Hey all-

We’ve all heard that it pays to shop around to get the best deal. Now, a new study shows that if you do too much shopping around for financial products like credit cards and loans, your credit rating may suffer.

The reason being is that at the comparison sites, you may be applying for quite a few offers when only a few are necessary or only a few you’ll qualify for.

This will reflect negatively on your credit report as you being desparate for credit and you may get denied or pay a much higher interest.

The moral: be careful when shopping around. Ask yourself if you really need to apply for this new card or loan.

-Adam



Comparison sites taint credit rating, says report (Guardian Unlimited)

Business: Consumers who apply for financial products too often through comparison websites may risk damaging their credit rating, research has suggested.

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