Friday’s Credit Tip #13: Be Careful of Online Loan Rate Comparisons

Online loan rate quotes are easy to get.

All you have to do is type in some personal information, and you can get a quote on your car loan, personal loan, student loan, or mortgage in seconds. This is free and convenient, leading many people to compare several companies at once in order to make sure that they get the best deal possible.

The problem is that since online quotes are a fairly recent phenomenon, credit bureaus count each such quote estimate as an “inquiry.”

This means that if you compare too many companies online by asking for quotes, your credit score may fall due to too many “inquiries.”

Check back next Friday for another credit tip!

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