Quick Answer: Does LendingTree Hurt Your Credit?

LendingTree further complicates this by not offering loans itself.

Each time you apply for a loan, the lender does a hard pull on your credit.

This affects your credit score, but the credit bureaus combine each hard pull made over a 14-day period into one.

Will LendingTree affect credit score?

LendingTree pulls your credit report when you complete a loan request. LendingTree’s inquiry does not count towards your credit score nor does it show up on your credit report to anyone but you. If you are looking for a personal loan or credit card, however, each inquiry will be counted as a separate inquiry.

Is Lending Tree a good idea?

We feel it’s in the best interest of the consumer to only use LendingTree when you are serious about getting a loan. Because you don’t have control over the lenders who contact you nor the lenders who run your credit, there’s a certain cost to you every time you make a loan inquiry. If so, LendingTree is a good choice.

Does LendingTree work with bad credit?

Local banks may offer loans without any origination fees and relatively low interest rates, even if you have bad credit. There are also retail and online lenders that focus on loans for people who don’t have perfect credit. A good place to start comparing lenders is with LendingTree’s personal loan marketplace.

What credit score is needed for LendingTree?

Borrowers with a credit score that’s 640 or higher may be eligible for interest rates as low as 3.34%, according to rates in MagnifyMoney’s personal loan marketplace (MagnifyMoney is a LendingTree company).

Will LendingTree approve me?

LendingTree offers consumers a free look at their credit score. Knowing where you stand can help you gauge the likelihood of personal loan approval and can give you insights on how lenders view you. However, it’s not the only factor. Lenders will still consider your income and debt-to-income ratio.

How long does it take to get a loan from Lending Tree?

How long does it take to get a loan? The whole application, approval, and funding process usually takes about 7 days, and sometimes it may take a little longer. Once you submit your application, we’ll try to confirm the information you’ve shared on our own.

Is LendingTree good for personal loans?

LendingTree.com also offers personal finance services and tools, such as providing information about credit cards and credit scores. LendingTree is strictly a matchmaker — it arranges introductions between lenders and borrowers, and collects fees for its service, but does not itself offer loans or credit.

Is Creditkarma safe?

Credit Karma is a completely safe. They provide you with your credit scores from TransUnion and Equifax on a monthly basis. And they never charge you a fee! Credit Karma is a service that’s good for anyone to have, even if you’re not particularly interested in tracking your credit score.

How does LendingTree make money?

How does LendingTree make money? As an online loan marketplace, LendingTree makes money by directing you to lenders. Banks find customers through LendingTree, and in turn they pay LendingTree for the referrals. So instead of charging you a fee, LendingTree makes a commission off banks — saving you time and money.