GE Money Bank / Terrible bank
My husband and I have several major credit cards, and a few store cards, as most Americans do. With the recession looming over our heads and the economy being what it is today, we decided to be proactive in our debt management and pay off most of our credit cards with our income tax refunds. So in February when we received our Federal tax refunds, we paid off Lowe's (balance of $400), Discount Tires (balance of $700), JC Penny (balance of $300), and SYMS (balance of $300). As of yesterday April 6th, we've received 3 letters from GE Money Bank informing us that they have closed all of these accounts based on "information from our credit reports, not from our credit history with GE Money Bank".
My husband and I were livid!! Oh, so you'll take our good credit rating with you and our money and close our account like we never had a relationship? WTF? We just purchased a home a few months ago, so our debt to income ratio had to be within the guidlines required by our bank. And we've continued to maintain our good credit score. We've never been late on any of the GE accounts (or any other accounts for that matter). It really just felt like a slap in the face to us, the consumer, for them to take our cash and then shut the door on us as customers.
I suppose had we continued to pay the astronomical interest rates on their store cards and send them the minimum monthly payments they would have been cool. But the moment they received our money to pay the accounts in full they were through with us. My husband and I are very positive people, and believe that there's always a good reason for everything. We're taking this as a blessing that we have four less credit cards we'll have to contend with. But my question is: what does this do to our credit rating? When your account is closed by the grantor and not by the account holder, how does that look to the three agencies?
Our goal in 2009 and beyond is to pay for everything with cash, and to only have our mortgage to deal with. Thanks to GE Money Bank we're closer to our goal, but it just doesn't feel right to have them do this to us in this manner. And even though I'm trying to stay positive about this...I'M STILL PISSED!!! :-( How dare they!!
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