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GE MONEY / Unexpected Account Closure

1 Northampton, PA, United States Review updated:

I received a letter in the mail from GE MONEY stating that my account had been closed due to average credit utilization on revolving /open-ended trades. Which basically means that my overall credit report does not look that good. They advised me that it would appear on my credit report as Credit Line Closed - Closed by Credit Grantor. This impacts my credit report more in a negative way. I am trying to clean up my credit and this is not helping at all. I contacted customer services and asked them why they had taken this action when I pay the bill every month on time. They stated it was due to my overall credit report. This is bull. I am now still responsible for paying on a closed account that I can no longer have access too??? I could see if I was not paying the bill at all, but come on. I pay on time every month. I would not ever recommend this company to anyone as the customer services people stated they would not re-open the account and this was a final decision. There was no notice. I'm sure it's in the legal fineprint of my terms with them, which is still crap. Anyone that has a Sam's Club credit card or care credit card, I would give them back to these people, because when you find yourself having a bit of a hardship, they will make your circumstances worse. You better believe that they will be getting a nasty letter from me and I will be notifing the care credit people as well.

Mi
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Comments

  • Jo
      6th of Apr, 2009
    +1 Votes

    I can certainly relate to you. I just received a lettr today that they closed my account for same lame reasons. This comes after paying them a $900.00 payment one month ago to pay off the account withint the deferred interest time period. You are right that it will affect our credit reports when it's termed that the account was closed by credit grantor. I am not going to let them destroy eight solid years of perfect credit for me.

  • An
      7th of Apr, 2009
    0 Votes

    I also recieved a letter today that my inactive account was being closed. I just paid it off 4 months ago... This is going to negatively effect my credit. I purchased a bed, paid it off in 6 months and never missed a payment. My plan was to build my credit history, not make it worse. The world is topsy turvy isnt it?

    There are alot of complaints and I sure hope a class action suit is brought up against this company. I dont know the legalities of this but hopefully some legislation can be passed to protect consumers. They think they can pick off honest people who pay their bills. Just remember that united we stand, and divided we fall.

  • Ha
      7th of Apr, 2009
    0 Votes

    GE Money owns all the credit cards JC Penny, Discount tire, Lowes, They have lowered all of my accounts and closed one of them. This will bomb your credit rating because when they lower your limit it looks like you have maxed them which is bad. None of my cards were maxed and I made my payments now my score is down the toiet. When things get better. Don't support the companies that allowed GE MOney to do it Shop Home Depot Nordstoms any place that doesnt use GE Money. If they don't go under, I thing when we st op using them they will!

  • Je
      3rd of Jun, 2009
    +1 Votes

    For six months I had a Pay Pal Buyer Credit account through GE money bank. My credit limit was $300 and I always paid on time and paid more than twice the miniumum amount.

    Suddenly I received a letter from GE Money Bank telling me that my limit had been lowered from $300 to $100. The reasons:

    1) average credit utilization on revolving/open-ended trades.
    2) highest credit utilization on bank revolving trades.


    What in blazes does that mean? I called GE and was told that they get monthly copies of my credit report. Monthly? What kind of paranoia is that?

    When my account is paid off I will ask them to close it and state, on my credit report, that the account was closed at the consumer's request.

    I don't need the grief of dealing with such people.

  • Ge
      3rd of Jul, 2009
    0 Votes

    I just received a letter today stating the same as above. In addition, "total balances on retail trades" and "age of oldest trade". I havent had a payment since Oct. 2008 in which my card was completely paid off and without missing a payment.

    Happy 4th for me!

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