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schottzie

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If you apply for a credit card but change your mind and cancel it, will it affect your credit
Card has never been activated when finding out they had a $95/yr. fee

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You will still have a hard pull on your account.  The account will show even after closed for some time (many years usually).

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What I would recommend is to ask if they can waive the fee for your first year (sometimes they will) or if you can product change to a card they offer that does not have an annual fee (this is free and common).  This would keep the card and credit line open and you wouldn't have to worry about an annual fee or any negative credit effects.

Top Contributor
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You will be horse whipped.

To minimize the damage, if the account has not hit your reports yet, you would want to cancel this asap and hope that it doesn't hit your reports, because if it does it will lower the "average age of accounts" and that would cause more damage than the inquiry. If the account has already hit your reports the damage from opening the new account is already done, so cancelling or keeping it open will not change anything either way, but if it is a matter of money, cancel it anyway. As already said you might be able to get the annual fee waived if you address your concerns with the credit card company.

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