FICO score

[joshril]

I am currently contacting several companies about becoming appointed and I was wondering one thing. I didn't even think about it until now, but I am unsure what my FICO score is as I went through a divorce the last year and I wonder if that could affect my appointment with insurance companies. I went ahead and ordered my credit report to make sure everything is accurate, but I wondered if anyone had any experience with this during the appointment process??

 

[somarco]

Your credit may affect your ability to receive advance commissions, but should not have an impact on your appointment. As long as you will work on an as earned basis, I wouldn't worry about it.

 

[joshril]

I didnt think it would affect anything... just wondering.. I just got my score and it looks pretty good, but I did find a collection account from awhile back from someone I never did business with on my report. I guess I need to try and get that resolved and I've somewhat worried about identity theft...

Oh well, I guess I am OK as far as getting appointments..

 

[Michael Haislip]

MY FICO can't get any lower, and I haven't had any problems.

 

[joshril]

My score is actually not bad... what is the score requirement for advance commissions though??

 

[Michael Haislip]

I'm not sure if companies even have a minimum score. I assume they care more about bankruptcies or debit balances with other carriers than standard consumer debt.

Besides, a carrier would be shooting itself in the foot if it went purely by FICO. Imagine all the 21-year-olds without a credit history who couldn't get into the industry.

 

[somarco]

They are not looking at your FICO, they are looking at collections & bankruptcies. They will also run a Vector report to see if you have a debit balance with any carriers.

The commission advance is essentially a loan. If you are not credit-worthy you are paid as earned.

 

[joshril]

FICO

Hmm... I found a collection on my credit report from a company I do not remember doing business with. I am going to dispute this with the company I guess... I have never had a bankruptcy.. I wonder if this will affect being able to get advances on life insurance sales....???

 

[somarco]

Take everything as earned and it is not an issue.

On life insurance, I never quote monthly premiums, only annual. Has not been a problem.

 

[joshril]

FICO

Hmm... So you have no problems getting annual premiums on life insurance?? I am a little concerned about initial cash flow, that's why I was entertaining the advance commission idea.