Credit Scores

All other things equal, lenders are willing to lend at a lower rate when you have a higher credit score. That said, if your credit score is lower than you thought or hoped, we're here to help you find the best possible loan for your particular circumstances.
Unfortunately, Simplist does not provide this service. There are a number of different ways to check you credit score online. The FTC also offers information, including how you can get a free copy of your credit report every 12 months from each of the three nationwide credit reporting companies.
A soft credit check does not affect your credit score in any way. Soft credit checks allow Lendexa to paint a more accurate picture of your borrower profile to our lenders, and then match you with the best possible loan options.
A hard credit check tells the credit bureaus that you're interested in opening a new loan or line of credit (a credit card, a personal loan, a mortgage, etc.). Hard credit checks usually have a small impact on your credit score (typically less than 5 points).
If you don't recognize something on your credit report, the best course of action is to call the credit bureaus directly. Lendexa does not have any input on your credit report.
If you're shopping for a loan, it's normal to have multiple credit checks. Typically within a 30-day period of your first credit check, performing additional credit checks will not affect your credit score. That means that if you’ve already done a credit check with another lender but want to switch to Lendexa, it probably won’t have any impact on your credit score.
Lendexa pulls your credit scores from all three major credit bureaus, then uses the median score for pricing purposes (in other words, we discard the highest and the lowest score). If you have a co-borrower we use the lower of the two median scores.
If you're applying with a co-borrower, we'll use the lower of your median score and your co-borrower's median score. If you or your co-borrower has a low credit score, we recommend that the applicant with the higher score apply individually to get the best available terms. You can always add an additional co-borrower later in the process should you need to for qualifying purposes.
We typically provide loans to customers who have a 620 credit score or higher. If your credit score is slightly below 620 we might still have options for you, so you should still complete our digital application.