Mmm... more credit than you really need.

If you don’t want to deal with the process of researching your credit worthiness before you apply for credit, this new service may just be what you’re looking for.

A fitting name for the service, as it gets you a credit “grade” in seconds, then provides you with a list of credit cards and home loans that you may qualify for (home loan portion didn’t seem to work for me when I tried this). Click on the picture above to see a snapshot.

Launched just recently in early September 2008, KnowBeforeYouApply.com is owned by Centrro Inc., a financial-search company founded in 2006, with one of the founder being the creator of the website OSpace, one of the first internet provider of credit reports back in 1997 (the service was later acquired by Experian).

Cliff Notes:

  • You’ll have to provide your personal information: name, address, and last 4 digit of your SSN to do the credit pull.
  • The credit pull is done on your behalf so it won’t lower your credit score.
  • You can receive free monthly credit “grade” rating if you invite three friends to join (otherwise updated every 90 days).
  • KnowBeforeYouApply doesn’t mention which of the three (or all) credit bureaus it use to pull your report.
  • Offers presented doesn’t guaranteed approval. Remember, just because you have a high credit score/rating from whatever party that provides it (this includes a real FICO score), other factors are involved in granting credit (especially installment loans such as home or auto loans).

Pros:

  • No need to provide your full social security number to use the service.
  • Quick and easy, does exactly what it says.
  • Free avenue to track your general credit worthiness movement.
  • Useful place to drop by to have an additional peace of mind before you apply for credit.

Cons:

  • Personal information on yet another website.
  • Offers may not tailor specifically to your needs, so you should still do your own research.

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