For example, Nationwide offers a SmartMiles program (opens in new tab) where your costs fluctuate based on how much you drive.Ī flexible plan like this could make sense if you carpool, use public transportation, or work from home. Using your car less frequently means there’s less chance you could get into an accident, which may reduce your insurance premiums and help you save on gas. If you have missed payments on your credit reports that are incorrect, disputing records with credit bureaus and having them removed could improve your score.Īnother way to improve your score is to keep your revolving credit usage low, and you could do this by paying down some of your credit card debt.Īpplying for new credit sparingly can also keep hard inquiries from docking your score. The best way to grow and maintain a strong credit score is to make on-time payments on all loans and credit cards. New credit (10%): The number of new credit accounts and hard inquiries you have.Credit mix (10%): The different types of credit accounts you have.Credit history length (15%): How long you’ve been using credit.Amounts owed (30%): The amount of debt you owe in total and your credit usage on revolving credit lines, i.e.Payment history (35%): You’re history of on-time payments on credit accounts.These five factors affect your FICO Score: The higher your credit score, the better shot you have at landing a competitive insurance rate. In most states, credit scores can be considered to calculate credit-based insurance scores insurers use to determine what rates you’ll pay.
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