- Report: #924610
Complaint Review: GE Money Bank
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| GE Money Bank PO BOX 960061 Orlando, Florida 32896-0061
Nationwide United States of America |
|
GE Money Bank GE Capitol Unethical Lending Practices, Lack of Customer service, Closed All Acoounts For NO reason! Internet, Nationwide
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I have been a GE store card holder for several months now. I have several GE Money cards with various stores I frequently shop. Originally I was incredibly pleased with this company. I have great credit. So it was to my surprise when last week I noticed I could not log into one of my accounts online. I called customer service right away, and was informed that there was "suspicious" activity on my account. They proceeded to explain that they could not discuss it any further and I would be receiving a letter. About a week passes and I realize I can log into my account again, and then I realize on the side of the screen "account has been closed to further purchases". I call again, I am basically told that I would receive a letter in the mail which I still hadn't received. I then log into another of my GE accounts (TJMAXX) to make a payment, then I notice the same message, my account had been closed. I then called, they said it was something to do with my T.U report and to call them. Which I did, call transition, i was on the phone for over an hour, the gentleman was incredibly helpful, and went through my entire report with me, and said he could not understand why they would close my accounts as I had NO NEGATIVE anything on my reports. So I go to log into my other GE accounts (Dillards, Amazon, ect..) All of my GE accounts had been closed. I called a few of them, spoke to a few supervisors, same response I would receive a letter, which I still have not heard anything. One representative, even explained how he didn't see why my account had been closed as I have perfect payment history with them, ect. Funny thing I receive an email this morning from Amazon, that said my credit limit had been increased from 600 to 1000 today.. I go to log in to see if maybe my account had been fixed, and it was some sort of mistake, and nope account still closed. I have been nothing but patient thus far. I am beyond upset, that I actually thought I was dealing with a reputable company, which I can see from experience is not the case. I plan on contacting outside sources on what my next action should be. I refuse to allow this company to single-handedly ruin the great credit I have worked so hard to maintain.
This report was posted on Ripoff Report on 08/08/2012 09:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/GE-Money-Bank/nationwide/GE-Money-Bank-GE-Capitol-Unethical-Lending-Practices-Lack-of-Customer-service-Closed-A-924610. 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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If you get nothing else from the comments get this one thing.
A creditor can close a line of credit/credit card at any time and for any reason. There is NOTHING you can do about it because you agreed to these terms when you got the cards.
As to a few of your other comments. You had these cards for a few months, which is hardly enough time to build up "great" credit. In addition these are all high-interest "store" cards that are usually issued to people who can not get a "major" credit card. So I would put your claims of "great" credit into question. But again even if you had a top FICO score and 50 years of solid credit, GE(and any company) can still close your account out without reason.
Now, of course the guy from TransUnion isn't going to understand why they closed your card, because he works for TransUnion and not GE. So he has zero knowledge of their guidelines for the credit accounts. The same goes for when you called GE. Yes they work for GE but as a customer service agent, they are not on the "inner-circle" of the credit lines are granted. It would be like you going to your local department store and asking the sales clerk what brand of sewing machine they used to make the shirt you want to buy.
A creditor is not concerned with what happens to your credit report, their concern is what happens to the money they allow you to borrow. For what ever reason they no longer want to take a risk on you. As much as you want one you may never find out the exact reason. Perhaps the guidelines you got the card under changed and you no longer qualify under their new terms.
If you truly did have "great" credit having a couple of accounts is not going to turn you from "great" to "poor" if you have a well balanced history. But if these were your only cards it may have more of an effect, but then again if these were your only cards and only for a few months then you didn't have "great" credit to begin with.
Of course you don't want to hear this, but this is the exact same thing your "outside sources" are going to tell you. Oh and one more thing if any of your "outside sources" say that they can help you but need money up front...walk away or you will be back writing another Report in a while.
A creditor can close a line of credit/credit card at any time and for any reason. There is NOTHING you can do about it because you agreed to these terms when you got the cards.
As to a few of your other comments. You had these cards for a few months, which is hardly enough time to build up "great" credit. In addition these are all high-interest "store" cards that are usually issued to people who can not get a "major" credit card. So I would put your claims of "great" credit into question. But again even if you had a top FICO score and 50 years of solid credit, GE(and any company) can still close your account out without reason.
Now, of course the guy from TransUnion isn't going to understand why they closed your card, because he works for TransUnion and not GE. So he has zero knowledge of their guidelines for the credit accounts. The same goes for when you called GE. Yes they work for GE but as a customer service agent, they are not on the "inner-circle" of the credit lines are granted. It would be like you going to your local department store and asking the sales clerk what brand of sewing machine they used to make the shirt you want to buy.
A creditor is not concerned with what happens to your credit report, their concern is what happens to the money they allow you to borrow. For what ever reason they no longer want to take a risk on you. As much as you want one you may never find out the exact reason. Perhaps the guidelines you got the card under changed and you no longer qualify under their new terms.
If you truly did have "great" credit having a couple of accounts is not going to turn you from "great" to "poor" if you have a well balanced history. But if these were your only cards it may have more of an effect, but then again if these were your only cards and only for a few months then you didn't have "great" credit to begin with.
Of course you don't want to hear this, but this is the exact same thing your "outside sources" are going to tell you. Oh and one more thing if any of your "outside sources" say that they can help you but need money up front...walk away or you will be back writing another Report in a while.
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