Loan question

DCFC79

nickybubbles wrote: »

That would be the loan company that was suggested to me from doing the check on this app.
My point is, that if i had known the correct calculation, i would not have applied, therefore i would not have now damaged my credit score.

You haven't damaged anything, all that will be recorded is a search was carried eg the lenders name and maybe a date.


Ring up the lender and ask for the loan to be cancelled.

jonesMUFCforever

OP how much did you apply for?

nickybubbles

No, thats cool, i dont mind hearing it at all.
But the question wasnt about that. It was about if i had made one application and i turned it down, wiuld it effect other applications i make.
I know that they count the applications you make, so i wandered if this would go against me.

[Deleted User]

It will just show the one search.

On a well managed file, it's not an issue. If your history is more patchy, it could have more of an impact.

enthusiasticsaver

If you don't go ahead with the loan your credit record will just show a search. No big deal. I agree though at that rate there is something the lender found that led them to increase the rate so either you have defaults or late payments or your are already over committed or have a patchy address/employment history. Don't forget the credit agencies don't have all the information when they score you and each lender has their own lending criteria.