• Report: #392154

Complaint Review: GE Money Bank - Walmart Credit Card

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  • Submitted: Mon, November 17, 2008
  • Updated: Tue, November 18, 2008

  • Reported By:Columbia Pennsylvania
GE Money Bank - Walmart Credit Card
PO Box 981064 El Paso, Texas U.S.A.

GE Money Bank - Walmart Credit Card Lowered credit amount to $100.00 saying they did a review of my account. I never had a late payment and the card is currently paid off El Paso Texas

*Consumer Suggestion: Pay them off as soon as you can

*Consumer Comment: Has this happened to anyone?

*Consumer Suggestion: YOUR WILL FIND THAT ALL OF THE MAJOR CREDIT CARD COMPANIES ARE GOING TO DOING THIS!

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I recieved a letter today from GE money bank regarding my Walmart credit card. It said my credit limit was being reduced to $100.00 after a review of my credit report. I called the company and was told this again by the operator I spoke to. I informed him that the card has been paid off and has a zero balance and that I have NEVER made a late payment. He appologized to me and told me to request an increase in 3 months. I told him thats not going to help meat christmas. Again he apologized and told me there is nothing he can do. I told him to close my account and I will never do business with them again.

Jason
Columbia, Pennsylvania
U.S.A.

This report was posted on Ripoff Report on 11/17/2008 05:40 PM and is a permanent record located here: http://www.ripoffreport.com/r/GE-Money-Bank-Walmart-Credit-Card/El-Paso-Texas-799981064/GE-Money-Bank-Walmart-Credit-Card-Lowered-credit-amount-to-10000-saying-they-did-a-rev-392154. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Pay them off as soon as you can

AUTHOR: Laurie - (U.S.A.)

Yes they can and will lower your current limit to below what your current balance is. I have seen lots of complaints on other boards that the new lower limit was lower then the balance they already had and they are being hit with overlimit fees.

GEMB creates problems for their customers on a regular basis, I have had my own issues with their account mismanagement and while researching my problem - I found thousands of complaints Worldwide about how GEMB rips off it good customers.

GEMB never acknowledges valid customer complaints so nothing ever gets corrected.
You have to file complaints with the Federal Trade Commission and Office of Thrift Supervision to get them to correct the errors they make.

They have even been sued in Australia and New Zealand for violating those countries lending laws and their general abuse of customers.
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#2 Consumer Comment

Has this happened to anyone?

AUTHOR: Nikki - (U.S.A.)

I was tempted to pay off some credit cards to get ready for Christmas, but I'm afraid if I do they will lower my limits.

Has anyone had their credit limit lowered if their balance is close to their limit (when they have made all their payments)? In other words, if you have a $1500 limit and you have $1400 charged on the card, and have never been late, are they reducing you to $500, then charging over limit fees? I'm not asking those who have been late, I'm asking those who have never been late.

Just curious.
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#3 Consumer Suggestion

YOUR WILL FIND THAT ALL OF THE MAJOR CREDIT CARD COMPANIES ARE GOING TO DOING THIS!

AUTHOR: The Comsumer Watch Dog Group - (U.S.A.)

Jason,

Sorry that this has happened to you.

However, since G.E. Money Bank is in Big Financial Problems, they have sent that same letter out to all of the card holders.

GE Money Bank, is the grantor on Lowe's, Sam's Club, Wal-Mart.

You are going to find that all of the credit cards companies are going to be doing the same thing.

Then, they are going to take it one step future:

1. If you use your credit card(s) where they have been used by others that have either filed bankruptcy, or charged off someone else's balance.

2. You will be flagged as high risk, and your credit limit will be reduced. Now matter if you have never missed a payment and have a zero balance.

3. Credit Card Companies, are also going to be cancelling credit card(s) that have not been used in the last 6 months.

Source: Wall Street Journel
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