Double application

jolester

My husband and I had discussed both getting a home improvement loan, we've both just applied (we're not in the same vicinity as each other right now) mine approved, my husbands is pending approval. We've just spoken on the phone and it was actually the same lender that came up with the best rates for both of us so we've both applied with the same provider. Would this have any impact on his not being approved ?

[Deleted User]

Possibly. The issue is that you now have additional credit and as a financial associate, that has implications for the lender.

Being with the same lender does mean that they would see it quicker than anyone else.

jolester

Thanks for the quick reply

Would it be even worse to contact the lender to say we don't want that loan taking any further and apply with a different lender?

[Deleted User]

Leave it. The search has already been done.

But he may want to apply elsewhere before your credit report is updated.

jolester

Sorry I'm a little confused !!!55357;!!!56848;

Do you recommend he leaves it, or cancels it now and looks elsewhere now before my credit report is updated?

[Deleted User]

Leave it (ie don't cancel it) and also look elsewhere.