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GE Money Bank / credit limit reduction

PO Box 981131El Paso, TX, United States Review updated:
I have been a customer of Lowes for approximately 2 years and JC Penney's for approximately 5 years. I have just recently been notified that my account limits are being lowered. I am VERY upset since I have been paying these bills regularly, on time and above the minimum balance. I believe that the way the economy is you would be helping people instead of knocking them down. I am going to file a complaint with the BBB of Pennsylvania and the Attorney General of Pennsylvania because I feel this is wrong and unjust.
Nancy Potter


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  1st of Nov, 2008
Agree Disagree +1 Votes
I also have been a loyal shopper at JCP, Old Navy to name two of four. I have not been late on any credit card payment only to find my credit line has been reduced to just about nothing. Congress just bailed this country out for 700 billion which the taxpayers will pay back and our thanks is take what credit we have is taken. I deliberately did not use these cards because the holidays were coming. This totally unfair. My bal on my Old navy was .20. Well now it is nothing and I closed the account. The are complaining about retail sales are down well guess what they will be lower if these are the tactics this company is resorting to. This will help the economy : NOT. Everyone should really evaluate this establishment and what ever accounts you have with them close them. When they lose enough maybe they they will be where they should be. Gone. I am in the process of doing it for my three accounts. My employer had an account w walmart. Payment was made. They made an error with posting it . When they admitted this my employer asked that the card be reinstated.They told them no to reapply. I work for a state agency. I think that says it all!!!
  8th of Nov, 2008
Agree Disagree 0 Votes
I also have been a loyal Walmart, Ikea and many other GE Money Bank credit card card holder. Today I went on line to check balances like I always do and found 2 of my cards limits have been reduced. I have NEVER been late, always pay 3 times as much that is due each month and have paid them off multiple times. I called GE Money Bank and one said they had already sent out a letter the other, Walmart had not. This came from the customer service rep himself. They are messing with good customers credit scores, debt to income ratio not to mention they are going to loose good customers because I will not shop these place anymore with cash or without. I do not need Walmart there are plenty of other low cost alternatives and I do pay cash for my purchases. Not a credit card user all the time and I just bought a house so my credit score is going to take a crap because they lowered them to below my balances. GE has had troubles, yes, but would you not think they want to keep good customers and limit the bad ones?
  9th of Nov, 2008
Agree Disagree 0 Votes
Have a GE Money Bank Ikea card which was opened October '07 with a $300.00 limit. Made one purchase of $290.00 (for kitchen remodel) last November '07. Haven't used since. Card always paid at least several days-in some instances 2 weeks-prior to due date, and always above the minimum due. Balance down to $98.35. Went online to pay my bill yesterday and I see that they lowered my limit to $100.00!! Got some f**khead in India and found out that they reviewed all my other credit (which is in good standing) but made the decision to lower my limit by 2/3. What right do they have, when I have been an excellent customer (according to the US rep that I demanded to speak to today) to even look into my credit history with others? I could understand if I was deliquent with them but that is not the case, nor has it ever been. Gave the f**khead in India a peace of my mind about them taking all of the US jobs thereby helping perpetuate the mess we're in (though, I'm not even in a mess with them, or anybody else!). $83.00 to go until I can close the account, mail their card back, and tell 'em to shove it up their @$$e$!

So much for being an 'excellent customer', huh?

Amazing! After reading the same horror stories for the last several hours on various consumer complaint websites, it appears as though they're lowering EVERYONE'S credit limits to $100.00, no exceptions. With that being the way they treat 'valued' customers, and with most of us now vowing to close our now piddly $100.00 accounts and avoid the stores that support this ###, GE Money Bank should be out of business SOON and deservedly so! Rot in hell with the rest of the failed banks!


