LendingTree

LendingTree

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Lending Tree is a waste of time and may damage your credit score.

May 26, 2004
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Rated a Very Helpful Review
  • User Rating: Disappointing

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Pros:None to speak of

Cons:Does not save much time. May hurt your credit score.

The Bottom Line: Don't waste your time with Lending Tree. Pick 2 lenders yourself based on referrals from friends or epinions and apply directly. It will save you time and your credit rating.


The service that Lending Tree provides is not worth the effort. All they do is send your loan application to 3 or 4 lenders. They are just providing leads to these lenders, nothing more. There is no real competition like they advertise.

In concept it should save you a little time because you fill out one loan application for multiple lenders. But each lender that called asked many of the same questions that I had already submitted on the loan application to Lending Tree. It saved little if any time versus just applying at multiple lenders myself.

Ultimately I was not happy with any of the lenders that Lending Tree sent to me. One in particular, Centex Mortgage, was a real pain and drug out the process for 5 weeks, constantly changing the deal. But that is another story.

The serious problem arose when I finally abandoned the Lending Tree referred lender and went to my current mortgage company to do a refinance through them (which is what I should have tried in the first place). They told me that my FICO credit score was below 580 which was too low for them to do a refinance. I was shocked that it was so low, because it was 653 a month and a half ago when I submitted my application to Lending Tree. It turns out that multiple inquiries on your credit rating from different lenders will bring your credit score down, because it makes it looks like you are a reject or something.

That is the biggest problem with Lending Tree. They send your information to too many lenders and they all do inquiries on your credit report which will bring down your credit score. It is not a problem if you end up going with one of the lenders, but if you decide to go elsewhere, you may be screwed like I am. My suggestion is that you apply at only 2 lenders directly yourself. And select those lenders based on referrals from family, friends, or epinions, not based on some slick TV advertisement.


Recommend this product? No


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