cancelling loan in cooling off period

Em405060

Does your credit rating get affected if you cancel an approved personal loan in the 14 day cooling off period?

I got approved for and agreed to a personal loan from my bank but I now feel it was the wrong decision. I know I can cancel it, but I will need to apply for a new credit card to transfer balance in the next two months, so would canceling the loan go against me,and fit how long? I can't see anything online about this.

Thank you, Em

Nearlyold

Cancelling the loan shouldn't go against you, but you need to ensure the loan doesn't show as live on your credit file when you apply for new credit as that could affect affordability decisions by lenders.

catwoman73

I applied and got accepted for two loans recently. I didn't take up the first one as the APR was too high.

Within a few weeks I also applied and got accepted for a credit card from my own bank (with a much higher limit than I expected, for cashback) and another current account to use as a savings account (I have opened at least 5 of these in the last year).

I think the number of applications is a small factor within everything else on your credit history and may or may not have a big or small impact on your credit rating.

When I can be bothered I will probably go for another current account or two and maybe one or two of those long balance transfer credit cards so I can do some stoozing.