Does getting a quote on a loan affect 'credit score'?

Eoin_McLove

I need to get the cheapest quote on an £8,000 loan. Would ringing three or four companies in one day and giving my personal details to get an exact quote affect my 'credit score', at all?

I'm not sure how all this 'credit scoring' works, to be honest. I read something - perhaps wrongly - which suggested that just speculatively enquiring about loans over the 'phone affects your 'credit score', because it looks as though you're in search of credit, and therefore could be seen as an 'irresponsible' borrower. Is this right?

Obviously I want to get the cheapest loan possible, but I'm concerned that by ringing around companies in search of the best quote, I could damage my 'credit score' and reduce my chances of getting a cheap loan at all.

I'm hoping I'm wrong.

Astaroth

It will only effect your score if they do a credit check - if it is a personalised quote then there is a good chance that they are doing a credit check

grumbler

Martin recommends the following:

Get quotes without applying. There is a distinction between a 'credit enquiry' and a 'full credit check'. The latter goes on your file, the first doesn't, so if you just want a quote, get one, but ensure you ask what type of checks will be made.

Credit Rating > Check and improve your Credit Score