Cancel or accept loan application that no longer required

chris_h16

Hi
I applied for a AA loan and got accepted at a higher APR that I was comfortable with, then applied for John Lewis loan and got a much better APR so have gone with John Lewis.  Should I let my AA application expire after 30 days, or contact then to explain and cancel it so they clear it off their system, or should I accept it then pay it straight back?  I'm asking in terms of my credit file, obviously, a hard search will of been performed for both of these loan applications and 1 of them will not turn into an account on my credit file which could appear as a negative.  Would accepting the AA loan and then paying straight back as an early settlement be better for my credit file?

Thanks in advance

[Deleted User]

Just leave it. If you accept it, you run the risk of the JLP one being pulled. 

Just accept the one that you want.

sourcrates

Don`t overthink things, accept the loan you want, cancel the one you don`t want, job done.

chris_h16

ok thank you.  Is it best to contact AA and tell them to cancel it rather than let it expire after 30 days in case it leaves something on their system for the future?

sourcrates

chris_h16 said:

ok thank you.  Is it best to contact AA and tell them to cancel it rather than let it expire after 30 days in case it leaves something on their system for the future?

Honestly, it does not matter, all that`s recorded is the double search for the loans, your stuck with that now, but in the grand scheme of things, it means nothing.