Can I shop around for the best rate w/o negatively affecting my FICO score?

What I was told be a certified financial planner is that shopping around for a loan won’t ding your credit score, as long as you keep it all within a 14 day period.

Wow, what a racket the whole credit rating system is! You can’t even shop around without getting discriminated against?

@Zaku If you think that’s bad, did you know if you ask too many questions about your insurance coverage it goes as a demerit against your record?

I would start with your current bank or mortgage lender. A rule of thumb is that you need to drop by 1–1/2% to make refinancing worthwhile, or have enough equity built up to draw against.

If you do as much research online before you call anybody, it can cut down on the inquires a lot.

@YARNLADY You are correct about the insurance questions. Here, it is only 2 or 3 questions and your rate goes up.

@YARNLADY – No. You have managed to take my abhorrence of the insurance industry to a new level. Egad! That SO ought to be illegal!

What do you mean? If you ask your agent questions they type in some kind of warning that makes your rate rise? Do they tell you they’re doing this? Please explain!!!

I had an issue that I called about and asked if it was covered. They said no, and that it was my first inquiry, so they would not hold it against me, but any future inquiries would be counted as an actual claim and would cause my rate to increase.

I would switch insurance companies ASAP! I use Alfa and I call them about once a month asking questions and my rate has never increased in 3 years!

This reminds me that I have no insurance card for my car. I pay online. Why not use a fake name and use your numbers to do your shopping? They don’t really need to know more than that. If they want to know explain your position. It should be positive that you guard your finances from thieves.

@walterallenhaxton – Except to the thieves themselves…

I did change insurance companies. I have not had a reason to call my new company, but when shopping for them, I asked if they practiced this and they said they didn’t.

@chyna AIG might. No telling what the government might do now or in the future.

That’s who I changed to, but someone else owns them now, or at least they just changed their name.