GE Money Bankcredit limit reduction

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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

Responses

  • Fe
    feistyone Nov 20, 2011
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    Verified customer

    Hi El Paso GE Capital Retail Bank Office: You turned me down with a Credit Score of 746 for $600 for 6 months at Lenscrafters in Round Rock, Tx just because your stupid representative got me on the line and asked me how age my husband's ex-wife was and where she lived. I never met her and it had been twelve years...how is that for stupid? Stay away people...save your money and get what you want but, stay away from these people. They also reported me as a low credit risk which I am pursuing at the present time with legal action as they must prove what they have said and reported. This is untruth and slandering my good name...they have no proof...I will let you know after the attorney letter has been sent. They will be sorry they fooled with me. I worked too hard all of my life keeping my credit score almost perfect. They are not going to take that away from me. I can guarantee this. They have messsed with the wrong person.

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  • Ro
    robert tuljus Feb 22, 2011
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    I have a Wal-Mart card with GE SCAM bank. My credit limit was $2500.00. I was near my limit so I made large payments of $1, 000.00 and $900.00. Within a week GE Scam bank dropped my credit limit to $400.00 without notifying me. I went to get gas at Wal-Mart and my card was denied. You know how embarrassing that was, thinking you have $2000.00 on your card and the cashier telling you its denied? I want to find a lawyer to sue them for public humiliation and embarrasment.

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  • Ro
    Robbinhood Jul 29, 2010

    Yes agreed Ge Money demonstates unethical and ruthless business practice

    The evidence speaks for itself

    Check out this site for detailed info on GE Money's track record

    ASIC acts on GE Money’s insurance and debt collection practices
    http://www.australian-real-estate.net.au/investing/2008/05/30/asic-acts-on-ge-moneys-insurance-and-debt-collection-practices/

    GE Money’s consumer complaints mount
    http://www.australian-real-estate.net.au/investing/2008/07/01/consumer-complaints-about-ge-money-mount/

    ASIC helps Australian consumers understand new credit laws
    http://www.australian-real-estate.net.au/investing/2010/07/26/asic-helps-australian-consumers-understand-new-credit-laws/

    The more consumers that can access reliable information in a timely manner to better

    Consumers should be able to research finance companies first before making a decision to apply for a finance product.

    If consumers can see that GE Money products have distinct disadvantages, that the customer service is poor, the interest rates higher, and the debt collection process is very aggressive and damaging for the consumer it is more likely that consumers will not take up GE Money products.

    Loss of business for GE Money and lower profits will really make an impact against GE Money

    Hit GE Money financially and make a difference

    Spread the word about GE Money complaints

    GE Money’s consumer complaints mount
    http://www.australian-real-estate.net.au/investing/2008/07/01/consumer-complaints-about-ge-money-mount/

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  • Lu
    luigistr Nov 22, 2009

    GE stinks... They along with other financial institutions are just looking out for their best interest and to make sure that there upper management gets to keep their salaries and perks. I have a PayPal buyer credit and have been using it often and always paying on time. I recently paid in full along with all my cards to allow me to build my credit and they have lowered my limit on this card as well as another card. This will in turn affect my credit negatively. GE is the only "bank" that did this... I wish I would of known prior so I would of never gotten involved with them.

    We, the people, should remember this and boycott these traitors, when then economy picks up again. I am three more cards with them which I will be canceling once my credit score is high enough.

    As long as I live, they will never get a dime from me.

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  • Tr
    TreatedPoorly Aug 22, 2009

    GE money bank isn't decreasing credit limit on account of any so called "credit report" I have credit monitoring and my credit has been the same since before I got their card. they are liars. they are reducing credit limits to make their numbers look better. it's poor banking on their part.

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  • Ai
    Aimee zoee Aug 21, 2009

    OMG, I am so glad to hear that this isn't just happening to me. I know I have good credit, but when you get 3 letters from 3 different cards, financed through GE, lowering your credit limit for no apparant reason (never been late on any of the 3 cards, not even once and had a zero balance on 2 of them) you start to feel like you have bad credit! It's ###! I will no longer shop at walmart, gap or american eagle. If they don't want to make money off of interest then I'm sure someone else will. I'm wondering if they are close to bankruptcy?

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  • Tr
    Tracy Jun 11, 2009

    Mr.GE,


    it's not loan to debt ratio, it's debt to income ratio. The less you owe the better you are.

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  • Tr
    Tracy Jun 11, 2009

    Well, Home Depot is no better. You can hardly get any credit with them anymore.

    Every one had limits imposed because think about this, a lot of people today can't pay their credit card bills. They're just trying to limit people so they can afford to buy. How many use your cards for food or cigarettes or just because you have them? Admit it, you are credit card junkies, we all are.