  12th of Nov, 2008
Agree Disagree 0 Votes
I log onto my Old Navy account on Monday to pay my bill, balance was previously 1K and didn't use the card often but I helped a friend purchase a plane ticket and she gave me the dough back when use got to town so seeing as to where you can't go into ON and make the payment, I deposited her money in my checking then went online to pay it back. Surprise, surprise...my limit was reduced to $300. I had a balance of $240 so they are lucky they didn't lower it to less than $240 and kindly hand me an over the limit fee or I would have walked into ON and slapped everybody around. I called the company and the rep said they sent a letter on Friday explaining the exact reason for the decrease, still waiting on that letter! I checked my other GE Money Bank cards and you guessed it...Walmart did the same lower my limit from $2500 to $1500. Think I'm just gonna pay them off and close. Since BofA and Chase know how to treat their customers who are loyal and responsible.
  14th of Nov, 2008
Agree Disagree 0 Votes
I have never been late on day always paid more than the amount due. The reason they gave me over the phone was because i did not use my card many times and due to the economy and a bunch of bull ###. If my credit limit is not raised I dont think I will pay another penny. What difference will it matter I over the limit I am so pissed I cant spell nor type something should be done. I hope Bush packs up his U haul fast this country is going to hell in a hand basket.
  15th of Nov, 2008
Agree Disagree 0 Votes
I have a total of three consumer accounts that are funded by this institution. Paypal buyer credit, Sleepys, and Lens Crafters. Two have a zero balance the other, paid on time with the 0% 12 month offer. I just got a report on my credit watch tht my Len Crafters card was closed by the credit grantor. I called and asked why, I was told that it was closed due to inactivity. Keep in mind that I bought my glasses in July, paid the balance off in August and they closed the account October 1st. They also started saying that I was a high risk due to my FICO score. What doesn't make sense about that statement is that my score improved 35 points since the day I opened the account and my debt to credit ratio is less than 10%. So, folks what we are seeing here is the effects of the credit crisis and we are paying the price. Even those who pay on time and are responsilbe have little chance with these larger banks. I am going to take a strong look at who I sign up for credit with from now on. I never though to shop around for lenders, but it seems there are more bad eggs then good ones.
  16th of Nov, 2008
Agree Disagree 0 Votes
It seems every week I get another damn letter from GE money bank. Stating that I have delinquent accounts etc which is why they reduced my credit. They sent the letter nearly a week after they reduced my credit on my IKEA card by 2/3. Turn around this week and I get a letter for my Old Navy card. I have credit for select comfort and I'm sure that's next. Lowes card as well. This is total ###!
  17th of Nov, 2008
Agree Disagree 0 Votes
I have been a loyal customer to Old Navy since I turned 18 (over ten years ago now) and I received a letter stating they were lowering my limit from $800 to $200. I have NEVER been late nor missed a payment. My actual balance at the time of the letter was only $140.00 and I've been paying at least $20 - $30 EXTRA every two weeks to get it paid off. On top of that I also have a Lenscrafters card (GE Money Bank as well) which I also received a letter from stating they were closing my account. I have had that card for 3 years and have had a zero balance on it for over 2 years. They stated they were shutting it down due to my current credit history. I pay my bills on time, every month, over the minimum payment and this is how I get treated. I am very disturbed by this.
  17th of Nov, 2008
Agree Disagree 0 Votes
I have two credit cards through GE Money, Walmart and Paypal. They both seriously reduced my credit limit. I pay on time and I usually pay more than the minimum amount due. I got letters stating that part of the decision was made based on my Equifax history report. I checked my report there is nothing new or currently delinquent there are some really old medical bills but everything that is on there now would have been on there when I opened my account with them in the first place. The only thing "new" is I opened another credit card account and transferred my balances over to them. Now I'm wishing I had a higher limit so I could transfer it all and close these accounts.
  18th of Nov, 2008
Agree Disagree 0 Votes
I can't believe this. My story is just like everyone else's. I've been a loyal customer, always made my payments on time, always paid well above the minimum, and I have never gone over my limit. Yet, my credit limit was decreased by almost $1, 000! Right before Christmas! This has now caused my account to be within $100 of my limit. My guess is the next billing cycle will have rediculous finance charges that will put me at or over the limit. After years of paying on time! Exactly who was being bailed out? Why are we paying to help these jerks who treat their good customers like crap? I feel so helpless. I have already filed complaints with the Attorney General of Connecticut and the BBB. But, I'm not too optomisitc. I'm sure there's a loophole that allows credit card companies to take advantage of us.
  18th of Nov, 2008
Agree Disagree 0 Votes
I got a letter about my GE Money card yesterday stating that they were reducing my credit limit. The letter states:
"Due to current economic conditions, we have decided to lower the maximum credit line offered on GE Money MasterCard Credit Cards from GE Money. This change applies to all GE MOney MasterCard accounts and is not a reflection of your personal credit rating or our confidence in you as a card holder."

