Applying for a credit card may sometimes be an impulse decision. Many people jump at those great offers that come their way of a discount on purchases or a freebie and apply for credit cards without thinking it through. You may even start looking around after applying for a new card and realize that there are much better options out there for you than the one you have applied for. In these situations or for any reason, it is important to know how to cancel a credit card application.
Contact the Credit Card Company Immediately
Time is of the essence when it comes to canceling a credit card application. Many companies process credit card applications very quickly, so as soon as you make the decision to cancel the application you must contact the company right away. If you have used an online search tool, like Creditcardchaser.com to find the credit card you applied for, do not attempt to cancel the application by contacting them. You must contact the issuer directly, as it is the only company which handles the actual application process.
Begin by finding out if your credit card application has been approved or not. You may be able to get this information online. If not, a customer service person can tell you. If the card has been approved and the card has been issued, you will not be able to cancel the application, but will instead need to cancel the card.
Go to the issuer’s website to get information about how to go about canceling your credit card application. Some credit card issuers have made it very easy and have a link or a button to click, or an FAQ (frequently asked questions) page that tells you exactly what you have to do to cancel your application. It may be as simple as confirming some information and submitting it to the company online or it may be more complex and time-consuming.
If you cannot find the cancellation information you need on the credit card company’s website, contact their customer service department by phone. The phone number will definitely be easy enough to find. Once you know that your application has not yet been processed, you can verbally request to cancel the application through the customer service representative.
Since a credit card application is actually a legal document, you will typically be asked for the reason you are canceling it. Be upfront and tell the company why you do not want the card. The company has the right to refuse your request, however they typically do not, especially if they think you may not be a good credit risk. Therefore, if the issuer is resistant to canceling your application, present yourself as a bad credit risk, despite what your paperwork might say. This should help to expedite the situation.
Get Confirmation of Cancellation
It is important to have proof that you have cancelled your credit card application. Following the online or telephone cancellation process, you should write a letter to the company confirming that you indeed do want to cancel your application. Send it by certified mail. This will provide you with a legally binding confirmation of reception by the company.
In addition, the company should send you a letter stating that your application has been cancelled. If you don’t receive one within a reasonable time period, re-contact the company to check and make sure the cancellation process worked. Check your credit score to make sure that a new card has not been issued.
When You Are Too Late
Often by the time you get around to having second thoughts and decide to cancel a credit card application, the processing has already happened and a new credit card is on its way to you. In such a situation, you need to wait until you get the card before you do anything else. When the card arrives, immediately contact the issuer and cancel the credit card. Destroy the physical card too. Check your credit report a couple of months later to be sure the cancellation took place.
If you are looking for a new credit card, it pays to shop around and weigh the options carefully before making a choice. By taking your time and comparing different cards and their benefits like low fees, rewards and more, you will be more confident in the credit card choice you make and much less likely to need to cancel an application. Use our free credit card comparison tool now to help you find the absolute best credit card to meet your needs today!
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