Is it possible to cancel a credit card application?

It’s true, you might technically be able to cancel a credit card application. But you might have to act fast to contact the credit card issuer before it has had time to process your application. 

That can be more difficult with online applications. But if you applied in person, by mail or you’re still waiting on a decision, there may be time.

What you’ll learn:

• You may be able to cancel a credit card application if it’s still pending. 

• Credit card issuers review online applications quickly, so it can be difficult to cancel those applications in time.

• 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.

• 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 could affect your credit scores.

The decision to cancel a card application is personal. Maybe you were pre-approved for a different card with more desirable terms? Maybe you thought twice and don’t want a card at all? Maybe you realized you want to limit credit-affecting hard inquiries? Maybe you want to investigate a credit limit increase on an existing account instead of applying for a new card?

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 multiple hard inquiries over a short period can have a bigger impact.

One way to avoid this is by checking to see whether you’re pre-approved. Typically, credit card pre-approvals won’t negatively affect your credit scores. Why? Because the pre-approval process uses a soft inquiry.

Though you may have a short window of time to cancel a credit card application, once the credit card issuer approves it, it’s safe to assume the hard inquiry has already taken place on your credit report. 

Of course, you always have the option of not using the card, or you can cancel the credit card. But if you’re trying to avoid a hard inquiry, chances are you’ll be too late. You might consider closing the new account, but that could also have ramifications for your credit scores.

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’re thinking about canceling a card with an annual fee, it might be worth checking whether you still have to pay the fee.

According to the Consumer Financial Protection Bureau (CFPB), closing a credit 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. The agency recommends thinking about closing a credit card account when: 

• The card’s annual fees or terms outweigh the benefits of keeping the card

• Getting rid of the card makes it easier for you to pay off accumulating debt

• You have no plans to apply for more credit in the near future

You might be able to cancel a credit card before activating it. But it’s important to recognize that 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.

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. And remember, you may need to move quickly.

Here are some steps you can take to help the cancellation process:

1. Call customer service. Check your application or the credit card issuer’s website for a customer service phone number. 

2. Provide the relevant information. To help the customer service rep find your application, you will likely have to provide personal information, such as your full name, date of birth, address, and Social Security number, to verify your identity.

3. Let them know you want to cancel. Ask the representative if it’s possible to cancel your credit card application. 

4. Get confirmation. If it’s possible, getting written confirmation could help prove an error if a hard inquiry mistakenly ends up on your credit reports.

If your application has already been processed and approved, you may have other options.

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.

If your new credit card isn’t the one you want, you could check whether changing products is an option.

You always have the right to close your credit card account. But it’s important to note that closing the account could affect your credit scores.

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.