Canceling a credit card application: What to know
Applying for a new credit card can be exciting. Maybe you received a pre-approval offer in the mail. Or you did some research and you’re ready for a new rewards card.
But what if you realize you don’t want the card you applied for? Can you cancel your credit card application?
What you’ll learn:
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You may be able to cancel a credit card application if it’s still pending. But credit card issuers review online applications quickly, so it can be difficult to cancel an application in time.
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Canceling an application won’t affect your credit scores. But if an issuer has already made a hard inquiry into your credit history, that can affect your credit scores.
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If you’re unable to cancel your application, you may have options to keep, swap or cancel the card. But depending on the process, those options might affect your credit scores.
Can you cancel a credit card application?
It’s possible to cancel credit card applications. But you might have to act fast. Typically, you can only cancel a credit card application if the credit card issuer hasn’t processed the application yet. But card issuers often approve or deny applications within minutes or seconds.
If you applied in person or by mail or you’re still waiting on a decision, there may be time to contact the issuer and cancel the application and understand your options.
How does canceling a credit card application affect your credit score?
Canceling a credit card application doesn’t directly affect your credit scores. But credit card applications typically trigger hard credit inquiries, which happen when lenders check applicants’ credit reports.
“For most people, one additional credit inquiry will take less than five points off their FICO [credit scores],” credit-scoring company FICO says. But it says multiple hard inquiries over a short period can have a bigger impact.
Can you cancel a credit card you’ve been approved for?
It’s possible to cancel a credit card once you’ve been approved. But canceling a card could affect credit scores too.
For example, canceling a card will decrease your available credit and increase your credit utilization ratio. It could also affect your credit mix and credit age.
If you decide to cancel a card with an annual fee, it might be worth checking whether you still have to pay the fee.
How to cancel a credit card application
Canceling a credit card application can be difficult if the application process moves quickly. But if your application is pending, there could be time. Checking with the card issuer could help you better understand the status of your application and what’s possible.
What if you can’t cancel your credit card application?
If your application has already been processed and approved, you may have other options.
Keep the credit card
Because the hard inquiry on your credit report has already occurred and your application has been approved, you could decide to keep the card. And if you use the credit card responsibly, it could help you build or maintain good credit scores.
Switch to a different credit card
If your new credit card isn’t the one you want, you could check whether changing products is an option.
Canceling a credit card application FAQ
Here are a few additional common questions about whether you can cancel a credit card application:
Can you cancel a credit card you just applied for?
If your application hasn’t been approved or denied, you may be able to cancel a credit card you just applied for. But reviews can take minutes or seconds. So there’s no guarantee canceling is an option.
Can you cancel a credit card before activating it?
You might be able to cancel a credit card before activating it.
But when it comes to credit-scoring factors, the account is still open whether or not the card has been activated. The cancellation could affect credit-scoring factors, such as your credit utilization and your credit age. That’s along with the slight dips to your scores that might come from the hard inquiry when you originally applied.
“In some cases, closing a credit card may be a good financial step, but don’t assume it will improve your credit score,” the Consumer Financial Protection Bureau (CFPB) says.
Can you cancel a credit card if you don’t want the card anymore?
You can cancel an unwanted credit card. The CFPB offers guidance on when it’s appropriate to close a credit card account: Closing a card might be a good decision if it doesn’t provide any benefits, if it contributes to debt or if you don’t plan to apply for credit soon. But the agency also notes that closing an existing credit card could lower your credit score instead of improving it.
Key takeaways: Can you cancel a credit card application?
Credit card applications can be processed within minutes—even seconds. If you applied for a credit card you don’t want, you may be able to cancel the application if the issuer hasn’t already approved or declined the application. Researching cards first and limiting your applications can help you avoid the hassle. And if you can’t cancel the application, you still have options.
If you’re looking for a new card, you can compare credit cards from Capital One. You can even see if you’re pre-approved for cards without affecting your credit scores.
