Denied Credit!
Date: Wed, 01/05/2011 - 12:30
The credit card company issued a "merchandise" credit, however, the credit card kept the full amount of the item on my credit card! Within a short amount of time, they started to bill me with interest. I disputed the amount several times. They actually notified the credit agencies and added it to my credit report dropping my score tremendously! I notified Experian via letter/certified mail. I am still waiting to hear back from them. Is there anything I can do? I was denied credit recently because of this and I am very upset. Before this, my score was excellent!
thank you.
It might well be that the merchant had deducted a certain amount
It might well be that the merchant had deducted a certain amount as per the terms of purchase (check out the terms and conditions), as a result of which the entire amount wasn't credited back. A debt validation could've clarified your doubts. Once you know the reason why it was on your card, you could get it disputed. You can always file a lawsuit thereafter.
Read the post.....the OP got a "merchandise credit", not a credi
Read the post.....the OP got a "merchandise credit", not a credit to his credit card.
OP...you have to pay the credit card bill...you owe it. The company has given you merchandise credit, which is probably their company policy. A lot of companies do this...you have to be aware of there return policy...some will only issue a store credit vs cash/credit card credit. You are not going to get both merchandise credit PLUS the funds put back on your card. Who is the merchant?
Your misunderstanding of the return policy is damaging your creditscore, not the merchant.
