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will refusing a loan offer affect my credit score?

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kekaru
kekaru Posts: 12 Forumite
I recently applied for a loan and it's in the process of paperwork, so the loan has not been accepted by me yet.
iv'e seen another loan from a different bank with a better rate, if i refuse my current loan application will that have any negative effect on me?

Comments

  • It's the initial search which will have an impact, not declining it.
  • bargainbetty
    bargainbetty Posts: 3,455 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    You may not get the better rate elsewhere - did you obtain the 'headline' rate with your current lender, as you might find they have different lending criteria and you don't qualify.
    Some days, it's just not worth chewing through the leather straps....
    LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!



    May grocery challenge £45.61/£120
  • 27col
    27col Posts: 6,554 Forumite
    It won't affect your "credit score" because your "credit score" is a meaningless number sold to you by a company who don't lend money.
    I can afford anything that I want.
    Just so long as I don't want much.
  • If you didn't get the advertised rate with the loan you currently applied for, odds are you won't get the other banks advertised rate.
    Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.

    ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.
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