Whats the best advice for people shopping for student loans so they protect their FICO scores?
Doing a little homework first is always a good idea no matter what type of credit you’re seeking. As you’re shopping for the best student loan rate, the lenders you approach may request your credit report or credit score. You can generally avoid having those inquiries affect your score if you finish your rate shopping in a reasonable amount of time. That’s easier if you first do your homework ahead of time and decide which companies to get quotes from. Then try to finish your rate shopping and finalize your loan within 30 days. Not only will loan rates be easier to compare when the quotes come only a few days apart, but you also will protect your FICO score. Refer to credit inquiries, for more information on the impact inquiries have on FICO scores.
