Can I cancel a credit card I just applied for?

Cancelling a credit card application before approval typically has minimal impact on your credit score, as a hard inquiry is not yet recorded.

Once the card is approved and activated, cancelling it can negatively impact your credit utilization ratio, which accounts for 30% of your FICO score.

Issuers may have different policies on cancellations - some may allow it easily, while others may require you to go through a formal process.

Closing a credit card can also reduce your overall credit limit, which can increase your utilization on other cards.

If the card has an annual fee, cancelling it before the first year may allow you to avoid paying that fee.

Certain types of credit cards, like secured cards, may have restrictions on cancellation during the first year of ownership.

Repeatedly applying for and cancelling credit cards can be seen as credit-seeking behavior, which can lower your credit score over time.

The impact of cancelling a card on your credit report may vary depending on how long the account has been open and your overall credit history.

Some issuers may convert a cancelled card to a different product, rather than completely closing the account, which can help mitigate credit score impact.

Cancellation policies can change over time, so it's important to check the issuer's current procedures before taking action.

Certain co-branded or specialty cards may have unique cancellation terms that differ from standard consumer credit cards.

If you've already used the card for a balance transfer or to make a large purchase, cancelling it may not be advisable until you've paid off the balance.

Cancelling a card you've had for a long time can negatively impact the length of your credit history, another important factor in your credit score.

The credit score impact of cancelling a card can be lessened if you have a long credit history and low utilization on your other cards.

Some issuers may allow you to "downgrade" a card to a no-annual-fee version instead of cancelling it outright.

Cancelling a card too soon after opening it may be seen as credit-seeking behavior and can result in future applications being denied.

If you've recently applied for other credit, cancelling a card can further increase your credit utilization and impact your score.

Certain cards may offer valuable benefits like extended warranties or travel perks, so cancelling them may not be the best choice if you use those features.

Issuers may be more willing to waive annual fees or make other concessions if you express a desire to keep the card open.

Consulting your credit report can help you understand the potential impact of cancelling a card on your overall credit profile.