Will applying for a loan from Quicken Loans impact my credit score?

Applying for a loan from Quicken Loans, as with any lender, commonly involves a credit check that can impact one's credit score. When Quicken Loans performs what is known as a "hard inquiry" to assess creditworthiness, it temporarily lowers the applicant's credit score by a few points. This is standard practice in the lending industry as lenders need to evaluate risk before offering a loan. However, if an individual shops around for the best rates and the inquiries are made within a short period, typically 14 to 45 days, credit scoring models often consider them as a single inquiry. This minimizes the impact on the credit score. Loan applications should always be filled out carefully to ensure that they only apply when necessary to minimize the effect on their credit score.