This is my first time here, and I think I'm in the right place. If not I'm sorry in advance.
Last September I was buying a new mattress at Hom Furniture. I decided to do the no interest financing option and pay it off in three months. I had the money up front but figured it'd add to my credit history.
I went through the instant approval process and was approved. I'd read the whole agreement beforehand and it was a typical retail card... i.e. they own your soul if you mess up in any way. Anyway, I had checked the "Buyer's Right to Cancel" box which states "See the separate notice of cancellation form for an explanation of this right." I was told they would get it for me, but that they needed to run the application first. (My big mistake). When I inquired again they didn't actually know what it was. I was told it was part of the agreement that I'd read. I told them it wasn't and got into a big discussion over it. I was sent to a manager who finally ended up calling Citi financial to inquire and was told that the store had that information and they couldn't send a copy, but a copy would be sent with the card in 7 to 10 business days... long after the 3 day rescission period. I just purchased the darn thing cash.
Because of this I told the manager to terminate the whole thing on the spot since they couldn't complete their side of the agreement. They said it was taken care of, but I should call the next day (since the customer phone number was closed at that time) to make sure everything was taken care of. The next day I called Citi and they'd not known about the cancelation, but took care of canceling everything for me.
I just pulled my credit scores today and noticed that that card shows up with "paid as agreed" for the last four months. In the details it does say it was canceled, but I would like to see it removed since I never actually had the account, and it was terminated due to a screw-up on their end, not mine. The analysis thing shows that the new Citi account is hurting my scores.
I would totally understand having the inquiry listed, but not four months of reporting as a card that I actually have. Am I totally misguided in this, or should it be removed since the store was in breach of the terms of the application and the transaction was never completed?
Thanks,
Matthew
02/12/2009 MyFico: EQ 706 - TU 744 - EX 732
Message Edited by Techy101 on 02-12-2009 05:36 PM
So keep your eye on these folks by checking your reports regularly.