will refusing a loan offer affect my credit score?

kekaru

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?

[Deleted User]

It's the initial search which will have an impact, not declining it.

bargainbetty

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.

27col

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.

thebritishbloke

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.