Author: Alex Navas Added: July 31, 2008
One of the tactics that many unscrupulous lenders use to get you into a less than desirable loan is the fear of the dreaded multiple credit inquiry. I know that I've experienced it myself, so I have no doubt that you have as well. But how do you counter this threat? It's very easy once you know about your credit inquiry window. How can you take advantage of your credit inquiry window without first knowing what it is? Your credit inquiry window is the length of time that you have available for certain types of credit where the credit reporting agencies allow for several credit inquiries without any damage to your credit. In other words, if you are shopping for a car loan or a mortgage loan, the credit reporting agencies are already aware that most people shop around for these types of loans. What does that mean to you? The next time you are looking to obtain a car or home loan, you legally have up to 15 days from the first credit inquiry on that car or home loan to inquire with other lenders. You can literally have your credit pulled by 5 or 10 different lenders within that fifteen day window without having any of those credit inquiries affect your credit. These credit inquiries are exempt from counting against you since you are accessing your credit report in order to get the best deal on your new mortgage or car loan. Knowing this will empower you the next time you're at the car dealer looking to get a great deal on the car that you want. Just imagine being told by the salesman that you need to buy the car that day because if you don't, the next lender that pulls your credit will see a lower credit score. There is absolutely no truth to that and now you know why. Knowing that you have the 15 day window for credit inquiries can give you the peace of mind knowing that you can take a few days to be absolutely sure that the car you are buying is exactly what you're looking for and the terms of the loan are the best as well. That is the most important part; the terms of the loan. Be sure to use your rights to the credit inquiry window because most lenders will never tell you about it.
--- Alex Navas is a business and financial coach who writes informative articles on various subjects including credit scoring and credit repair. You can download his free report "Credit Secrets Special Report" just by clicking Improve Your Credit Score.
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