Make multiple credit requests in parallel – does that make sense?
Those in urgent need of credit may think of making several loan requests simultaneously. Parallel inquiries could lead to a safer and faster fulfillment of a loan request – so the consideration. That does not always lead to the goal. On the contrary, the credit opportunities may even worsen.
Basically, it is not a problem to make multiple credit requests simultaneously, as long as they are pure condition requests. For comparison portals, this option is even offered explicitly. If you use the portal, you will first get an overview of the cheapest offers. The conditions shown are examples, not a specific offer. The listing has more the character of advertising ads.
No problem with pure condition requests
As a user, you can then select one or more providers to make loan requests. You will need to provide appropriate information about yourself, your profession and your economic circumstances, and then receive offers tailored to your situation. Such a parallel request is even recommended, because it tells you the fastest way which offer is actually the cheapest for you.
The fact that you make several loan requests at the same time does not affect your credit bureau statement. Although credit requests are recorded as condition requests, they can not be viewed by other banks and do not affect your credit bureau score. Comparative portals therefore often advertise with credit bureau-free credit inquiries or credit inquiries without credit bureau.Also, if you submit several credit inquiries in parallel via online appearances of banks, these are usually only reported as condition requests.
If possible, apply for credit only at one institute
The situation is different if it is not about inquiring about the conditions, but if you apply for several loans at different institutes at the same time. Such a request is each reported as a request credit. Other banks can recognize the entry for about ten days. In addition, multiple credit requests that have taken place in parallel within a short time period will negatively impact your credit bureau scoring. Your creditworthiness worsens.
A bank that learns that you have also lodged a loan with another institution will be more reserved regarding your request, which is immediately apparent. Since the credit bureau query is standard on credit checks, you can assume that the institution will be aware of your other efforts. The advice is therefore: several loan inquiries at the same time, in order to find out the most favorable conditions, are not a problem and expedient, the loan application should be placed however only with an institute of your choice. If you refuse, you can still risk a new attempt.