I could use some guidance on this issue......

[Anonymous]

I recently bought a new Toyota minivan from a local dealer. I have a TU 750 and EQ 770. I financed through Toyota Fin. Services and got 1.9 % for 5 years. Today I received a Toyota Visa card in the mail with an  $ 11,000

limit but I never applied for it. The finance manager said I should consider it and I told him I would think about it. Now I have it in my hand but didn't activate it. Wondering if i should cancel it right away or keep it and carry no balance. Also wondering if the new car loan PLUS the new card hurt my scores.

[DI]

Chris66 welcome to the forum.

You got a good rate and congrats on getting your new car. If you applied for a car loan and received it, and later received a Toyota Visa credit card in the mail without knowingly applying for it, I would be upset with the salesman because he should have informed you. The salesman was looking out for his own best interest.  He obviously get some type of commission for every card he get a customer to apply for and receive. 

If the car loan and credit card resulted in only ONE inquiry I wouldn't too much worry about it.   If you can use the card keep it, if you have no need for it or not interested in the card close it.  If the card resulted in an unwanted additonal inquiry complain to the dealership.  

There will be a small drop in your credit score becuase of the recent car loan.  Your scores are high so you seem to have a well established credit history.  I doubt if there is a big decrease in your scores. Make sure you keep your CC balances very low.

[cobaltnv]

As the previous poster mentioned I would be unhappy with the salesman and you might want to have a talk with him/her. You can try to fight the card if you wish, but it will be a fight. You received the card so it will appear on your credit reports as a new account irrespective of whether you activate it or not. THe only way to get it removed now would be to contact the card issuer and complain that you did not apply for this card and want the account removed from your credit reports.

BTW--congrats on a great interest rate! 

[Anonymous]

Thanks DI.....i was surprised when i got the card in the mail but i should have expected it.....the finance manager was scum....he tried to play around with the negotiated price of the van twice and i caught him both times...also refused any "add-ons"...he wasn't happy...so he took the liberty of applying for me i suppose....i guess he has to eat too....thanks for the advice

[Anonymous]

thanks for the reply cobalt....next time I'll be more specific if the situation arises