[Lianey]

I thought I was applying for a loan with a med loan company. It turns out they will apply for credit cards for this money in your name. I 'had' good credit so now I have a new credit card in my name which I didn't want. If I use this credit card (Mastercard), do I owe the company for this 'loan'? If not, won't I now have trouble getting a different card due to two credit requests on my credit report? The company has not been in contact with me since they applied for these cards for me.

[RickJ]

If you use the credit card, you will owe the money + whatever interest they charge.

What company did you originally "apply" with for the "loan"?

Be sure to review the terms and conditions before you sign off on stuff like this.

[Lianey]

Med Loan Finance is the name of the company. The card is with a large credit card company, not with this company. I know I would owe on the card whatever I put on the card, but what about fees to this company? How do they know if I have/use this card? If I reject the card and try to apply for another, won't my credit score really be hit? And won't a card company assume that I took the other two cards that were applied for? The second card is waiting for me to answer some more questions before they will give me a card and I'm not sure what to do.

[ScottGem]

Getting one credit card should not affect your credit rating significantly. Applying for another card will not be a problem is you don't have a lot of cards.

If you have no balance on this card, then contact the card issuer and tell them to close the account.

If you use the card, you should owe no fees to Med Loan. There may have been an upfront application fee but that should already have been paid.