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GE Money Bank / Decreased Credit Line w/ Good Credit History

1 NY, United States Review updated:

I first went to use my Paypal account to find the line of credit was decreased although I have a terrific payment history with Paypal often paying the balance to $0. I then began to receive letters in the mail for GE Money Bank stating they had decrease my PayPal account later letters followed regarding The Gap, Old Navy which have all been paid in full since Aug. 2008 & I soon expect PC Richard now that I see GE finances for this company also. The sad thing is they are hurting my credit score. I have paid them in full and I have not been late. Yet they have decrease my credit lines by more than half. There should be a policy against this. It's not fair that I don't owe them anything and I have responsibly paid my balance yet I am being punished for being a great credit card client. I guess it's due to this economy.

Hj
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Comments

  • Ki
      17th of Nov, 2008
    0 Votes

    This same exact thing has been happening to me. I have had a Paypal credit card for 3 years, always pay my payment before it is due and always pay triple or more than my payment requires. I have never been late on any of my payments, ever. I have excellent credit, always have. I recently paid off my Paypal credit card and then 1 month later I paid off my Old Navy credit card, from a balance of 3000.00 to 0.00. Just last week I received a letter from GE Money Bank stating that due to negative things in my credit score they were reducing my line of credit from 4, 000.00 down to 1, 600.00. What?! I have been an outstanding customer, responsible and always paid my bill early, and I have NOTHING negative on my credit report, NOTHING! I check my credit every 3-4 months, to be on the safe side and I just checked it 6-8 weeks ago and it is perfect. I went out of my way to pay these 2 GE Money Bank cards off because of the high interest rates, and because of them lowering my credit line and hurting my credit score unnecessarily. This is outrageous, why punish the people who are in good standing for no reason. It should be illegal to damage a persons credit score without due cause. I can guarantee that I will never, ever use a credit card from GE Money Bank EVER AGAIN!

  • La
      17th of Nov, 2008
    0 Votes

    File complaints with the Federal Trade Commission
    GEMB needs to be investigated for their consistent violations of Federal Lending Laws

  • Je
      1st of Dec, 2008
    0 Votes

    I just had the same thing happen to me. This is ridiculous. I never use the stupid $500 (now $100) credit line, and have over $100, 000 in available (unused) credit card credit. It is such a joke that this silly company can kill my credit rating. Never, ever, ever again will I patronize GE financial affiliated companies in my professional or personal business. I hope they choke on their own falling stock price.

  • Ri
      2nd of Jan, 2009
    0 Votes

    I was wanting to keep my credit score "high" so in the next year I would buy a house. I have a good high score now, ok, so I thought I would buy a new TV from Video Only and put half on credit to keep things going, because they were offering 24 months at no interest. I usually pay cash and I can of course, but you know you need to keep things on credit to get credit and keep credit. GE turned me down for $900.00 and of course the salesman asked if I had another form of payment which I do "CASH". Sitting here at the computer and researching I found this site with the info about "GE". I almost fell out of my chair, as I read the other postings realizing that if I would have gotten the "GE" credit for the "TV" for $900.00, I would end up with worse credit that I started with. At first I thought "GE" was tied to Citibank which so many companies are, and figured they are still pissed of because I beat them in court when they tried to cheat me on their credit card. So let be a lesson to all "research the company you intend to do business with" each and every time...before you sign anything.

  • Co
      27th of Jan, 2009
    0 Votes

    they should be sued for ruining our credit scores this is not fair they should not be able to do this to us they keep checking our credit scores and every time they do this it brings our credit scores down i hope they all lose there jobs they are so rude and you can't understand them ge money bank sucks

  • Am
      31st of Mar, 2009
    0 Votes

    I have filed complaints with the Better Business Bureau and today, the Federal Trade Commission by the suggestion of the comment on here. I received a response from the BBB complaint that was very generic, which is expected from any company. They state in their response that is policy and when you sign the contract with GEMB, they have the right to review your credit any anytime.

    I am finding this extremely difficult to believe. No company should be able to pull your credit anytime they way.

    I called GEMB over a month ago requesting that they send me the information that states they are allowed to review credit at anytime. I spoke with supervisors, and then their supervisors requesting this information and I have not seen one bit of it.

    If GEMB cannot back up their policies with contracts or paperwork, they should face serious legal action. I believe all consumers are entitled to at least $1, 000.00 when a company pulls their credit unlawfully. I read that somewhere but I am not sure if it's 100% true.

    I have been trying to puchase a home and with this, I need to keep my available credit open and my credit score up. GEMB lowered my limits on three of my cards so far, even two that have been paid off. After I do purchase my home, I WILL be closing ALL three of the GEMB accounts.

    Which is worse for GEMB, lowering credit limits on customers, or losing them all together???

  • Ra
      28th of Oct, 2010
    0 Votes

    Same here..paypal paid on time with credit limit of 1100.00 reduced to 400 without notice and then they tell you they sent a notice in the mail. yah right, i pay online always and paperless with most of my accts. I had a Funancing/KTM GEMB accounts in good standing, paid off and they pulled that crap without me knowing and my address was the same /corret on file and paid online. They should notify by email i stated also of changes since we live in the modern communication world. We need to write letters as I have to FTC, FDIC and GE Money but only with threatening and pursuing a class actions suit. How come with all these sompaints on here and other sites for many years i dont see a lawsuit like with so many big bank/credit card companies? I look forward to a response and any information. Rob

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