The most trusted and popular consumer complaints website
Explore your opportunities! Create an account or Sign In

GE Money Bank / Credit Card Lowered limits and closures

1 GA, United States Review updated:

I received notice from Sams Club Discover (GE MONEY BANK) that they were lowering my limit from $4500 to $140. (I owed about $100.) I immediately paid the balance off. I then received a letter that they were closing the account. The reasons for lowering the limit and closing the account were "Months since last delinquency" found upon reviewing my credit report. I had just ordered a copy of my credit report, and have NO LATE PAYMENTS EVER.

I just received a letter from JC Penney (GE MONEY BANK) has lowered my limit from $500 to $100. I owed them a balance of $47. The reason again was "Months since last delinquiency". I have good credit, and have never paid them or anyone else late. I called the # and asked why they did this, and they told me to get a copy of my credit report. I have a copy in hand, as I am trying to buy a home. There are no late payments or anything negative on my report. This is an unfair business practice, and stupid. I have been a good customer, and am not a bad risk. Shame on them.

Ah
Sort by: UpDate | Rating

Comments

  • Ba
      22nd of Jan, 2009
    0 Votes

    GEMoney Bank should really be ashamed of how they do business. I totally agree with the other people. I have a JCPENNEY CARD, my payments are allways ahead of time. I got a letter 2 days ago where they have droped my credit limit. WHY? Who knows!!. I am really surprise that JCPENNEY has not done something about the way they are doing their customer. I am really up-set with JCPENNEY, because l have given them alot of bussiness. Something needs to be done about this!

  • Cn
      26th of Feb, 2009
    0 Votes

    I had the same thing happened. I received a letter from JC Penny stating that my Equifax had delinquent accounts, which is not true they lowered my credit limit from $1500 to $100, I had a balance of $97.85. I called JC Penny and immediately paid the balance and closed my account. How crazy!

  • Ji
      28th of Feb, 2009
    0 Votes

    My husband and I have a GE Money Credit Card through a retail store, named Big R and we have had numerous problems with this company. We started out by getting bills through the mail, then they stopped sending them and started posting them through our email without any notification. We pay off our balance every month because of the high interest and never had a remaining balance, until we got a horrid letter that we owed close to $600.00 and it was two months overdue! I freaked, because we don't do that and I was frantically looking for my bills. I didn't think we charged anything, especially in that amount, but I started second guessing myself. Then I remembered that we don't get paper bills, so I checked our email account and we didn't have any notification there either. What the heck! Then I went to the Web site to check our status and our account history and to my horror we accumulated four months of finances charges and late fees and showed that we were late on our payments in the past and that the amount due is mainly the charges. I paid those bills on time and in full every month!! We are sickened!! This month we didn't get a paper bill or any notification by email, so I went on line to their website and sure enough, there was a bill due in three days. So we paid that on line, hopefully it goes through. When it does, we are closing our account. eyes opened in Morris, Illinois

  • Ta
      22nd of Apr, 2009
    0 Votes

    I've already had GE lower the limits on 2 of my cards - the first one was a Old Navy card, and I never used it so I didn't care. The second one was a Walmart card. That one p&ssed me off and I called them over it. I told them that I knew for a fact my credit score was better at the time they lowered my limit than when they gave me the card in the first place. I also reminded them I had NEVER went over my limit and had ALWAYS paid more than the minimum due each month. As a matter of fact they lowered my limits right after I paid each card off. So I told them to shove the Walmart card. Then today I get a letter saying their cutting the limit on my JC Penney's card. I wouldn't care except this is pushing my available credit vs debt ratio sky high! I thought the government was supposed to step in and do something to stop the credit card companies from screwing consumers...I guess that will happen when pigs fly

  • Ba
      13th of May, 2009
    0 Votes

    your credit lines are being reduced due to delinquency found in your equifax credit report. if you try to tell me you've "never been delinquent on anything" i know your lying.

    cardholders are still getting credit line increases, customers are still getting approved for new accounts, GEMB is not doing anything illegal.

    if you told a friend (we will call him james) you would let them borrow a thousand dollars and one of your other friends informed you that when james borrowed money from them he never paid it back, would you still let james borrow a thousand dollars?? absolutely not!!

    why are you blaming GEMB for your own poor credit? take care of your bills and be a responsible borrower and maybe you would be here giving us the "woest me" because the other shoe finally dropped.

    @the OP-- its not just delinquency that afffects your credit score, when you bought that new house with your "perfect credit" (liar) your debt to credit ratio shot through the roof.

    to be quite honest im tired of hearing this from everyone, take responsibility for your own actions and quit yer bi+chin!!

