Will cancelling my loan offer affect my credit rating?

mattyboyspurs

Hi,

I recently applied for a loan with santander but the loan offer has come out at a much higher rate than that advertised - 13.9% rather than the 8.9% I wanted (I understand this is because of the credit checks they carry out once you have applied).
Anyway, as the rate is that much higher I now no longer want the loan. Will cancelling the loan offer affect my credit score or am I better off letting the loan offer expire?

Any advice greatly appreciated!

thanks

Matt

Tixy

It shouldn't make any difference I believe. It will show just as a search currently, and nothing else would appear on your file until your actually take the loan up.