Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Jimmy9012
    • By Jimmy9012 7th Sep 17, 5:15 PM
    • 1Posts
    • 0Thanks
    Jimmy9012
    Zopa/HSBC/Credit File...
    • #1
    • 7th Sep 17, 5:15 PM
    Zopa/HSBC/Credit File... 7th Sep 17 at 5:15 PM
    Hi MSE Folks,


    A quick question (hopefully)...


    So, on Monday morning (10am) I applied for a HSBC loan using the online form. Clicking submit button didnt seem to do anything, so I assumed the application didnt work. Following that, an no contact from HSBC, I applied for a Zopa loan on Tuesday (again, 10am in the morning which was 24 hours later). That loan was accepted today at 1pm (Thursday). Good quick service from Zopa at a low rate! Great...


    It is now Thursday 5pm and i've had an email from HSBC saying 'to continue with the loan I will need to send them three months pay slip'... So the application was actually made and is in progress.


    So, to the question, I assume:


    - If I DONT send the pay slips they will decline the loan (which will put a bad mark on my credit file).

    - If I DO send the pay slips, they could then approve the loan (which I dont want anymore duue to Zopa loan), which puts me in debt to two places, with two monthly repayments (somethig I don't want at all). Or...


    - If I DO send the pay slips, they could then refuse the loan (as I now have an existing loan and debt with Zopa), which will also look bad on my crredit file as its a 'rejected loan' request etc...

    So, how do I cancel the request but keep my credit file clean? I assume if I call HSBC they can cancel the request strait away... but as it is at the point where the pay slips are requested, the credit check is probably ran, so wouldnt cancelling the request leave a bad mark on credit file? Or worst yet, I could ask to cancel it and they could just click the 'reject' button to cancel - which again, would leave a bad mark on the CF...


    How do I make sure cencelling the loan wont affect the CF. Its my choice to cancel it, its being rejected by me... not them... Im sure ya'll will get my point.

    Thanks Folks! Like most things, im probably over thinking this...
Page 1
    • Nebulous2
    • By Nebulous2 7th Sep 17, 5:44 PM
    • 1,571 Posts
    • 957 Thanks
    Nebulous2
    • #2
    • 7th Sep 17, 5:44 PM
    • #2
    • 7th Sep 17, 5:44 PM
    I think you probably are overthinking. It's sensible to be cautious about finances though.

    Your credit file doesn't show a decline. It simply shows a credit search. Other lenders don't know whether you were accepted /declined or didn't proceed. They only know that you applied.

    It is very likely you now have two searches. Also described on here sometimes as hard searches.

    I'd phone HSBC, tell them what you told us, that you didn't think the online application went through, so you applied elsewhere. As a result you no longer want or need the loan.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,608Posts Today

6,061Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin