Comments on: A Tale of Two Lenders http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/ The best Credit Card Debt Blog online Tue, 09 Mar 2010 09:42:31 -0500 http://wordpress.org/?v=abc hourly 1 By: Jammo Blammo http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/comment-page-1/#comment-14129 Jammo Blammo Sat, 24 Jan 2009 19:17:35 +0000 http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/#comment-14129 "The way it works is when you apply for a loan, if it’s for the same purpose (i.e. two hits from auto dealers, or for a consolidation loan) and it’s within 14 days, that is only one hit against your credit." I did not know that, and I appreciate the tip! I entered into a car loan in July, and started with a prequalification from my credit union, and the dealership really pushed their financing. I did end up going with the dealer's (Security Service FCU actually backs their loans, so it was without regret), and I only had one inquiry on my report. Cool :) “The way it works is when you apply for a loan, if it’s for the same purpose (i.e. two hits from auto dealers, or for a consolidation loan) and it’s within 14 days, that is only one hit against your credit.”

I did not know that, and I appreciate the tip! I entered into a car loan in July, and started with a prequalification from my credit union, and the dealership really pushed their financing. I did end up going with the dealer’s (Security Service FCU actually backs their loans, so it was without regret), and I only had one inquiry on my report.

Cool :)

]]> By: Polly Poorhouse http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/comment-page-1/#comment-8264 Polly Poorhouse Sun, 02 Nov 2008 00:09:11 +0000 http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/#comment-8264 I had a similar experience. I was told by my friends at the IRS to apply for a loan to pay my back taxes. They didn't expect me to actually GET the loan, but I needed documentation that I COULDN'T (Huh?). My banker was very helpful and told me he'd be happy to take the loan application. It was in paper, and it would take several days to a week to get a response. (It's a good sized regional bank.) I took the paperwork home. He warned me that it wouldn't look good on my credit report, but I felt I didn't have a choice. My credit union (which is out of state) had an online loan form that I filled out in minutes. By the next morning, I had my rejection by email. Great service! Of course a normal person would be upset, but it was what I was looking for. Banks are definitely tightening up, though. My bank closed my business line of credit. A friend was going to open a dog-grooming shop and the bank told her they aren't lending anybody anything these days. I had a similar experience. I was told by my friends at the IRS to apply for a loan to pay my back taxes. They didn’t expect me to actually GET the loan, but I needed documentation that I COULDN’T (Huh?).

My banker was very helpful and told me he’d be happy to take the loan application. It was in paper, and it would take several days to a week to get a response. (It’s a good sized regional bank.) I took the paperwork home. He warned me that it wouldn’t look good on my credit report, but I felt I didn’t have a choice.

My credit union (which is out of state) had an online loan form that I filled out in minutes. By the next morning, I had my rejection by email. Great service! Of course a normal person would be upset, but it was what I was looking for.

Banks are definitely tightening up, though. My bank closed my business line of credit. A friend was going to open a dog-grooming shop and the bank told her they aren’t lending anybody anything these days.

]]> By: Rich Life Carnival #16 | Rich Life Carnival http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/comment-page-1/#comment-8040 Rich Life Carnival #16 | Rich Life Carnival Mon, 27 Oct 2008 17:14:16 +0000 http://masteryourcard.com/blog/2008/10/21/a-tale-of-two-lenders/#comment-8040 [...] Your Card presents A Tale of Two Lenders posted at Master Your Card, saying, “Best of luck with the Carnie this [...] [...] Your Card presents A Tale of Two Lenders posted at Master Your Card, saying, “Best of luck with the Carnie this [...]

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