Applying for multiple LISAs

dutsv

Bit of a silly question, but I have applied for a cash LISA with newcastle bs, and they have asked me to send proof of identity / address, which I have not done (so the account is not open yet). However I have since changed my mind and would like to create a LISA with a different provider. Can I do this? If so, is there a way to cancel my application with newcastle bs, or do I just ignore them and not send any documents or anything to them?

masonic

Yes, you can go ahead and apply with a different provider as you will not fund the original LISA. You should be able to cancel the original application as you'll be within the cooling off period, but if this isn't made easy, you don't have to take any action.

dutsv

masonic said:

Yes, you can go ahead and apply with a different provider as you will not fund the original LISA. You should be able to cancel the original application as you'll be within the cooling off period, but if this isn't made easy, you don't have to take any action.

Slightly unrelated but I have seen that banks normally check your identity through credit reference agencies instead of asking you to send in documents. I have been on the electoral roll for a while and have recently opened a bank account with a student overdraft, but other than that don't have any credit history. Do you know if the reason they weren't able to check my identity online was because I don't really have a credit history, or because I have only very recently turned 18, and so things like me being on the electoral roll / applying for an overdraft just haven't been updated yet, or is it likely just something else entirely?

masonic

Being asked for documents doesn't necessarily mean there is an issue with your credit files. Some institutions follow up a proportion of electronic checks as a matter of policy, and sometimes there are technical reasons why the check fails. It would only be a cause for concern if it keeps happening.

vikkiew

Confirm with Newcastle BS the account isn't open and the request has been canceled. Just because you can't see or access it doesn't mean they haven't processed it. You can ignore but it may lead to more work chasing and explaining in the future.

masonic

vikkiew said:

Confirm with Newcastle BS the account isn't open and the request has been canceled. Just because you can't see or access it doesn't mean they haven't processed it. You can ignore but it may lead to more work chasing and explaining in the future.

What chasing or explaining would be necessary if the account was opened?