I am trying to get a policy for the house (first one) I am trying to buy. (O/O). They ins company is doing a credit check and I have about a 600 or so depending on what comapny the use. Will I be alright? I am supposed to close on next Friday.
Its a little unclear to me what they actually do with that information but I have never ever heard it mentioned in the under writing process of insurance. I think it can have some influence on the rate. I think they are trying to do two things which is assess how likely you are to make a claim and probably more importantly avoid people who are serial rip-off/fraud artist/deadbeats.
If the agent does not call you back in 2 days or so to tell you they can issue a policy (orat least a binder allowing you to close), then call someone else.
You should fine.
It is normal for the insurance companies to do a credit check. Like everything else, your credit score will be a factor in determining a rate. With a 600 you should be fine, but at 700 you would probably get a better rate.