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Common Questions

The most frequently asked questions regarding your credit.

What is "shopping around" my loan information and can it hurt my credit?

Shopping around your loan information usually refers to a loan broker, or an auto dealer, running your application for credit through several potential lenders to get you financed or to get you the best rate. Generally, brokers do not care about getting you the best rate but are merely interested in getting you financed so they can earn their commission or fee. It is important to note that shopping around for credit can severely damage your credit score. Every company which pulls your credit score will show as a new inquiry for credit on your report. This will lower your credit score and make you a less attractive borrower. It is a much better course of action to investigate the terms of a potential lender and go to them directly prior to applying for credit. It is wise to avoid a broker all together. In the case of buying a car, it is wise to obtain financing prior to shopping for the car.

Contact the Credit Repair Attorneys at Garg & Associates today to get started!