GE Money Bank — Account Closure
I opened this account in January of 2007 with my father as a co-signer. I paid a few dollars more than the minimum every month by the due date until August 2008. In August 2008, I began experiencing money shortages. My payments were no longer made by the due date, but the payments were made within 30 days. My father was a cosigner on this account and it was imperative that I stay as current as possible. I let other accounts go deliquent before I let the Care Credit account lapse. In February 2009, I took the family in for their semi-annual cleanings at the dentist. My preferred dentist is not in my dental insurance network and I use the Care Credit account to cover the difference. When I attempted to pay my bill, my account was denied. I contacted Care Credit dba GE Money Bank in order to determine the cause. GE Money Bank closed my account due to deliquencies on my other credit accounts; not remotely related to GE Money Bank.
My financial difficulties continued and I needed to reduce my monthly payments. I knew that the credit companies offered financial hardship programs for deliquent borrowers, but the only way to qualify for the program was to be deliquent. Therefore, I allowed the Care Credit account to go 60 days late. This, of course had an adverse effect on my father's credit. My father had two other lines of credit with GE Money Bank. The company closed his long standing accounts because of the deliquency on the Care Credit account. After being 60 days late, I qualified for the hardship program, but only after creating an adversarial relationship with my father.
The company has told my father that it will remove the adverse information from his credit bureaus and that he can apply for new lines of credit after the adverse information is removed. We, as consumers, know that factually accurate information cannot be removed from our credit reports and that the adverse information will keep him from qualify for any further GE Money Bank products.
I understand that my deliquency affected him, but I also hope that he can understand that GE Money's business practices will continue to adversely affect him regardless of my account status.
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