Should a pulled mortgage DIP be removed from credit reports?

[aj84]

Hi all,

 

Just something I thought about last night - I applied for a remortgage with Barclays just before the pandemic was in full force - The Barclays DIP went through fine and everything was pretty much all go for the offer to be issued but then last minute, it was pulled due to their LTV changing where they lowered it to I believe 80>60% briefly.

 

We then via the Broker went for HSBC and again DIP went through, offer went through and we completed.

 

What I wanted to know is could/should the Barclays search on my report be removed given it was not my decision to not proceed any further or is this how credit reports work?  I don't think it impacts me too much but I suspect the score dropping a tad bit is related to having both HSBC and Barclays searching?

 

Thanks in advance

[Bazooka Boo]

AFAIK, having just withdrawn my mortgage application, your credit file will take a hit and drop in points just from the lender checking your file, the entry will remain on your file as it is a true reflection of applying for credit.

 

If you have a DIP (do you mean an AIP {application in principle}?) then it isn't affecting your credit worthiness.

 

It is simply how the system works hence why it isn't a good idea to keep applying for credit one after the other as your file takes a dip for a short while.

[aj84]

It's funny - I've always known it as an AIP but the broker called it a DIP (Decision in principle) - Same thing?

 

Thanks for your reply - I'll leave it as is - it's not a drastic drop but equally did not want that stamp to show until it gets replaced or the time lapses but thats more the OCD in me.