Can I reject a loan offer if I want to apply for a different one? And will this affect my rating?

MinuteNoodles

Paws1_2 said:

Hello

I have decided to upgrade my (owned outright) car. I have only had it for 3 years and would normally keep it for longer but there have been some known issues with the model that have made me decide to move.

Every single model of car out there has known issues however you have to put them in realistic context. So yeah whilst you may find that for example a model of BMW is noted for lunching timing chains the numbers that do will be in fractions of a percent of the total number sold and the used market will have plenty of quite high mileage examples that have never had the issue. You'd literally be setting fire to £1000s just to mitigate what could be a one in a hundred thousand chance it being yours that suffers.

DCFC79

Paws1_2 said:

DCFC79 said:

Paws1_2 said:

Thank you ZX81 for your reply :-).
How do I go about rejecting the offer so it doesn't show that I have potential credit?
Would I also be better to reduce the crazy limit that NatWest have put on my credit card which of course I will never use or will it make no difference.

Thank you :-) 

Just phone them and reject it.

Do remember your score has no bearing on loans since only you can see it. A 999 score isn't dead set to get you the best rates.

Reducing the NW VC rate may go some way to help the situation.

Thank you DCFC79 - that is helpful. I thought other lenders could see the "credit" you have but I guess they only can if you have actually taken it out.

Im sure they can see what your card limits are on card x but not which particular card it is, same with a loan.

Paws1_2

MinuteNoodles said:

Paws1_2 said:

Hello

I have decided to upgrade my (owned outright) car. I have only had it for 3 years and would normally keep it for longer but there have been some known issues with the model that have made me decide to move.

Every single model of car out there has known issues however you have to put them in realistic context. So yeah whilst you may find that for example a model of BMW is noted for lunching timing chains the numbers that do will be in fractions of a percent of the total number sold and the used market will have plenty of quite high mileage examples that have never had the issue. You'd literally be setting fire to £1000s just to mitigate what could be a one in a hundred thousand chance it being yours that suffers.

Thanks, Minute Noodles - I'm sorry for such a late reply - 😬 I probably wasn't very clear in my original post - sadly my car is definitely one of those with the known issues and has spent A LOT of time in the dealership during the time I have owned it. It is now out of warranty and I know I will be burning £1000's if I keep it. Really frustrating as it was my dream car and I had planned to keep it a good 6 years :-(