Not accepting a loan

mm0bul

Hi all,

Maybe a daft question, I applied for a loan with M&S and happily I was accepted. Now a family member has offered to lend me the money interest free. Now, I have read that my loan application will leave a footprint on my credit file, however if I don't go through and accept the loan with M&S will it have an adverse affect on my credit rating?

Advise appreciated.

Craig

jonesMUFCforever

No.
A search will probably be visible on your credit files but should not affect your credit rating.

DCFC79

jonesMUFCforever wrote: »

No.
A search will probably be visible on your credit files but should not affect your credit rating.

A credit rating that only the OP can see.

Mulder00

mm0bul wrote: »

will it have an adverse affect on my credit rating?

Depends on the use of the "credit rating". Different companies have different criteria which makes up your credit rating. Some will negatively view and searches, some will ignore them, some will see a closed account as a good thing (if that's how it ends up being reported). It can be good, bad or make no difference - it all depends on who is looking at it and their criteria for a credit rating.

Herzlos

It'll just show as a search, which probably won't be a big deal unless you've been making lots of searches. Plus, it's done now