How Long Cancel Credit Card to Qualify Rewards Again
Can I cancel a credit card awarding?
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Applying for a new credit card can exist stressful—but it gets even more than stressful when yous realize you've simply applied for a credit card you don't actually want.
Mayhap the credit card issuer offers two credit cards with similar names and yous accidentally chose the wrong one. Maybe you practical for one of today'due south best credit cards and then wished you'd picked a card with a unlike sign-upwards bonus. Maybe you're worried that taking out a new credit carte du jour will tempt you into going into credit carte debt you tin can't pay off.
If yous're regretting your recent credit card awarding, and then you might be able to get your credit card awarding canceled—but only if you're able to contact your credit issuer before they make their awarding decision. Permit'due south have a closer look at how to cancel a credit bill of fare application, what to practise if you can't cancel your awarding and whether you should cancel a new credit card y'all no longer want.
How to abolish a credit card awarding
Information technology might be possible to cancel a credit card application—but yous have to act fast. In many cases, it takes credit issuers just a few minutes to complete a hard credit enquiry on your business relationship and decide whether to approve your awarding. By then, information technology volition exist too tardily to request that your application be canceled.
Equally before long as y'all realize yous need to abolish your credit card application, assuming information technology isn't too tardily, call the credit issuer's customer service line. You volition demand to talk to a representative and inquire them to abolish your awarding. If the bank or credit card company has not nonetheless made a decision on whether to take or decline your application—perhaps because your application is currently pending or nether review—the client service representative might be able to cancel your credit card application.
However, it's very likely your credit card application volition exist approved or denied before you have the opportunity to cancel information technology. Credit issuers make application decisions very quickly—then when y'all apply for a new credit card, it's of import to make sure you're applying for a menu you really want. Since every new credit application comes with a hard credit research that can lower your credit score past a few points, it's to your reward to make as few credit application mistakes as possible.
What to do if you tin't cancel a credit card application
If you can't cancel a credit carte du jour application, you lot take three options.
1. Use the new credit carte du jour
Information technology might not have the all-time credit card rewards or the 0 pct intro April offer y'all might have gotten from another credit card, merely if you use your new credit card responsibly, information technology tin can still help you build a solid credit history and ameliorate your credit score.
2. Request a credit card swap
If your new credit carte charges an annual fee, for example, you could telephone call your credit card issuer and ask to switch to the no-annual-fee version of the same card. You might even be able to swap a credit card that offers travel rewards for a credit bill of fare that offers cash-back rewards, as long equally both cards are offered past the same issuer. All you have to do is contact your credit menu company's client service department and ask.
3. Cancel the card
If you don't desire your credit card and you don't want to attempt to switch it for a dissimilar credit menu, your third selection is to cancel your new credit card. Canceling an unused credit account has its pros and cons, as we'll discuss beneath.
Should you cancel a new credit card?
Y'all tin can't decline a credit card after being accustomed, but you can e'er abolish your new credit card if you lot don't want the new credit account. Canceling a new credit card might be the right move if y'all're worried about going into debt you tin can't pay off. In other cases, canceling your brand-new credit menu might non be the wisest option.
Canceling your new line of credit will reduce the total amount of credit available to you lot, which could have a negative issue on your credit score. Since 30 percent of your FICO credit score is based on your credit utilization ratio (defined as the ratio of your available credit to your current debts), adding a new credit card could lower your credit utilization ratio and meliorate your credit score.
If you lot desire to cancel a new credit card, there is a simple procedure you tin follow to cancel your credit carte account.
- Make sure whatever outstanding balances on the credit carte du jour are paid off in full or transferred to some other credit card.
- Telephone call the number on the dorsum of your credit menu and request to cancel the account.
- Follow up the phone telephone call with a certified letter confirming your request to cancel.
- Bank check your credit reports with the three major credit bureaus (Experian, Equifax and TransUnion) to confirm that your credit business relationship is being reported equally closed.
- Destroy the credit card to prevent credit card fraud.
Nonetheless, yous might want to consider keeping your new credit card—even if you lot're non satisfied with the APR or the rewards structure. If you use your credit card responsibly and pay off your statement balances before your grace period expires, you won't have to pay interest on your purchases. If you wish yous had taken out a credit card with different rewards or ameliorate perks, y'all tin notwithstanding utilize for that card in the futurity. It's best to wait three to half-dozen months earlier applying to increase your chance of being accepted.
The lesser line
So, can you actually cancel a credit bill of fare application? Maybe—but only if yous're able to contact customer service before the bank or credit card visitor makes its approval decision. In many cases, credit card applications are approved or declined within minutes, making it difficult to cancel a credit bill of fare application.
If yous apply for a credit menu, go approved and determine yous no longer want the card, you can asking to bandy the card for another bill of fare offered by the same issuer. You tin can besides cancel the new credit card, simply that could take negative furnishings on your credit score. Keeping the credit card and using information technology responsibly might be your all-time option.
Source: https://www.bankrate.com/finance/credit-cards/canceling-a-credit-card-application/
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