By applying for a loan through Lending Tree, you actually LOWER your credit rating! I was a victim of this. What happens is that they send your name off to a bunch of banks... And EACH of them runs their own credit check.
This causes the mysterious credit rating algorithm to lower your rating. This is because it is assumed that if you apply for many loans in a short period, you have probably been refused credit!!! I wrote to Lending Tree about this, and guess what: THEY ADMIT IT IS TRUE! I have a copy of their email, if you are interested.
What they should be doing is running one credit report and distributing it to the various banks, but they don't do this. That's because LENDING TREE really does absolutely nothing except acquire your name and sell it. They don't loan money.
My credit rating dropped 30 points the same day I applied, even though I was offered credit by each of their banks!
Borrower beware!!!
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