They reduced my creit limit TWELVE THOUSAND DOLLARS! While it was nice to have a 20K credit line, I never used more than a few thousand and barely have a bill with them. GE obviously is doing this to cover themselves from a run on credit, they obviously don't give a flying crap what this will do to my credit score!! This will drastically reduce my "debt to available credit" ratio and will have a serious affect on my score.

My plan is to call all the local Consumer Watch people on the TV news and contact my lawyer.
  19th of Nov, 2008
Agree Disagree 0 Votes
As all that have commented, I received the same letter from GE Money; Walmart has also reduced my credit limit. I have always paid on time, paid over the mininum due, and rarely carried a high balance. The few times I have carried a high balance which was twice, I paid the entire balance off both times. When I got the letter, I thought this has to be a mistake!
I called GE Money, and I spoke to the customer service Rep. Asking sevral specfic questions, she kept referring to Equifax letter. I should contact them for the answer. I repeated back to her several times, the letter states "this was not a decision based upon by the credit information company", which was Equifax. She became rude, and just wanted me off the phone. I asked to speak with a manager.
At this point, I have to be honest. I was frustrated too. To fuel the fire, the manager was so condescending. I was treated like a delinquent cardholder. To my many questions, she would reply, "this was a business decision!" I just could not understand WHY...Am I BEING TREATED THIS WAY!! I just wanted to know why was this happening! What was the criteria based on for lowering credit limits, Why was I being penalized for paying on time ect, this was going to lower my credit rating (lower credit limit). The manager said, " this will not effect your score." Then, I said, " Yes it will". She responded with, haven't I answered all your questions? I said, "No, you did not answer any specfic questions you just keep spuing company policy rhetoric." I got so frustrated, I closed the account.
Sure enough, I checked my credit report this evening, and my score went down by a point. So now, my credit report for Walmart shows the Highest balance the card held with a lower credit limit and current balance which is minimal. It makes it look like I was over my credit limit!!! I saw on my credit report that Sam's Club reduced my credit limt too, which I do not even have a balance on this account this August 08. Where is that letter?
What can be done! I feel so helpless!!! I am very angry!!!
  21st of Nov, 2008
Agree Disagree 0 Votes
Hello all I am so pissed off I am in complete agreement!! I too have a Sams Club Card that had a 1000 limit!! I checked my account online to make sure payment was recieved and to my disbelief there was a reduction... I too thought this is clearly a mistake maybe the system is down so I waited until the morning spoke with a representative that told me absolutely nothing. I held on for a MAnager who again told me absolutely nothing could not answer just said that I will have to wait for the letter she does not have the specifics but can say with this economy and the credit crunch banks are reviewing accounts.. Fine and good however that is the only open account I have other than my car loan which is under 8000 and paid in advance. My fico score is over 750 . I never paid late always paid more than the minimal payment due
So right before not even Christmas but Black Friday????? They freakin lower my limit to 170 are they serious ???? So I paid off the remaining balance and they can forget me ever using any type of credit with them again. They can review all they want but review negative accounts not positive accounts that are in excellent standing. Is there anything that can be done I dont even want to use the card anymore I just feel like this is BS

Had to vent!!
  21st of Nov, 2008
Agree Disagree 0 Votes
G.E is horrible- I paid all my bills on time if not before and always paid double or triple my minimum due, They closed my Lowes Credit Card- they should be ashamed of themselves, All I am is a honest hard working person that felt a little security w a Lowes Credit Card being a homeowner . Thanks for nothing
  21st of Nov, 2008
Agree Disagree 0 Votes

GE Money is doing that to all its customers.
On top of the abuse they give to its customers regularly.

Also notify the stores as well, I do not believe they are aware the GEMB is cutting everyone's credit just before Christmas. I know all these stores are hoping that their credit customers will be shopping this Christmas.

