Rescission honored! Can I dispute remaining credit accounts if they are present?

[Tizhathepoetic1]

I have to admit, still wet behind the ears and traumatized from the whole time share ordeal with Wyndham so bare with me if it seems like a silly question. I'm glad I was able to get out of the rescission period but i noticed that two credit accounts have been opened on the day i signed and took some time to show up on my report. My credit dropped 20 points!

I got confirmation of rescission on the 8th, however the open account noticed for my credit report showed up recently.

Do I have a right to dispute based on rescission?

 

[HitchHiker71]

I would give it some time - it will take 15-20 days for the credits to show up on the credit card accounts that were opened. You're also going to have to manually close the credit accounts yourself most likely - as these accounts are not owned by Wyndham - they are managed by third party banks like BarClayCard US, and the accounts are only in your name - so Wyndham will not be able to close them on your behalf.

 

[Fried_shrimp]

I would give it some time - it will take 15-20 days for the credits to show up on the credit card accounts that were opened. You're also going to have to manually close the credit accounts yourself most likely - as these accounts are not owned by Wyndham - they are managed by third party banks like BarClayCard US, and the accounts are only in your name - so Wyndham will not be able to close them on your behalf.

Or better yet, leave the cards open and just don't use them. It will add to the number of lines of credit (a plus) and to the overall credit availability which will cause the usage percentage score to lower (a plus). I would just cut them up and take the benefit until the CC company decides to cancel them for non-use.

 

[troy12n]

Or better yet, leave the cards open and just don't use them. It will add to the number of lines of credit (a plus) and to the overall credit availability which will cause the usage percentage score to lower (a plus). I would just cut them up and take the benefit until the CC company decides to cancel them for non-use.

Agree on this, or just use the cards. Opening and closing a line of credit in a short time is a worse hit on your credit score...

 

[Grammarhero]

I have to admit, still wet behind the ears and traumatized from the whole time share ordeal with Wyndham so bare with me if it seems like a silly question. I'm glad I was able to get out of the rescission period but i noticed that two credit accounts have been opened on the day i signed and took some time to show up on my report. My credit dropped 20 points!

I got confirmation of rescission on the 8th, however the open account noticed for my credit report showed up recently.

Do I have a right to dispute based on rescission?

We hope your rescission and deposit refund were successful. To track TUG rescission savings, mind sharing how much you saved with rescission? As half of tuggers initially bought developer/retail TS, there is no shame.

 

[Fried_shrimp]

Agree on this, or just use the cards. Opening and closing a line of credit in a short time is a worse hit on your credit score...

If the cards are free from an annual charge and offer the best rewards compared to the other cards the OP has, then by all means, the OP should just use them. Usually the cards obtained through a timeshare sale don't carry the best rewards though.

 

[troy12n]

If the cards are free from an annual charge and offer the best rewards compared to the other cards the OP has, then by all means, the OP should just use them. Usually the cards obtained through a timeshare sale don't carry the best rewards though.

I can't speak to what other cards the OP has, but the Wyndham Rewards card doesn't have an annual fee, and isn't completely useless...

 

[Fried_shrimp]

I can't speak to what other cards the OP has, but the Wyndham Rewards card doesn't have an annual fee, and isn't completely useless...

That's why I say it depends on what you already have. Diamond's Barclay card gave it's user 2% rewards on Diamond related stuff and 1% on everything else but my Capital One CC gives me 2% on everything. If someone doesn't have a rewards card it could definitely be better to use the timeshare card but they need to look at what they have already before doing so.

 

[Grammarhero]

I have to admit, still wet behind the ears and traumatized from the whole time share ordeal with Wyndham so bare with me if it seems like a silly question. I'm glad I was able to get out of the rescission period but i noticed that two credit accounts have been opened on the day i signed and took some time to show up on my report. My credit dropped 20 points!

I got confirmation of rescission on the 8th, however the open account noticed for my credit report showed up recently.

Do I have a right to dispute based on rescission?

@Tizhathepoetic1 We hope your rescission and deposit refund were successful. To track TUG rescission savings, mind sharing how much you saved with rescission? As half of tuggers initially bought developer/retail TS, there is no shame.

 

[tschwa2]

Opening credit cards are considered a completely separate transaction from the contract to purchase a timeshare. There isn't a mandated rescission period to change your mind after opening additional credit. You certainly can write to explain that the cards were opened in conjunction with a timeshare purchase that has been rescinded and you can separately close those accounts which could temporarily make it worse. I imagine the drop of 20 points was a combo of opening the credit and putting the deposit on those cards. It should bounce back a bit once the deposit is removed.

 

[gwberg]

All good advice. I rescinded and my credit rating went back up after the balance went to zero. Then I let the card lapse. There are better rewards cards out there.


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