    Plastic and freedom never mixed. Shut up and pay cash and screw their interest rates which are going up. They like it better.

    0 Votes
  • Bi
    billdishesGE Jun 11, 2009

    Woww glad to hear and see this -we too paid off lowe's - many times and rarely we used more than a 1/3 of the 2500 limit - we had some fix up too do and the last three months used it more - and now at around 700 - we
    get the letter- due to recent blah blah blah - reduce your limit to 780 wow - justn st Wham bam thank you NOT at all - so now Loan to debt ratio screwed - We have there Care Credit which we got for FIG- and we paid off and got short end off that because FIG went out of business and we did not get services we paid for-
    it s all the great Obama plan - they are stressing because there rating went from
    Triple AAA to AA+ and they got major buck from Mr. O for Medical Records and Green Crap --- Lowes will suffer as we will not shop there again - Hello Home Depot- we like you better any way ~~! GE has been lowered to a D--- as far as we are concerned !!!

    0 Votes
  • Do
    Dont used GE ever again May 28, 2009

    Well last Saturday they closed my Lowes account and it is now Thursday and they lowered my Walmart (4, 500 limit) to 100.00. I have not used the Lowes card in a year and only used the Walmart to buy a piece of carpet and paid it right off. The phone calls were useless and the persons on the other end surely need some training on telling the truth.
    I plan to call Walmart and Lowes and tell them they have lost good customers due to GE being a running scared bank. Everyone should bond together to make a difference.

    0 Votes
  • Ro
    Robert Vivian May 22, 2009

    GE is one of the most the most deceptive companies lacking integrity in the world. Why would their money bank be any different? The only thing we can do is refrain from patronizing any of their private lable retailers, regardless of the method of payment we use. Eventually, everyone will refuse to do business with GE through the loss of sales and dump them as their private lable credit provider.

    0 Votes
  • Ja
    james May 05, 2009

    Just had mind dropped. 5500 to 500, I had 90 balance on the card, and always pay on time. I just got off the phone and closed that account and opened a chase account. IF GE wants to screw me I will go with a bank that will not... Oh by the way... Guess what... Lowes just lost a customer (GE Lowes credit Card) until they dump GE.

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  • Tr
    TreatedPoorly Apr 19, 2009

    same exact thing here through a walmart discover card with GE money bank. never a late payment and got my limit reduced. I'm done with them.

    and these companies want a bail out? for crappy business practices? let them all fail!!!

    0 Votes
  • I totally agree!! I had the similar experience with GE Money bank and they lowered my limit on my Banana Republic Visa card. They claimed that reviewed my Equifax credit history and made their decision. It is a total lie! I NEVER had a late payment and always pay on time, without any carrying over balance. And I monitor my credit scores every month with a monthly fee to the one of the credit breaus. My credit scores have not changed for the last year!

    I just thought this is not fair for us that the big corporations freely made their irresponsible decisions to make their money out of us when economy is good (i.e. home mortgage). But when the economy is bad, it is totally ok for them take away something we have and in this case: lower our credit limit and hurt our credit score! What's worse is that I have GREAT credit history and make good money!!! My other cards never give me problem and they are dying for me to use them more and keep increaing my limit! The only reason I used GE was because I love Banana Republic too much!

    I also wrote a long complaint about it. I wish I know someone who can replay my message to someone who can do something about it for people like us who have no say in this situation. I'm glad to hear that Nancy is filing with BBB. I am going to do the same thing. And a friend of mine is an attorney. We'll discuss what we can do. Any one else has other suggestions, please feel free to let me know. Don't let these big corporation take advantage of us when they feel like it and take advantage of tax payer's money and government's bailouts when they mess up.

    0 Votes
  • Sh
    SHANI Apr 06, 2009

    Like everyone here I am pissed, someone has to so something about these scammers, G.E is horrible- I paid all my bills on time if not before and always paid triple my minimum due, They closed my CareCredit Card. SCAMMERS THAT'S WHAT THIS COMPANY IS. WE MUST CONTACT THE FTC AND LET THEM KNOW THE CROCKS THEY ARE... SHAME ON THEM

    0 Votes
  • Ch
    Christine Apr 05, 2009

    Is there an attorney out there that smells a rotten egg with all this? There must be a loop hole. WE ARE ALL GETTING A DING ON OUR CREDIT REPORT...THIS SHOULD BE CONSIDERED CRIMINAL!!!