With any luck the FTC is already investigating their fraudulent business practices.
  22nd of Nov, 2008
Agree Disagree 0 Votes
I normally don't look at my credit card statements, but for some reason I decided to this month. When I did, I noticed that my Sams Club Credit Card had $6 available credit. I was very confused, since I hadn't used the card since mine and my wife's wedding this past summer, and had been paying down the balance monthly. Although my credit limit only dropped $170, it's still annoying since it is right before Christmas. I decided to call in, and the person that answered the phone first said that "it was because of my payment history". I asked her to elaborate upon this since I have been a customer since 2003, and havn't missed a single payment any time I had one due... She then changed her tune, and said that I was right, my payment history was fine. She then said that my credit score had dropped. Which I found that funny as well, since last time I checked which wasn't that long ago, my credit score had went up. On top of that most of my other credit cards have been raising the limits instead of lowering them. I explained this to her, and she started asking if I wanted to cancel the card, and started giving me the procedure for cancelling the card. At this point I realized that I wouldn't be able to talk with this person about it, and ended the call with an abrupt "ok, nevermind I guess you can't help me. Bye."

We have decided that once this card is paid off it will no longer be used. I'm actually contemplating whether I want to be a Sams Club Member after this. I understand that GE Money Bank and Sams Club are two separate companies, but in my opinion if one company brings in another to issue their credit cards they should communicate things like this prior to them lowering their limits across the board.

All I have to say is that anyone with any of the GE Money Bank cards should boycott usage. Pay off any remaining balance as quickly as possible and cut ties with the bank, I know that is what I'm going to do.
  22nd of Nov, 2008
Agree Disagree 0 Votes
I just got a letter today from Chevron telling me that they have decreased my credit limit as well. I have it charged at about a third of the limit for the best credit reflection of the card. Well, they dropped it down now so it looks like I've used almost all of it. I hate to pay it off and close it because it is one of our oldest cards and that makes a big difference on your credit as well. All of these banks got thier bailout money so I can't understand why they are now punishing the consumeer. These drops in card limits at thier many different stores is going to cause a very bad ripple effect as the consumers won't be able nor at this point want to spend money at the retailers this company backs. It's gong to further damage the already brittle economy and something needs to be done ASAP. I was expecting a credit increase for always paying on time and paying more than what was due and never paying late. Those are the things that consumers do to be rewarded, not punished. They should be ashamed of thier irresponsible practices and need to be stopped.
  22nd of Nov, 2008
Agree Disagree 0 Votes
I just filed a complaint against them at the FTC for this crap-I advise like the other person to do this as well. I checked and did not see that there was any case against them at this time. People have to speak up to protect themselves. Please do this for everyone involved.
  22nd of Nov, 2008
Agree Disagree 0 Votes
I received a letter today from GE Money Bank stating my credit limit was lowered, too. I have never been late with them, always had a very low balance, paid 2-3 times more than the minimum payment due. I called them and the operator was rude, he acted as though I was wasting his time asking questions! He sighed, made noises on the phone, etc. I called him out on his behavior and asked to be transfered to his manager, the jerk played with the phone pushing buttons and left my call on hold and never put me through.

I own a business and specialize in customer service, so this really exposed a nerve with me.

So...here's what I did and I would suggest everyone else out there do the same and then go with COSTCO!

I went through my house gathering up as much of my Sam's Club merchandise as I could find today, including the 16ft. summer pool that was boxed up for winter in October, appliances, misc. items, gathered the receipts out of my receipt box and hauled everything back to Sam's Club and got a ton of my money back. If they don't treat me right...they're not keeping my business or my money!

If everyone out there was to do this and refuse to do business with them until Sam's Club finds a credit company to treat THEIR customers the way we DESERVE to be treated.

If they did this, then I would shop with them again.

In the meantime, I deposited the money back into MY account.

Afterall, Sam's Club is feeding them the business and they are treating us like dirt. Sam's Club will always make a profit...they just need to choose a company that will treat their customers right. Considering Sam's Club/Walmart is such a big company, I bet companies would bid for their business and give them a bigger slice of the pie.

OH! The clerk asked why I was returning everything and I told her...she said GE Money recently lost the Home Depot account...I hope they lose the Sam's Club/Walmart account too!!!

The GE Money calls are recorded and they offer a survey afterwards...as if they really listen to customer feedback.
  22nd of Nov, 2008
Agree Disagree 0 Votes
i had the same thing with a wallmart cart stAting my credit wasnt great which is a lie. this is just in my jugement an bunch of crap this bank i running scared and making people feel like they have bad credit when they dont.

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GE Money Bank Logo GE Money Bank
Customer Service
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3135 Easton Turnpike
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