I purchased a new car in Dec 2025 and insured through Geico. My rates went up significantly, which I assumed was because a moved from a 2010 +200K mile car to a new 2025 car.
To my surprised, I received a letter describing why I have received a higher price based on my credit information. The following bullets had the most influences on the price quotes:
- Average number of months trades on file too short
- Too many credit card accounts
- Too many non-bank revolving trades in the last 5 years
- Time since oldest trade opened too recent
My experian FICO score is 841 per from Amex portal and 823 per chase VantageScore.
My credit history from Amex started in 2000 with the card still active. Currently have small mortgage that I have not been late on. Amex and Chase portal are not showing alerts that are obviously detrimental.
Opened a high-yield savings account within the last 30days. Tried to open another one, but was denied for some off reason.
I did noticed the car insurance for the 2010 was going up after each renewal, but didn't pay much attention since the I do live in a city and the rate increases were manageable.
Is there something I missing or should fix so before I start shopping around for other quotes?
Letter describing justification for higher rates based on credit information
byu/Implement_Gullible inInsurance
Posted by Implement_Gullible