Credit cards are an essential financial tool for most people, offering convenience, rewards, and credit building opportunities. But what happens if you apply for a credit card and change your mind about wanting it? Can you cancel a credit card application? The short answer is yes. However, the process of canceling a credit card application is not always straightforward and may have certain implications. This article will walk you through the steps to cancel a credit card application and share what to consider before doing so.

Steps to Cancel a Credit Card Application

1. Contact the issuer: As soon as you decide to cancel your credit card application, contact the issuer by calling their customer service number. This information can usually be found on their website or on any communications you’ve received from them.

2. Provide necessary details: You’ll need to provide some personal information for verification purposes, such as your name, date of birth, social security number, and application reference number if it was given when you applied

3. Request cancellation: Explain that you’d like to withdraw your application and the reason for canceling. It’s essential to be polite yet firm – the sooner they know about your change of heart, the more likely they are to stop processing your application.

4. Confirm cancellation: Make sure that you receive confirmation that your request has been processed. Ideally, get this in writing via email or physical mail for documentation purposes.

Things to Consider Before Canceling

1. Impact on credit score: When you apply for a credit card, lenders perform a ‘hard inquiry’ on your credit report before approving or declining your application. Canceling an application doesn’t remove this from your report; several hard inquiries in a short time can temporarily lower your credit score.

2. Lost promotional offers: Some cards come with promotional offers like 0% APR, bonus reward points, or signup bonuses when applying for new cards. By canceling your application, you could miss out on these benefits.

3. Keep your reasoning in mind: It’s important to remind yourself of the reasons for canceling your credit card application – whether there’s a change in financial circumstances or you found a better alternative.

In conclusion, it’s certainly possible to cancel a credit card application, but there are consequences to weigh. Carefully consider the impact on your credit score and any potential benefits before making this decision. If, however, you’re determined to cancel, act quickly by contacting the issuer to prevent any approvals and unwanted credit accounts being opened in your name.