And if your new car is in an accident but it’s not a total loss, ERIE will pay to repair the vehicle without a deduction for depreciation.

If your vehicle is past its second birthday, ERIE will pay the cost to replace it with another vehicle of the same model that is two years newer. That means the coverage is good to have no matter what the age of your vehicle.

Reaching out to a local Erie Insurance agent  is a good way to start your research. He or she can explain the coverage details and get you a quote.

A vehicle is considered new when it is less than two years old and is owned by the original purchaser. Eligible vehicles must carry both comprehensive and collision coverage, and the policy deductible will be applied at the time of a claim. Insurance products are subject to terms, conditions and exclusions not described in this post. The endorsement is sold on a per-vehicle basis, not per policy, and contains the specific details of the coverages, terms, conditions and exclusions. Coverage is not available in all states. Please refer to our disclaimer and talk to an ERIE agent for policy details.

 

by Nancy Daniel on June 6, 2017

Uninsured-Underinsured Coverage

We speak your language. Why do you need uninsured or underinsured motorist coverage? Call us at (317) 420-2867 to find out why or visit us at Scott Lynch Agency