    0 Votes
  • La
    LAC Mar 02, 2009

    We recently had the same thing happen to us...although we haven't gotten the letter they said they sent. We just got out statement from Lowes 2 days ago, and the limit was almost 6000.00, but when my husband went in to use it they told him he only had X amount of dollars left. We have been remodeling our house and for the last 18 months we would charge all our purchases and pay the entire balance for that month when it came due; it was never late. I just so happened didn't pay the entire balance the last couple of months but paid several hundred on the account when the payment was due. They lowered our credit limit to just above what was owed on the card. If we had paid the last 2 months like we had been doing, we would have probably only had 500.00 or less on this months balance. If that had been the case, I guess they would have dropped our limit that low. I plan to file a complaint with the Attorney General's office and anywhere else I find out I need to complain to. I do understand the situation of the economy, because our area has been hit hard. I think this could only have an adverse effect on the businesses that used GEMB for their credit cards. It could only be a matter of time before those retailers are effected by dropping loyal customers credit limits. Who wants to patronize a business that does that to you after you have been a good paying customer. If I had to guess how much money we have charged and paid off immediately in the past 18 months it would probably be 15, 000.00...My husband told customer service that was okay, there was another home improvement store just up the road. If anyone has any ideas of exactly who we all need to file complaints with please post it...thanks!

    0 Votes
  • Th
    Thom Feb 17, 2009

    I too just had my credit limit decreased and it was indicated it was due to a new standard GE Money implmented regarding personal credit information. My credit has not changed except for the better and they still lowered my credit limit. The biggest problem is they lowered the limit without prior notification. Our taxpayer moneys are going to help these banks and they are holding on to our money; this is all wrong. I think it is time to tell these banks so long.

    0 Votes
  • De
    Deadeye Dec 15, 2008
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    Verified customer

    My wife, who used the credit card very responsibly has just received her credit reduction notice from GE Money Bank. The only irresponsible thing she ever did was pay her bill in FULL monthly. With today's economic quandrum one would think that Walmart would want a responsible credit card company ( "bank, loosely") representing them.

    It's a shame that as their Super Centers, Clubs, and stores start to lose valued customers, management wouldn't act as Sam would of have. Met with the "wigs" at GE and took his business elsewhere.

    I met Mr. Walton years ago in Houston while unloading my semi, coveralls and all and at a Grand Opening of one of the newly formed "Sams Clubs." The legend now is being stained by inept CEOs. Somewhere Mr. Walton's smiley face is frowning. Today's economic downturn will effect them even more. Will my family be the only taking our 5, 6, 7 or more hundred dollars elsewhere? Doubt it. Rest in peace Sam, you did your part

    0 Votes
  • An
    Another one Dec 05, 2008
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    I recently paid off my GE money credit card with a limit of 1800 dollars. When I went to check to see if my most current payment went through I noticed I had a limit of 100 dollars! Nothing has changed on my credit report besides the score going up since the account was opened. I still have not received a letter regarding the change. Thanks GE Money Merry X-Mas to you too. Are they trying to get some of us to close our accounts or what, I mean 100 dollars? If that's the case I'll charge that p.o.s. to 80 bucks each month! Thanks for the heads up as well! oh and until I receive that letter in pure English, I will have no idea what the heck happened since I failed 5 times in understanding your customer service reps English over the phone. Thanks again!

    0 Votes
  • Pi
    PISSED OFF Dec 03, 2008
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    Verified customer

    This is amazing...They lowered my credit as well from $4000 to $700. Same thing - They claimed I had a past delequencey (which was on my credit report when I opened the account). I have paid the card off multiple times, never been late. There are plenty of banks out there that will not screw with your credit limits (Chase Bank is one). The thing that upsets me the most that lowering your available credit negatively affects your credit score. Now our balance to available credit ratio is higher which could cost most of us 10 to 20 points on our credit scores.

    0 Votes
  • Ch
    Christina Paul Nov 26, 2008
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    I don't have a very high credit limit on my Sam's card to begin with, but since I got it late last year, I have paid off my balance every single month. Last weekend I went to Sam's thinking that I had more than enough to pay for some groceries. I didn't. I sort of scratched my head and called to get my balance. I had like $364. on my card, and available credit of $5. I was confused, went to customer service at Sams and they let me talk to the customer service person - GE Moneybank had reduced my credit to $375. They said that this was do to my overall credit report. I have NEVER been late! NOT ONCE EVER! Well, interestingly, I work for Dow Jones in customer service and I see the news in the Wall Street Journal and Barrons and Marketwatch. Lookout - because GE Moneybank is taking huge losses and is hemmoraging out of every orifice! I can tell you this, when I pay off this month's balance, I will not spend more bloody dime on their damned card! I fully intend to complain to the FTC and whatever other federal agency out there for their doing this. Why the hell should good, loyal and PAYING customers have to foot the bill and be penalised because of the bad debts of the markets?!

