GE Money Bank / Unfair credit decrease / account closings
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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