Credit Card Center Advertiser Disclosure†
12-28-2012 09:43 AM
I read some of the older posts and people seem kind of iffy on these websites but it seems to me like its the best option for anyone. I mean, they do all the work for you right? All you have to do is click the best offer. + You only have one pull on your credit and you get multiple offers. Just wanted to know if there are any draw backs to this to using a "broker" like this.
12-28-2012 08:14 PM - edited 12-28-2012 08:16 PM
LIkely going to get more than one pull anyway when loan shopping, doesn't matter for auto / mortgage loans anyway if done all within a short-period, and when I tried lending tree they were clustered together very neatly.
Personally I think it's a good solution if someone has sub-optimal credit for whatever reason: you get a good distribution of lenders and ones you might not otherwise find anyway (someone found a one-off CU with a fantastic rate through them as reported here), and they were even able to find a loan for me which was pretty close to what I actually wound up with regardless given how ugly my file was a year ago.
Edit: this is especially true if shopping for a used car I think almost regardless of credit strata, but usually the pretty report-wielding people already have good options.
01-02-2013 11:04 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.