If You Cancel a Reward Credit Card When Can You Sign Up Again

Tin can I cancel a credit carte application?

shapecharge/Getty Images

• Dec. 10, 2021 /
• iv min read

• Dec. 10, 2021 /
• iv min read

Why yous can trust Bankrate

At Bankrate, we take a mission to demystify the credit cards manufacture — regardless or where you lot are in your journey — and get in one you can navigate with conviction. Our team is total of a diverse range of experts from credit bill of fare pros to data analysts and, almost importantly, people who store for credit cards but like y'all. With this combination of expertise and perspectives, nosotros keep shut tabs on the credit carte du jour industry year-round to:

• Meet you wherever you lot are in your credit card journey to guide your data search and aid you lot sympathize your options.
• Consistently provide up-to-date, reliable marketplace information so you\'re well-equipped to make confident decisions.
• Reduce manufacture jargon so yous get the clearest course of information possible, so you tin can brand the right decision for y'all.

At Bankrate, nosotros focus on the points consumers intendance virtually well-nigh: rewards, welcome offers and bonuses, April, and overall customer feel. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-cheque ourselves to prioritize accuracy so we can continue to be here for your every next.

Editorial Integrity

Bankrate follows a strict editorial policy, and then you can trust that we're putting your interests commencement. Our award-winning editors and reporters create honest and accurate content to assist y'all make the right financial decisions.

Fundamental Principles

We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you're reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial squad does not receive direct compensation from our advertisers.

Editorial Independence

Bankrate'south editorial team writes on behalf of Yous – the reader. Our goal is to requite you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no straight compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you're reading an article or a review, you lot can trust that you're getting credible and dependable data.

How Nosotros Make Coin

Yous have coin questions. Bankrate has answers. Our experts have been helping you chief your money for over iv decades. We continually strive to provide consumers with the practiced communication and tools needed to succeed throughout life's fiscal journey.

Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and authentic content to aid you make the right fiscal decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.

Nosotros're transparent about how we are able to bring quality content, competitive rates, and useful tools to y'all by explaining how we make money.

Bankrate.com is an independent, advertising-supported publisher and comparison service. Nosotros are compensated in substitution for placement of sponsored products and, services, or by you clicking on sure links posted on our site. Therefore, this compensation may touch how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also bear upon how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include data about every financial or credit product or service.

Insurance Disclosure

This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only bachelor in states were it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as blessing for coverage, premiums, commissions and fees) and policy obligations are the sole responsibleness of the underwriting insurer. The information on this site does non modify any insurance policy terms in any way.

Applying for a new credit bill of fare can be stressful—but it gets even more stressful when you realize you've just practical for a credit card y'all don't really want.

Maybe the credit menu issuer offers 2 credit cards with similar names and you accidentally chose the wrong one. Peradventure you practical for 1 of today's best credit cards and and then wished you'd picked a card with a different sign-up bonus. Perchance y'all're worried that taking out a new credit card volition tempt y'all into going into credit menu debt y'all tin can't pay off.

If you're regretting your contempo credit card application, then you lot might be able to get your credit card application canceled—but simply if you're able to contact your credit issuer before they make their application decision. Let's accept a closer look at how to cancel a credit menu awarding, what to do if you lot can't abolish your application and whether y'all should abolish a new credit card you no longer want.

How to abolish a credit bill of fare application

Information technology might be possible to cancel a credit bill of fare application—but you accept to deed fast. In many cases, information technology takes credit issuers just a few minutes to consummate a difficult credit inquiry on your account and decide whether to approve your application. By and then, information technology will be too late to asking that your application be canceled.

Every bit presently as you realize yous need to abolish your credit card application, assuming it isn't as well belatedly, call the credit issuer'south customer service line. You lot volition need to talk to a representative and ask them to cancel your application. If the bank or credit card company has not still made a conclusion on whether to accept or decline your application—peradventure considering your application is currently awaiting or under review—the customer service representative might be able to cancel your credit carte application.

However, it'south very likely your credit card awarding will exist canonical or denied before you have the opportunity to cancel information technology. Credit issuers make application decisions very speedily—so when you utilize for a new credit card, it's important to make sure you're applying for a carte you actually want. Since every new credit application comes with a hard credit inquiry that can lower your credit score past a few points, it'southward to your advantage to brand as few credit application mistakes equally possible.

What to do if yous tin't cancel a credit card awarding

If you tin't cancel a credit menu application, you have three options.

1. Use the new credit bill of fare

Information technology might not have the best credit card rewards or the 0 percent intro April offer y'all might have gotten from another credit card, merely if y'all use your new credit card responsibly, it can still assistance you build a solid credit history and ameliorate your credit score.

ii. Request a credit menu swap

If your new credit card charges an almanac fee, for example, yous could call your credit bill of fare issuer and inquire to switch to the no-annual-fee version of the aforementioned card. Y'all might fifty-fifty be able to swap a credit card that offers travel rewards for a credit carte du jour that offers greenbacks-back rewards, as long equally both cards are offered by the same issuer. All you have to do is contact your credit menu visitor'south customer service department and inquire.

3. Cancel the card

If you lot don't want your credit card and you don't want to try to switch it for a different credit card, your 3rd choice is to cancel your new credit card. Canceling an unused credit account has its pros and cons, as we'll discuss below.

Should you abolish a new credit bill of fare?

You can't decline a credit card after beingness accepted, but y'all can e'er cancel your new credit bill of fare if you don't want the new credit business relationship. Canceling a new credit menu might be the correct motility if you're worried near going into debt you can't pay off. In other cases, canceling your make-new credit card might non be the wisest option.

Canceling your new line of credit will reduce the total corporeality of credit available to you, which could have a negative result on your credit score. Since 30 percent of your FICO credit score is based on your credit utilization ratio (divers every bit the ratio of your available credit to your electric current debts), adding a new credit carte du jour could lower your credit utilization ratio and improve your credit score.

If yous want to cancel a new credit bill of fare, there is a unproblematic process you tin follow to cancel your credit card account.

1. Make sure any outstanding balances on the credit card are paid off in full or transferred to another credit carte.
2. Call the number on the dorsum of your credit card and asking to cancel the business relationship.
3. Follow up the phone call with a certified letter confirming your request to cancel.
4. Cheque your credit reports with the three major credit bureaus (Experian, Equifax and TransUnion) to confirm that your credit business relationship is being reported as closed.
5. Destroy the credit card to forestall credit carte du jour fraud.

However, you might want to consider keeping your new credit carte—even if you lot're not satisfied with the April or the rewards structure. If y'all utilise your credit carte du jour responsibly and pay off your argument balances before your grace period expires, you won't have to pay interest on your purchases. If you wish you had taken out a credit menu with different rewards or better perks, you can nonetheless use for that card in the future. Information technology's best to wait three to half-dozen months before applying to increase your chance of being accepted.

The lesser line

Then, tin you really cancel a credit card application? Mayhap—but but if y'all're able to contact customer service before the bank or credit bill of fare company makes its approval decision. In many cases, credit card applications are approved or declined within minutes, making it difficult to cancel a credit carte application.

If you utilise for a credit bill of fare, get approved and decide you no longer want the card, y'all can request to swap the carte for some other card offered by the aforementioned issuer. Y'all tin likewise cancel the new credit carte du jour, but that could take negative effects on your credit score. Keeping the credit card and using information technology responsibly might be your all-time option.

mchughcataing.blogspot.com

Source: https://www.bankrate.com/finance/credit-cards/canceling-a-credit-card-application/