Hey everyone,
I've followed this sub for a while and everyone here is super helpful, so I'm hoping you can help me as well. Here is the background:
I got work done on my car at a Toyota dealership two weeks ago (amount was around $2k). The advisor there said that they offer "financing" for larger bills like this, and that I would be able to pay for it over 6 months with no interest. Under the impression that it was a payment plan with them I told them that I wanted to proceed. Keep in mind that I'm in my 20s and I haven't ever purchased a car so I guess I might be naive as to how all this works. He punched some things into his computer, asked me for my SSN, had me answer some questions about addresses associated with me (which I thought was used to check my credit for the payment plan with Toyota so I thought nothing of it) and finished up. He said that I was all set and I should get my bill in the mail. Keep in mind I never signed anything.
Yesterday a Toyota Rewards Visa card shows up in the mail with a $10,000 limit and the $2,000 charge on there.
Credit background (prior to this happening): I have a high 700s credit score. I'm in my mid 20s, I have 2 credit cards of my own and I'm the authorized user on 3 others (2 are my fiance's and 1 is my Mom's). I have about $40k in credit available and hover about 4-6% utilization and pay off any balances in full every month. I have a credit depth of around 10 years according to Vantage/Chase Credit Journey.
Now here is my question: what do I do? I don't want this card and I feel like the advisor was dishonest and tricked me (he never said credit card or had me sign anything). BUT, I'm not sure how this affects my credit.
Do I:
1) Dispute the card to try to take it off of my history? 2) Pay the balance off right away and then close it? 3) Pay the balance off right away and then keep it open? 4) Something else?
Help!
Submitted September 19, 2017 at 10:11PM by powow123 http://ift.tt/2xvoauJ
