Shopping for Rates

    Thinking of buying a new car or mortgage for a home?
  • Do your rate shopping for a loan within a focused period of time. Credit Scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which you make your inquiries.
  • We have seen many cases where an auto dealer will shop to many lenders to get you financing. Unfortunately, this can result in many hard inquiries landing on your credit report. These hard inquiries will stay on there for as long as two years.
  • An alternative is to seek financing from a lender you have a good relationship with and if happy with the interest rate offered you can save the shotgun applications
  • Be selective and focused to minimize impact.