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Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Revolving account I don't think I approved....

So heres the back story:  This isn't technically a credit card, so if it needs to be moved, I understand.
 
Anyway, I was searching for motorcycle loans back before I knew anything about keeping track of my credit.  I was looking at a honda/suzuki dealer and a brand new bike caught my eye for $8999.  I applied for financing and they told me I was approved, but I would need a down payment bigger than the $1500 I had available.  Turns out, not much bigger, but I didn't have any more cash at the time.  I wound up settling for a MUCH better deal on an 04 model with 1200 miles for $5000.  I caught the deal because it was a husband's bike in the wifes name and they were going through a divorce.   Anyway, don't want to bore you all with the details.
 
So now I'm keeping up with my credit, and it turns out those PUSHY AS HELL salesmen, instead of just running my CR and seeing if I qualified for financing, they actually opened me a $6000 revolving TL that is currently open on my report.  Is this normal?  Can they do that?  I only meant to give them permission to check my reports, not open an account.  I guess they figured if I had an account already open and they swindled me into the bike they were pushing at me then they could get me out quick.  I didn't take the bait and walked, so now I have this open account.
 
Should I close it, or do anything?  Should I be upset, or is this something that happens often?  It's helping my utilization....   but soon I'm gonna have all my cards paid off anyway so I won't need the extra CL

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Frequent Contributor
firstinlastout
Posts: 339
Registered: ‎12-12-2007

Re: Revolving account I don't think I approved....

how old is this account ?
God is keeping score....be good to others.
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: Revolving account I don't think I approved....

About a year and a half

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: Revolving account I don't think I approved....

Is it showing as an installment account with a credit limit of 6K balance owed 6K? Any payment activity? Scheduled payment amount?
Frequent Contributor
firstinlastout
Posts: 339
Registered: ‎12-12-2007

Re: Revolving account I don't think I approved....

are you sure it's a revolving account ? For now, that increase your overall credit available, so I would keep it.
God is keeping score....be good to others.
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: Revolving account I don't think I approved....

[ Edited ]
Status as of [?] Apr, 2008
Date opened [?] Feb, 2007
Date of last activity [?] Not Reported
Date closed [?] Not Reported
Account number [?] Not Reported
Loan type [?] Not Reported
Credit limit [?] $6,000
Largest past balance [?] Not Reported
Terms [?] Not Reported
Account Type [?] Revolving
Account holder [?] Individual
Scheduled payment amount [?] $0
Account status [?] Account is Open


Is it going to look bad on my reports if they close it due to inactivity?  Does closed by consumer look better than closed by lender?

Message Edited by thrasher865 on 06-03-2008 03:29 PM

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: Revolving account I don't think I approved....

It doesn't affect your scores one way or another for closed by consumer vs closed by lender.

It *might* catch the eye of a future lender on a manual review. If anyone asked you about it, I would just tell them exactly how it happened, and that you realized it was helping your score, so you left it be. I can't imagine anyone declining you for this. They've seen a lot weirder stuff, that's for sure.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: Revolving account I don't think I approved....

Cool, it's actually helping me a LOT.  I have another CC with 1100 limit that I had $750 on.
 
I swear, this addiction to fico is a VERY good thing for me.  It used to be I would pay above the minimum on my CC, but just because I felt obligated.  Now I feel like every dollar I pay towards the balance I am "purchasing" a lower fico score.  :smileyvery-happy:  It's not just money thrown away anymore.
 
The addition of my $2000 blue cash and me paying $300 on my $750 balance now brings my utilization from 10.5% to 4.91% and without this bogus account, it would be 14.4%
 
I hope this is enough to overcome the new account and the hard inquiry from blue cash and maybe I will see a little score raise :smileyhappy:  I check scorewatch hourly........   :smileysad:

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: Revolving account I don't think I approved....

Should be easy enough to see if it is being used in calculating utilization. Does it report this way to all 3?
Valued Contributor
thrasher865
Posts: 1,163
Registered: ‎05-21-2008

Re: Revolving account I don't think I approved....

I don't know.  I can't afford to pull my reports.  I'm a poor fico addict.
 
It is factored into my utilization, because the report that came at the start of my SW trial showed my utilization at 10%, which work out to be my $750 balance divided by my $1100 limit + $6000.

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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