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Credible lets consumers compare offers from different lenders for student loans, personal loans, mortgages, credit cards and student loan refinancing. Credible is a free service, and comparing loan rates on Credible doesn’t affect your credit score.
Overall Satisfaction Rating
- 5 stars38
- 4 stars45
- 3 stars24
- 2 stars14
- 1 stars6
- 100+ lenders
- Doesn’t affect credit
- Free to use
- Co-signed loans available
- Not a direct lender
- May miss out on loan benefits
Credible is a good option for people who want to view multiple refinancing options. It’s free to use and won’t impact your credit score, but choosing a loan through Credible could cause you to miss out on federal benefits.
What is Credible?
With Credible, you can compare options for federal and private student loan providers and connect with multiple lenders that can help you refinance your loan with a lower interest rate. Credible is not a direct lender — the company provides an online marketplace that gathers prequalified rates for you to review. The downside to using a private loan from a Credible lending partner is you could lose federal benefits, like income-based repayment plans or unemployment protection.
Credible is fast and easy to use. Prequalification is determined in about two minutes, and all you need is your personal information, contact information, information about the school you attended and the amount you want to refinance. The company performs a soft credit check that does not impact your credit score to determine qualification.
There are no requirements to use Credible, but if you choose to refinance your student loan through one of its lending partners, you must:
- Be 18 years old or older
- Be a U.S. citizen or permanent resident
- Have at least $5,000 or more in student loan debt from a qualifying institution
If you don’t meet one or more of these requirements, you can still apply if you have a co-signer who meets all three requirements and has a fair credit score.
Additional products consumers can request prequalification for through Credible include personal loans, mortgages, mortgage refinancing and credit cards.
Is Credible free?
There is no cost to use Credible. If you agree to the terms of a refinance loan that the company showcases, Credible receives a fee from their partner lender. This does not impact the amount you pay the lender or the terms of your loan.
One cost benefit is that none of the loan providers through Credible charge an origination fee, which is usually used to cover the cost of processing a loan. This lets you minimize the overall cost of refinancing.
- Does Credible affect your credit score?
- Users can submit a request for prequalified rates from multiple lenders without affecting their credit score. The Credible prequalification process uses a soft inquiry that does not impact your credit score.
- What credit bureau does Credible use?
- Credible partners with each of the three major credit bureaus (Equifax, Experian and TransUnion). Each credit bureau may provide a different credit score on its final report.
- Does Credible verify income?
- Yes, Credible checks your pretax income when determining your eligibility for a loan.
- What credit score do you need for Credible?
- Credible doesn’t list exact requirements, but basic criteria to qualify with the lenders in the company’s network typically include a credit score of at least 640.
Is Credible legit?
Credible can be a good choice for those who are curious about options for refinancing their student loans, though the company itself is not a direct lender. We like that Credible has more than 100 lender options available and that the process to vet your qualification is almost instant. It’s crucial to consider that you could lose federal benefits if you open a refinancing loan through one of Credible’s partnering lenders. If you’re interested in receiving quick options to help reduce your student loan debt, we recommend trying Credible.
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Started a process of refinance with this company. From the start their customer service is the worse I have ever experienced in my life...and that is a lot since I'm close to my 60's. Very rarely was I updated about the status of my application. Had to call numerous times to find out what is going on. Received conflicting closing costs, numbers, etc, etc, etc. But the really amazing thing is never a person to answer your needs or receive your calls. Even After I leave messages never get phone call back on time maybe after few days. It is incredible to work with this Credible company. I wish I could regret this whole process but I locked on a good rate and didn't want to miss it. Hope I can find some other company.
To give real world experience... I do NOT recommend Credible. I found their information quite inaccurate. One of their supposed “partners” did not show up with even an offer and was the lowest out of about 5 lenders I applied with directly. When I applied directly with lenders they featured, the rates were different. I'm not sure why this website gets any positive press— have people actually checked to see if the information they provide is indeed accurate? Another interesting experience: their “better rate” guarantee is not awarded when you submit if they deem it a partner. Funny about that… Shouldn’t they know said partner rates best? Laughable.
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I and my daughter filled out their forms just to check rates like they mention for a student loan. They say it will not affect credit scores but right after we were on their site both of our scores dropped.
After reading about Credible only for loans I supplied them with the requested information. They only gave me one option. They advertise that they find several lenders so you can compare and make a choice. When I chatted with their agent all they could say is check back in thirty days. The only option they had at the time was one lender.
