Be careful with lending tree they can kill your credit!!!
I applied for a mortgage at Lending Tree and then they convinced me on their site to apply for a home equity loan.
Even though I though I was only getting a quote from these companies. All of them pulled my credit and I found out that if you have more than 4 inquiries in a short period of time on your credit. Your credit score DROPS DRAMATICALLY making your mortgage MORE EXPENSIVE. My middle score went from 689 to 645 over night (This is the difference on a home mortgage from being a "normal" or "A" loan or being a "subprime" credit! The rate was 2% higher!
Do not apply for more than one thing on lending tree.
The worst part (as the letter I wrote to Lending Tree asking for my feedback on their service states) was they didn't even seem to care. They wouldn't help, they gave me the offical script. They didn't even bother to respond to my letter below!
Be careful with lending tree.
PS Luckily, I was "checking" a quote I had already gotten from a lender... Even though the rate wasn't the best... It became a great deal given what Lending Tree had done to me!
*
Dear Sir or Madam,
I cannot say that I have had a good experience with Lending Tree.in fact, I have to tell you that unless someone is willing to help me (and the person I just spoke to on the phone was not), then I will be one of those angry customers who tells all his friends what a terrible service you offer.
On Friday, I had a local mortgage broker pull my credit report, my middle score was a 689. I wasn't sure I liked the rate I was quoted and decided to get a quote from your lenders.
While I was on your site, I was convinced to also inquire about a home equity loan. While speaking to one of the lenders, I was shocked to find out that my credit scores in a week had dropped to 645. I said that wasn't right, that i had just pulled my credit... He then told me that my history was good, but that I had eight inquiries in the last week and it was cratering my score.
I was shocked.
He then told me that this happens to lots of people who apply for both a mortgage and an equity line on Lending Tree... And that it would resolve itself over time.
I then called your custoemr service rep, who told me. It wasn't your fault. That the form clearly states that all these people will be checking my credit. Another favorite quote was when he said, "What do you want me to do about it?" I said, "Fix it" (of course) and his reply was "the form clearly states..."
What a great answer.
I then noticed that he had all the answers on the tip of his tongue... This wasn't a new problem to him. I asked, "You seem to know these answers pretty well, have other people had the same problem?" There was a long pause and then he stated, "Sir, the form clearly states..."
So here is the thing, and I am sure I am sending this note to the same department, so most likely I will get a note back that states, "Sir, the form clearly states...", but on the off chance that you truly care about people and their lives, could you please pass this on to someone who can change this problem???
Someone can fix this, hopefully for me, but also for all the other people who use your service and end up hating your company because of the problem you have created, but you don't solve. (clearly you cover yourself in the legalease that we all don't read or understand well enough (trust me, if I knew there was going to be a 40 point drop in my middle credit score, I wouldn't have pushed the "I accept" Button).
So can you help? Can you fix this problem? Can you get the lenders to withdraw the inquiry, or at least note that I am not interested in doing business with them? Something so my score will not be trashed by my association with your firm and the lenders you represent???
Thank you for your time.
0 comments