Can You Cancel a Credit Card Application?
If you want to cancel a pending credit card application, you have to contact the issuer as soon as possible
Applying for a credit card can be exciting. But what do you do if you realize you don’t want the card you applied for? Can you cancel your credit card application?
You can indeed cancel a credit card application. But you’ll have to act fast.
How to Cancel a Credit Card Application
You can only cancel a credit card application if the application hasn’t been processed yet.
So if you haven’t been approved for the credit card yet and want to cancel your application, you’ll need to contact the credit card issuer’s customer service representatives right away. If the application is still pending, then the representative may be able to cancel it.
But keep in mind that credit card applications are often approved or denied within minutes—or even seconds. And you can’t cancel your application once it’s been approved or denied.
How Does Canceling a Credit Card Application Affect Your Credit Scores?
Canceling a credit card application doesn’t affect your credit scores.
However, the credit card application itself will trigger a hard credit inquiry—which is when a lender checks your credit reports after you apply for credit. A hard inquiry will affect your credit and cause your credit scores to drop—usually by just a few points. Your FICO® score, for example, will typically drop by less than five points as the result of a hard inquiry.
But keep in mind that multiple hard inquiries over a short period of time can have more of an impact.
If You’re Unable to Cancel Your Card Application
If you can’t cancel your credit card application, you have options.
If you decide that you still don’t want the card, then you could cancel it. But keep in mind that canceling it could negatively affect your credit scores. That’s because canceling the card could impact a number of factors that help determine your scores.
For example, canceling the card will decrease your available credit and could increase your credit utilization ratio. It could also affect your credit mix. And depending on how long it’s been open, it could impact your credit age too.
The Bottom Line When It Comes to Canceling a Credit Card Application
Remember: Credit card applications are often processed within minutes—or even seconds. So if you applied for a credit card that you’re having regrets about, you can cancel it—but you’ll have to act fast.
And if you can’t cancel the application, you still have options.
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