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Comparison
Shop for Loans with Care
Although credit scoring models have
been updated in recent years to accommodate
the comparison shopping that any prudent
borrower does before taking out a
loan, it's still a good idea to avoid
adding lots of unnecessary inquiries
to your credit file.
It may take some persistence on
your part, because lenders are often
eager to close a deal (they are,
after all, in the business of lending
money), but it is possible to shop
around for a loan product without
authorizing credit checks with every
credit grantor at which you inquire.
Explain that you are doing some
preliminary comparison shopping,
describe your credit situation accurately,
mentioning that you understand they
can't make any firm offers until
they check your credit report, and
ask for an estimate or range in
which they think your loan would
fall based on what you've told them.
Remember that they cannot legally
check your credit without your permission--and
don't provide them with all of the
information they need to check it
(e.g., your Social Security number)
until you are relatively confident
that you've found the right place
and are ready to actually apply
for the loan. |
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