Credible helps consumers by letting them compare loan offers from different lenders so they feel reassured about making their financial decisions. Credible offers services in Private Student Loans, Refinancing Student Loans and Personal Loans. There are never any fees for using Credible’s service, so consumers can receive the information and help they are needing without paying anything extra. On top of no fees, consumers can compare loan rates without affecting their credit score.
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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!
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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”
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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.
My son is applying for a student loan. He's listed me as a co-signer. I've tried multiple times but each time the site says it can't provide me rates. Through chat and phone calls I've been advised to unfreeze my credit reports, which I did, and other times to check how I spell my name. Another time I called and got a young man on the phone who said he couldn't tell me and that we were out of luck. And you need a new invitation to log in and try again so there's no way to understand what went wrong or revise your submission. I have perfect credit and plenty of financial capacity. I've have spent hours on this and still no progress. All I need is some level of customer support or a website that has sufficient information so I can complete this process. I have got to think that Credible losing many potential customers to its lousy UX and CX. If this wasn't about my son, I'd be long gone.
Thank you for your feedback.
Credible provides personalized results based on a soft credit inquiry, which does require that your credit is unfrozen. In the event that you initially went through our prequalfication process while your credit was frozen, it may require some additional troubleshooting from our Client Success team to ensure your new prequalification request receives an accurate response.
We apologize we were unable to effectively troubleshoot this matter when you called.
I tried to refinance some of my student loans using Credible, and submitted an application through Credible to Citizens Bank after seeing that I could get the lowest rate there. Everything was going so smoothly so far! My application was pre-approved! So after they did a hard credit check, they asked me for a letter from my college stating that I am no longer enrolled there. Here lies the issue. I am in school, and Credible never asked me whether or not I was. So now my application has been denied, and my credit score affected negatively because I was never made aware that not being in school was a requirement. Citizens Bank informed me that if I had used their website instead of Credible, it would have told me that beforehand. I will never use Credible again. Thanks!
Thank you for your feedback.
When checking your eligibility to refinance with our partner lenders, Credible’s prequalification form asks for your highest degree type. There is an option to specify if you are still enrolled in school, given that some of our partner lenders do not allow you to refinance student loans while still enrolled.
If you’d like to further discuss this with us, feel free to contact our Client Success team.
Credible expert review by Barbara Friedberg
Credible partners with multiple lenders to give consumers the opportunity to receive competitive student loan refinancing solutions. Their online portal helps students determine the best options for refinancing their student loan debt by comparing loan offers online for free. Putting information from a variety of reputable private lenders in one place, Credible brings transparency to the student loan selection process. Credible offers refinancing options for both federal and private loans including Parent PLUS loans. The company presents a list of lending solutions with accompanying interest rates from multiple lenders. The information includes total repayment amount, APR and monthly payment amounts so refinancers can accurately compare offers. Multiple rates from a variety of lenders enable borrowers to select the best combination of terms and rates to meet their needs. The Credible blog provides useful articles related to a variety of lending, borrowing, interest rates, college funding and other related topics.
Services: Student loan refinancing
Loan types refinanced: Private and federal student loans
Minimum loan amount: Not stated
Loan terms: Varies by selected loan servicer
Loan rates: Varies by selected loan servicer
Credible Company Information
- Company Name:
- Year Founded:
- 101 Green Street
- San Francisco
- Postal Code:
- United States
- (415) 801-0482
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