Company Representative - Southwest Airlines
Join Date: Nov 2007
Location: Dallas, TX
Programs: Rapid Rewards, IHG/Kimpton, Bonvoy, AA/oneworld, British Airways
Posts: 798
I honestly don't know the parameters for the timing of when a ticket goes to no-show status and funds are forfeited.
However, on your question about canceling. When you cancel, the ticket (coupon) is closed out and the funds are moved to an RTF.
So, if you cancel you no longer have a ticket to standby on, or a way to generate a boarding pass to get through TSA.