Test Charges with out Affecting Your Credit score with The Charge Purchasing Window


Everyone knows that when you apply for a loan the lender will perform a credit inquiry.

And everyone knows that credit inquiries hurt your credit score.

What everyone doesn’t know is that credit scoring algorithms allow a “rate shopping window” so you can compare loan offers and rates with multiple lenders without hurting your score.

Rate Search: Check Today’s Mortgage Rates

What is a Rate Shopping Window?

A rate shopping window is a period of time given to consumers to compare rates with multiple lenders in the same industry without it affecting their credit score. If you’re shopping for a mortgage loan, you have 45 days to have as many mortgage lenders pull your credit report and it will only count as a single inquiry.

The amount of time you have to apply for loans with a lender depends on the type of loan you are looking for. Mortgage loans allow the longest rate shopping window of 45 days, while auto loans allow for just 14 days.

Rate Shopping Window by Type of Loan

  • Mortgage Loans – 45 Days
  • Auto Loans – 14 Days
  • Student Loans – 30 Days
  • Personal Loans – 14 Days


Comparing Loan Offers

Interest rates and lender fees vary depending on the lender you work with which is why it’s vital you compare loan offers and rates with multiple lenders. This is where the rate shopping window comes into play.

Usually, when shopping for a mortgage or auto loan it is recommended you get loan quotes from at least 3-4 lenders to ensure you’re getting a competitive rate. There is no reason not to do this considering multiple inquiries will not affect your credit score.

The Bottom Line

Interest rates and fees vary from lender to lender.

It’s important to compare rates and loan offers from multiple lenders to ensure you’re getting the best deal possible.

Credit score models allow consumers to rate shop, by having multiple lenders in the same industry pull their credit within the rate shopping window without affecting their credit score.

Are you looking for the best deal on a loan?

Compare loan offers from multiple mortgage lenders today


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