Zopa/HSBC/Credit File...

Jimmy9012

Hi MSE Folks,


A quick question (hopefully)...


So, on Monday morning (10am) I applied for a HSBC loan using the online form. Clicking submit button didnt seem to do anything, so I assumed the application didnt work. Following that, an no contact from HSBC, I applied for a Zopa loan on Tuesday (again, 10am in the morning which was 24 hours later). That loan was accepted today at 1pm (Thursday). Good quick service from Zopa at a low rate! Great...


It is now Thursday 5pm and i've had an email from HSBC saying 'to continue with the loan I will need to send them three months pay slip'... So the application was actually made and is in progress.


So, to the question, I assume:


- If I DONT send the pay slips they will decline the loan (which will put a bad mark on my credit file).

- If I DO send the pay slips, they could then approve the loan (which I dont want anymore duue to Zopa loan), which puts me in debt to two places, with two monthly repayments (somethig I don't want at all). Or...


- If I DO send the pay slips, they could then refuse the loan (as I now have an existing loan and debt with Zopa), which will also look bad on my crredit file as its a 'rejected loan' request etc...

So, how do I cancel the request but keep my credit file clean? I assume if I call HSBC they can cancel the request strait away... but as it is at the point where the pay slips are requested, the credit check is probably ran, so wouldnt cancelling the request leave a bad mark on credit file? Or worst yet, I could ask to cancel it and they could just click the 'reject' button to cancel - which again, would leave a bad mark on the CF...


How do I make sure cencelling the loan wont affect the CF. Its my choice to cancel it, its being rejected by me... not them... Im sure ya'll will get my point.

Thanks Folks! Like most things, im probably over thinking this...

Nebulous2

I think you probably are overthinking. It's sensible to be cautious about finances though.

Your credit file doesn't show a decline. It simply shows a credit search. Other lenders don't know whether you were accepted /declined or didn't proceed. They only know that you applied.

It is very likely you now have two searches. Also described on here sometimes as hard searches.

I'd phone HSBC, tell them what you told us, that you didn't think the online application went through, so you applied elsewhere. As a result you no longer want or need the loan.