ED Magedson – Founder
GE Money BankInternet United States of America
I was issued a Capital One credit card 4 years ago and when I received the card there was an offer to also get a Chevron/Texaco card. I applied and received the card with a $700 limit. The entire time I've had the card I've never, ever missed a payment and I've always paid more than the minimum. I also never came close to my limit but maintained a low balance at all times - in other words I was a credit card companies dream. After having the card for 2 years, I got a letter from GE Money Bank saying my credit was not acceptable and cut my credit limit in half ($350). I called and asked why this was done when my credit has done nothing but improved since the day I opened the account. I was given no reasonable excuse as to why they did this.
Six months after my credit limit was cut in half, I received another letter from GE Money Bank and was told again that my credit was unacceptable and they were cutting my limit more than in half to $130. Again I contacted them and was told it was a corporate decision and no further information was given. I explained that they were in fact hurting my credit by continually lowering my limit, especially when I've been an excellent customer.
To this day, I've never been given a reasonable explanation as to why my credit limit went from $700 to $130. Oddly enough, my credit is better today than it's ever been so cutting my limit so drastically greatly confuses me.
This report was posted on Ripoff Report on 12/29/2010 07:01 PM and is a permanent record located here: http://www.ripoffreport.com/reports/ge-money-bank/internet/auto-service-stationsge-money-bankge-money-bank-chevron-texaco-c-3ecd8htm-676643. 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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