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GE Money Bank / Unfair credit decrease / account closings

1 United States Review updated:

The same happened to me. Have a Paypal credit account that GE lowered rate in November of 2008, even though I paid balance due in full every month. Strike one! They also did the same to a Lowes account in the same month as soon as I paid off my balance. Strike two!! When i called, I was told it was due to economic crisis (yeah right), then I received the now famous after review of your credit rating letter. That made a Merry Christmas!! Now in April of 2009, they closed my Husquvava account that was paid in full in 2008 and unactive for a about 6 months with the same letter. Strike three!!! Just in time for spring.

I watched my credit score drop like the stock market. I'm afraid to look now. What is it ...7 years this stays on your credit report? Shame credit scores can't rebound as quick as the Dow Jones. We, in good faith, keep to our agreements to GE, thats a good way to reward it's customers. Hope we as taxpayers don't have to bail them out anytime soon. Like to push them out of a plane with no chute!! The letters GE used to be to a great branding. I dont think I'll even buy anything stamped GE even if their affliated or not. Class action suit, I'm all for it. Where do i sign!!!

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  • Co
      15th of Apr, 2009
    0 Votes

    They did nothing wrong and I applade GE for taking some finacial responsiblity. They needed to lower the credit limits for people that had credit cellings way beyond their earning potential. I also don't understand while you would leave an open line of credit through Husquvava, how many lawnmowers do you plan on buying per year? Ofcourse they would close it do to inactivity, you should have closed the accout if you were not going to use the line of credit.

    I do congraduate you for being ficially responible and paying your balances off every month, but why keep multiple lines of credit open if you don't need them. That in its self will hurt your credit score. GE lowered the credit limits on millions of customers during the economic downturn not just a limited few that you happend to get lumped with. Class action lawsuit? Keep your litigation to yourself and let these companies correct there decades of mistakes.

  • Pi
      16th of Apr, 2009
    0 Votes

    ge money bank sucks

  • Vf
      23rd of Apr, 2009
    0 Votes

    nows thats 100% B.S i have a JC pennys credit card very low credit line never been late on this card pay the bill right at the store i got a letter lowering my credit limit because of score my cedit score is 800 how much higher do they want it its excellent GE mneyhas done this to me many times i n the past if a law suit was against them for aything have to do with custermors releations i wouls be the first one to sign i truly hope thing go truly bad for them they loose everything goverment can take over and the big fat cats that work for them loose all they have too

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