If you are looking for a home refi I highly suggest, "Do not USE Credible loans." If you are self employed or a individual contractor they make the process almost impossible. After 12 years with a stable income, credit scores of 812 - 835 from three credit agencies, over 21 pieces of information to verify income, assets, etc. It has been 90 days and still no status to provide a lender. Don't be suckered by their low rates advertised. They are simply not worth the time and effort.
After seeing an add for rates starting at 4.99%, I decided to try this online service out. I quickly found that the rates coming back were between 1.5% and 4% higher. Now, I expect fluctuation based on credit, income, term, loan amount, etc. That said, having an average credit score of 830 across the reporting agencies, an income well into upper range, low debt/credit ratio, there's nothing about the quoted rates seem to make sense. I guess this experience just drove home for me that these clearinghouse sites that claim to find you the best loan, insurance or other rates are mostly BS.
My daughter is an A student, with a Master's degree, she is working in her field, and has very good credit. She was turned down with no explanation. My wife is her cosigner, and has always had a very high credit score. We spent a huge amount of time filling out the massive amount of documentation needed, only to be let down.
I was pre-approved for a student loan at 3.7% fixed by PenFed Credit Union, pending verification of my income and credit report on Jan-13-2020. After submitting all my required documents, Credible told me the next day the offered rate was changed to 4.21% because of LIBOR rate change. I contacted PenFed Credit Union and was told the rate was never offered at 3.7% rate and their LIBOR rate changes only ONCE A MONTH, daily like Credible claimed. It looked everything like a false advertisement case that Credible tries to convince me to apply by offering a low interest rate. After Credible could not find anything negative on my spotless credit report, credit score and more than adequate income, Credible then turn around give me a higher rate blaming on LIBOR rate change. I contacted Credible for a better explanation and was told "the LIBOR rate change" again.
On top of that, Credible said it would be a soft inquiry, they did a hard inquiry, which knock my credit to 767 from 789. It seems Credible should change its name to Not-Credible. I am writing this so many students out there struggling with student loans are aware of the practice that Credible is actually doing and don't waste your time with Credible.
I chose Credible because it came highly recommended by a finance blog. Their rates seemed favorable so I applied for a refinance and locked in a great rate with low costs. Their process was more onerous than any loan application process I have ever been through. Most frustrating was that there were several different people involved in the process and each one would ask for the same information - letters to prove we didn't have an HOA, employment verifications, etc. - that we had already submitted. Their customer service reps seem to have a 24h turnaround which is just not acceptable when you are talking about interest rates that change throughout the day - I requested a rate lock and they didn't get back to me for over a day, by which point the closing costs were *THOUSANDS* of dollars higher! I was ready to pull the plug but they offered to waive their entire fee, which was attractive.
The process continued to be very frustrating, and ultimately they took so long to underwrite a very straightforward loan that our rate lock expired!! Because we had no contract, just a loan application, Credible had no obligation to make up the tens of thousands of dollars we lost out on by losing this low interest rate - I know underwriting is a tedious process but I do think that it was Credible's obligation to ensure that if the process was taking too long, they would make sure the rate wasn't lost!
We [stupidly] tried again because their rates were still the lowest, and had to go through the whole rigmarole again and keep providing the same info over and over. Their web portal rather annoyingly sends emails every day saying that you have outstanding tasks, even if you have sent the documents directly to your rep, so I would have to email them every day (they never answer calls) to make sure that I was up to date on their requests. When we finally got our closing disclosure, it was for a different rate than what we had locked. Apparently the lender decided to give us a lower interest rate with higher closing costs, which turned out ok for us but could have been a nasty shock that I would expect Credible to at least be AWARE of.
Finally, when we tried to schedule a closing time with the notary, Credible asked me for my preferences of time and place and proceeded to book the notary for a completely different time and place the day before the holiday break. The entire thing was SO much more stressful and aggravating than any other mortgage process I have gone through - and they are all aggravating and stressful!
I fill out an application online and the next time I know that my credit is run and I got a loan approval that was not correct. I thought I have gotten a loan. Come to find out the only thing the Credible did was run my credit report and fill out a loan application by themself. I did not fill out loan applications for a loan. Just an information application with their site. They got all the information off my credit report and fill out the application for this loan. This is deceptive practices and this company should be investigated by the Federal Government. When I went in to sign the loan. It was not real. I spoke with a representative who told me I have to meet certain requirements and I did not meet them. That should have been disclose before my credit was run. BE AWARE OF CREDIBLE.
Credible Company Information
- Company Name:
- Year Founded:
- 101 Green Street
- San Francisco
- Postal Code:
- United States
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