Credit Card Questions

[Anonymous]

I recently cancelled my Capital Venture credit card after one year, with no balance. I then applied to Bank of America for their credit card on November 16th and even though I contacted them for updates to that application, I was told it takes 10-15 days for a decision. I need to get a decision on or before December 8th. If I don't hear from them and cancel, and then apply to another company, how will that affect my credit rating? My score before I cancelled was 791; the cancellation dropped it 2 points.

I have ample funds in my checking account (5 figures,), I owe $32,000 on a home equity loan) and I have a United-chase-VISA card with a balance of $300, and I always pay most if not all of the monthly balances in 30 days. I have had no late or other negative payments on any of my accounts for over a decade. How will my cancellation of my application with Bank of America affect any future application with another credit card company?

[Medic981]

Welcome to the myFICO forums!

The 10 to14 days notice is typically an approval but not always. Usually, it is because the CCC needs to verify your identity. You can always call the backdoor number to account reconsideration (800-354-0401) which may or may not be able to help but it is a start. As for your credit scores, you have already taken a hard inquiry for the BoA Card and you would take another hard inquiry for another card application. Most hard inquiries cause a 3-5 point drop in FICO scores initially. 

[CreditInspired]

OP
Even if you don’t hear anything prior to 12/8, why cancel the application? Just go ahead and still apply for another card you’ve been eyeing as long as you’re preapproved.

[RonM21]

Welcome Op. I guess I am also curious on why by the 8th? As C.I. mentioned, you already took the HP, so I wouldn't cancel regardless, in order to make that HP worth it.