  • Be
      28th of May, 2009
    -1 Votes

    i dont agree with it that if the credit report is saying that ur delq. to ge money they have to go by that if its not showing on ur credit reprot then u need get it fixed through the credit report and then im sure they will adjust ur line to what they fix on it any company can only go by what they are told so there for becareful cause if they are telling ge that then they will tell ur other credit cards adn they will all start to get lowered

  • Jg
      9th of Oct, 2009
    0 Votes

    They did the same damned thing to me and me credit report is damn near perfect! The only "ding" is that I probably have too many open accounts (because I tend to respond to marketing pressure---from people like THEM!)---and my usage is over 75% on a lot of them. Big deal! I have never had a problem making my payments on time, and I have NEVER missed or been late with a payment for JC Penney. But based on some flaky program they said "scored" me they have lowered my limit down to my existing balance. As the commenter above noted, this is really stupid, as all it will do is alienate existing customers. Duh! I read on another site that their single store sales are down almost 8%. This kind of action certainly won't help.

  • Th
      2nd of Dec, 2009
    +1 Votes

    You are a GEMB shill, aren't you?

  • No
      17th of Sep, 2010
    0 Votes

    GE Money calls me several times a day about the JC Penney account of a woman I've never heard of. Several times, I've explained this to them, and they promise to take my number off their list, but the calls keep coming. I've also explained that since I don't have a GE Money or JC Penney account, and am on the National Do Not Call List, their calls violate the law. They don't seem to care. At this point, I'm so disgusted that not only will I never do business with GE Money or a JC Penney card, I won't set foot in Penney's again.

  • Di
      25th of May, 2012
    0 Votes

    I bought a "Sleep Number" bed, that GE Money Bank financed. I was never late with a payment, and paid off the balance (approximately $1800.00) within a few months. I had a credit line of $5, 000. Several months later, GE sent me the same BS letter as the other frustrated customers, lowered my credit line, then eventually closed my account that had a 0.00 balance! ( Maybe I was punished for not purchasing another bed?) ... I used to shop at JCPenneys pretty frequently, until this past year. I prefer Nordstrom. My credit line used to be $3500.00 with JCP, and I was never late with payments, always paying above the minimum due. Well, since GE took over their financing, guess what? Yes, I received a similar, degenerate letter. GE Money Bank is completely unprofessional and unscrupulous, and my advice to anyone who comes across this company, is to AVOID them AT ALL COSTS. They will screw you. I will be paying off my JCP balance in full, and then cutting up that crappy card. As long as JCPenneys continues to do business with GE Money Bank, they will lose a lot of business. What a shame...

  • Df
      18th of Feb, 2014
    0 Votes

    I also received a letter today from GE letting me know they were reducing my line of credit on my JC Penny’s account because of some bogus delinquent accounts and some public record crap they said was on my credit report. This is totally false as I also just refinanced my house and have my credit report in my hand (all three bureaus) and there is nothing on there that they are claiming. Also, never been late and recently I have been working on paying off all my credit cards and theirs was one that I paid half of it off all at once and planned on paying the remaining balance soon, also I just paid GE off when I refinanced my house as they were the 2nd mortgage holder. I think they are mad that I am paying off JC Penny card versus paying the minimum amount so they can rape me for years to come along with my second mortgage……. I
    have had it with JC Penny and GE; I hope JC Penny is happy that they are
    driving away customers. Goodbye JC Penny and GE!! And good riddance

  • Me
      13th of Feb, 2016
    0 Votes

    Like everyone else, I have had the same thing happen. I had a $2500 credit limit with GE and JC Penney. I have had them for 5 years now. After each large payment they have significantly reduced my credit limit to where now my combined limit with what I owe is a little over $200.00 WTH! I knew after I made the last large payment to get my balance down, they would do this. This is the third time! Only this time, I paid it nearly off. You would think that after 5 years it would go up! No my credit isn't perfect (who's is these days?) but they have always been paid!!! So, today, I will close them out. To say goodbye to JC Penney wouldn't exactly be fair. They have really great deals. But GE... good riddance! I will never do business with them again. There are plenty of companies, should I choose to go in debt that will be happy with my business.

  • Be
      22nd of Dec, 2017
    0 Votes

    I wish I would have read these reviews before getting this card! I received a JCPenny credit card with a $700 credit limit. Today I paid off a large amount and the limit was reduced down to $130. What a joke. I am in the process of refinancing my car to a lower interest rate. I hope this won’t hurt my chances. Had I known, I would have put off paying off this card in full, while using my funds for more Christmas shopping this season. Haven't been screwed by JCPenny's credit card yet? Wait for it. Enjoy trying to work with their slurring, nonchalant workers, and their vocal fry. Easy to apply and get approved, but good luck to your credit!!! All the fakes standing up for JCPenny are probably employees themselves. They need to be sued!

Post your comment