    0 Votes
  • Tr
    Trey Nov 26, 2008
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    Well I'm glad to know I'm not the only one GE Money did this too. I have an American Car Care card though GEMB. I originally had an $800 credit limit. I just went online to make a payment and was shocked to see that my credit limit was lowered to $500. Calling them, with a very long wait for a rep., accomplished nothing. Like most everyone that has a complain on here, I never have been late on a payment. I also have not been late on other credit cards I have. It is nothing less than poor customer service on GE Money's part to basically stab their customers in the back. They actually did this before Christmas. What bothers me most is the fact that they are messing with my debt to available credit ratio. I know that in the long run this insane decision on GE Money's management will come back and bite them right in the rear as they lose many customers.

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  • Ja
    Jarrod Nov 25, 2008
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    comment continued... I forgot to add that I just bought a new home and moved in this past saturday...hmmmmm someone out there must think i have good credit?

    Here's the quote from my GE MONEY reduction of limit letter

    " We have reduced your BEN MOSS account to $380 for the following reasons:
    -AVERAGE AGE OF TRADES
    -TOTAL HIGH CREDIT/LIMIT FOR NATIONAL CARD TRADES
    -RATIO OF TOTAL BALANCE TO LIMIT/HIGH CREDIT
    We based our decision on your credit history, which includes information obtained from EQUIFAX. You are an important customer and we will be happy to review your account when your "situation" changes."

    WHAT KIND OF B.S. IS THAT!!! I only have $300 left to payoff that card!!! I'm Damn confused with their reasons. If anyone knows what they mean... please let me know!!

    0 Votes
  • Ja
    Jarrod Nov 25, 2008
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    Same situation here... My Ben Moss Jewelers credit has been dropped too! I need to know the point in having a frigging credit card with a now $380 Limit when everything in the damn jewelery store is at least $500?!?!?!?!? I got the card 18 months ago when I purchased my wifes engagement ring. We then also put our actual wedding rings on there in April. Never missed a payment and payed at least triple the minimum!! I was going to buy her something this friggin weekend on the card for X-mas but NOT NOW!!! Like I said... what good is a $380 credit card at a nice jewelery store!!AAARRRGGGHHHH!!!

    0 Votes
  • Br
    Brian Nov 24, 2008
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    Can anyone supply the El Paso address as I am filing a complaint to get my situation resolved, I have already filed a complain with the BBB. Next step is legal action.

    Thanks,
    Brian

    0 Votes
  • Ka
    Karen Nov 23, 2008
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    I agree w/whatever it takes to not use their accounts. I actually had applied for an account at Stein Mart and seemed to prompt a notice in the mail of denying that account because they claimed I had too many new accounts w/too high balances and too much available credit. Then shortly after I rec'd a notice that they reduced my available credit w/Walmart and then the American Express (Dillard's) card I have used for my every day stuff was reduced without any notice at all - and my last statement said I h ad 2700 available which was less than my last months statement and then suddenly I can't use the card and they dropped it again to 2200, so I am within 4 dollars suddenly w/no notice of my limit and I make my payments, plus additionally. Last I checked I had excellent credit, just bought a brand new car back in April - so I figure they didn't like it and panicked that they gave me too much credit. I am glad to hear that I am not the only person that is getting this second class treatment when we have not done anything to deserve it. I agree that it is not okay with me and I will have to determine further just how many accounts it effects, but seems like almost all of them - Walmart, Sams, American Express Dillards, Sutherlands, Lowe's, JCPenney and I have a Home Depot card too, I just hope they truly are not financed by GE Money.

    0 Votes
  • Ka
    kathy lanndry Nov 22, 2008
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    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.

    0 Votes
  • Cc
    CC Nov 22, 2008
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    a verified customer
    Verified customer

    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.

    0 Votes
  • Ch
    Chris Nov 22, 2008
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    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.

    0 Votes
  • Ch
    Chris Nov 22, 2008
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    Verified customer

    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.

    0 Votes
  • Jo
    Joe Nov 22, 2008
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    Verified customer

    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.

    0 Votes
  • La
    Laurie Nov 21, 2008
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    FILE COMPLAINTS WITH FEDERAL TRADE COMMISSION !!

    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.

    0 Votes
  • Ki
    Kim Beck Nov 21, 2008
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    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

    0 Votes
  • Ni
    Ni Nov 21, 2008
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    a verified customer
    Verified customer

    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!!

    0 Votes
  • Sm
    sm Nov 19, 2008
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    a verified customer
    Verified customer

    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!!!

    0 Votes
  • Do
    dougboston Nov 18, 2008
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    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.

    0 Votes
  • Ly
    Lynette Nov 18, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes
  • Ka
    Kathy Nov 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes
  • Ta
    Tara Nov 17, 2008
    This comment was posted by
    a verified customer
    Verified customer

    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.

    0 Votes

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