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Contributor
dpage
Posts: 82
Registered: ‎12-09-2010

Lending Tree

Hello everyone!,

 

I was curious to know how lendingtree.com works? I saw an older post with the same question but it wasn't answered. When you go through Lending tree will it be 1 inq or is your information sent out to various companies and they all do hard pulls? My wife and I are considering purchasing a new and I might use lending tree to obtain financing. Any insight would be greatly appreciated.

 

Thanks,

Proud home owner
Lender Pull 03/28/2011 EQ:708 TU:698 EXP:709

Mega Contributor
Creditaddict
Posts: 18,801
Registered: ‎10-23-2007

Re: Lending Tree

well when it comes to car buying you have a window to shop around as much as you want just like with Mortgages.  It's worth a try to see what comes back... I did it over 6 months ago but I was applying to so many different places I'm not sure I remember rather it was just 1 pull from LendingTree or pulls from everyone... (sorry)

What are you looking to buy? these days so many of the auto lenders are offering great low APR to try to get people to buy... nice to go in with a pre-approval but let them try to beat whatever rate you get elsewhere.

Also local credit union is probably going to also be better then LendingTree's banks they work with.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Contributor
dpage
Posts: 82
Registered: ‎12-09-2010

Re: Lending Tree

My wife and I are looking to buy another Nissan Altima, possibly 2009 maybe 2010. I have a 2006 now and love it. She has a Honda Accord (2000) which we plan on keeping for a 3rd car. I'm worried about being denied for too many inq's. We closed on our home a little over 2 months ago and have accumalated quite a few new accounts. I'm looking for a good deal with minimum inq's. I don't belong to any cu's but we do bank with wells fargo but they already denied us for an auto loan. (I couldn't believe it!)

Proud home owner
Lender Pull 03/28/2011 EQ:708 TU:698 EXP:709

Mega Contributor
Creditaddict
Posts: 18,801
Registered: ‎10-23-2007

Re: Lending Tree

The inq from the house won't be a problem.

Now that I know you want a Nissan!!! They are one of the easiest companies to get financing through... They go as low as 600-620 range to tier 3 you which gives you all the promo rates they are offering... you probably won't beat those rates going through a CU or Lending Tree.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Valued Contributor
p-
Posts: 2,539
Registered: ‎06-05-2008

Re: Lending Tree


dpage wrote:

Hello everyone!,

 

I was curious to know how lendingtree.com works? I saw an older post with the same question but it wasn't answered. When you go through Lending tree will it be 1 inq or is your information sent out to various companies and they all do hard pulls? My wife and I are considering purchasing a new and I might use lending tree to obtain financing. Any insight would be greatly appreciated.

 

Thanks,


If you know what you want, try getting prequalified through your credit union.  That might save you some points on interest.  If you're not a member of one, sign up.

  2-13-14: FICO EXP: 779 - EQU: 742 - TRAN: 765 - AVG: 762 - +212 points from JUN 2008 - MY CREDIT JOURNAL

Established Contributor
cdtotten
Posts: 951
Registered: ‎05-27-2009

Re: Lending Tree

They will send your info out to multiple different banks, each of which will likely pull your credit. Yes, all inquiries for car purchasing within a set period of time (depends on scoring model) will be counted as one, however:

 

1. Not all inquiries always get coded the correct way, so there is no guarentee they will only count as 1.

 

2. Reminder: Just because they only count as 1, that does not mean they don't all show up on your reports. This can usually result in someone being automatically declined for a credit product because the inquiry count is too high. Yes, you can usually recon and explain the situation, but multiple inquiries (whether scored or not) is never a good thing.

 

 


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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