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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.
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.
- 100+ lenders
- Doesn’t affect credit
- Free to use
- Co-signed loans available
- Not a direct lender
- May miss out on loan benefits
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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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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.
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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.
I filled out the application online and got a message they had found me a lender. I was excited because I wanted to consolidate less than $2000 in credit card debt and do a little Christmas shopping. When the "lenders" page came up there listed were 4 payday loan companies and 3 of them did not do business in my state. If I wanted a payday loan I would have gone to a payday loan website. But that wasn't the end of it. All of a sudden my phone started ringing every 2 minutes with calls from David and George with accents so thick I couldn't understand them, and phone numbers that were spoofed, I know because Ford motor company would not call and offer me a 500% interest payday loan. If I could give them negative stars I would.
I recently used Credible to check out multiple credit card loan consolidation options at once. This service seemed liked a time saving and smart tool to try. But, immediately after using Credible my credit score plummeted from 680 to 625!!! Without ever actually submitting any official application for any loan. And all of the offers I was prequalified for, that Credible found for me, declined me because my score was too low! What the heck? This is not okay. Due to Credible falsely proclaiming soft credit pulls, I now am in a much worse position financially since I now have “fair” credit instead of “good credit”. Beware, “Credible” is shady and “uncredible”
My credit is great. I sent in all my info. I had a great interest rate that I wanted to take, filled out my paper work then NOTHING, SILENCE. I needed to get this done for another deal I am trying to get done on time. Basically a waste of 2 weeks and still no one will call me back. Don't get me wrong. The website is very easy to work and upload all your information but absolutely no one calls you back about getting this done in a timely manner. If you have months to work on a loan maybe this is the place for you.
I recently received a letter from a company that I had never heard of saying "Your recent application for a loan was denied." Upon further reading, it said "Your recent application through Credible has been denied." The funny thing is... I NEVER APPLIED FOR A LOAN THROUGH THIS COMPANY. I called the company to ask what had happened and the service rep said she could not help me without having my Social Security Number. Needless to say, I was not going to give that number to a company I had never done business with.
Even the customer representative on the chat seem to imply that somehow this is my fault. Overall, the company is completely unresponsive and I am still trying to figure how/why they would go to the trouble to apply for a loan in my name that I did not request. More important, a loan application that I DID NOT REQUEST NOR AUTHORIZE. I now have to call the credit bureaus to clean up the mess that Credible has created in my name with no indication as to why they would make formal loan applications on behalf of someone who never requested it. I would be very, very careful what information you give to this company, even if it seems you are just browsing their homepage -- you might be stuck with a credit hit and a loan you neither requested or wanted.
I have excellent credit. I found this for my daughter and was the co-signer. Great UI on site. Came up with many many different options. One that was exactly what I was looking for and of course got my hopes up. That's where the good experience with this firm and their affiliate with College Ave. They get you to apply (which dings your credit) with an attractive initial low rate, only to come back with one that was 1% higher despite having a report that shows me I have "Exceptional Credit ~830." The lender never would explain why the rate was different for me or what their formula was, just referred me to one on of the credit reporting companies.
Credible if you are listening I would strongly recommend you eliminate College Ave/EDvestinU from your selection options as I will be filing official complaints against both for inappropriate credit and Bait/Switch practices. BTW when I call your office for help you offered none - saying you were only brokering the deal. Not a good customer experience. BTW folks if you are looking for a college loan, move on past Credible. I went to Sallie Mae directly and got the a 5.25% rate which is around what I was looking for.
Credible Company Information
- Company Name:
- Year Founded:
- 101 Green Street
- San Francisco
- Postal Code:
- United States
- (415) 801-0482
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