Canceling a credit card application: What to know

Applying for a new credit card can be an exciting step in your personal finance journey. Maybe you’re aiming to take advantage of a credit card offer, earn perks and rewards or simply get a different 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:

• You may be able to cancel a credit card application if it’s still pending. But some credit card issuers review online applications in minutes or seconds, so it can be difficult to cancel an application in time.

• Canceling an application won’t affect your credit scores. But most credit card applications require a hard inquiry to your credit, which can impact your scores.

• If you’re unable to cancel your application, there may be options to keep, swap or cancel the card, but it’s important to understand how doing so might affect your credit scores.

Yes, it is possible to cancel a credit card application. But you’ll have to act fast. You can only cancel a credit card application if the credit card issuer hasn’t processed the application yet. But keep in mind that card issuers often approve or deny applications within minutes or seconds. 

If you applied in person or by mail or otherwise haven’t been notified about your application yet, there may still be time to contact the issuer and cancel the application.

Canceling a credit card application doesn’t directly 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 may cause your credit scores to drop by a few points. Multiple hard inquiries over a short period of time can have a bigger impact on your credit scores, so it’s worth considering when to apply for a credit card.

If you can’t cancel your credit card application, there may be other options.

For example, you could decide to keep the card. And if you use the credit card responsibly, it could help you improve your credit scores, build credit or maintain good credit.

If your new credit card isn’t the one you want, you could check whether there’s an option to upgrade or downgrade it to a different card. For instance, another card may offer cash back rewards that better fit your lifestyle. It also might be possible to change to a card with a lower or no annual fee. Just keep in mind that applying for a different card could lead to another hard inquiry, which can affect your credit scores.

It’s possible to cancel a credit card once you have been approved for it. Or you can ask to exchange the card for a different card from the same issuer. 

Canceling a card may have a negative effect on your credit score, though.

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. And you may have to pay the card’s annual fee if it has one. 

The Consumer Financial Protection Bureau (CFPB) recommends giving the credit card issuer both a call and a written notice when canceling a credit card.

If the application hasn’t been approved yet, you may be able to cancel a credit card you just applied for. If the credit card issuer has already approved or declined your application, you should be able to cancel the card. Just be sure to understand the impact on your credit.

You might be able to cancel a credit card before activating it. But it could be the same as canceling a card at any other time, which might impact your credit scores.

You can cancel a card that you don’t want anymore. Canceling might be a good idea if using the card could lead to credit card debt. But keep in mind that you’ll still have to pay down the balance. And make sure you understand the impact it might have on your credit.

Credit card applications are often processed within minutes or 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.

You can compare credit cards from Capital One, filtering by rewards, rates, fees, credit scores and more. And you can even see if you’re pre-approved for card offers without impacting your credit.