Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #1032179

Complaint Review: GE Money Bank - Wal-Mart Credit Card - El Paso Texas

  • Submitted:
  • Updated:
  • Reported By: Brooklyn New York
  • Author Confirmed What's this?
  • Why?
  • GE Money Bank - Wal-Mart Credit Card PO Box 981064 El Paso, Texas U.S.A.

GE Money Bank - Wal-Mart Credit Card Lowers Credit Limit El Paso Texas

*Consumer Comment: Something doesn't add up

*Consumer Comment: IT'S NOT JUST GEMB CUTTING CREDIT LIMITS..

Show customers why they should trust your business over your competitors...

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

GE Money Bank handles the credit cards for Wal-Mart. I did have a whopping $450 credit limit on my Wal-Mart card. Now, thanks to the brain trust at GE Money Bank, I have a $100 credit limit and Wal-Mart has lost a customer.

The timing on this is a big surprise to me. I had almost always carried a balance on my Wal-Mart account, but just a few weeks ago I had paid it off in full. So if I was such a bad credit risk, why did they wait until I had a zero-balance (actually a $20 credit because I overpaid) to lower my credit.

So here are the details:

Today I got a letter in the mail from GE Money Bank stating that "based on a recent review of your credit history, GE MONEY BANK has decided to lower your credit limit to $100."

It goes on to state "The review and decision were based on information obtained from the credit reporting agency listed below [Equifax], and a credit scoring system used to evaluate your credit worthiness."

I immediately went online to look at my Equifax credit report to see what horrible thing they had found that would prompt them to lower my credit limit.

Know what I found....nothing that should have prompted a lower credit limit. The ONLY negative on my Equifax credit report was on the Wal-Mart account showing over 30 days late in December 2007. Virtually no other negative information on my Experian credit report. If that was so horrible why did they wait almost a year to lower my credit?

Now, admittedly I have made late payments from time to time in the past, but recently I had been up to date. And at no time in the past when I was late with a payment did they lower my credit limit. Nooo. They were more than happy to take my late fees and charge me interest over 20%.

What I find odd is that I had just paid off my Wal-Mart account in full. So if I was such a bad risk why did they wait until I had paid my balance off before lowering the credit limit?

I called and spoke with an un-empowered customer service rep who informed me there was no way to have someone do a manual review of my account to see if maybe my credit limit should not have been lowered.

So my $450 credit limit is now down to $100. Guess where I wont be shopping this holiday season. Thank you Wal-Mart for allowing GE Money Bank to ruin your customer relationships.

Michael
Brooklyn, New York
U.S.A.

This report was posted on Ripoff Report on 11/30/2008 01:46 AM and is a permanent record located here: https://www.ripoffreport.com/reports/ge-money-bank-wal-mart-credit-card/el-paso-texas-79998-1064/ge-money-bank-wal-mart-credit-card-lowers-credit-limit-el-paso-texas-1032179. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Updates & Rebuttals

REBUTTALS & REPLIES:
0Author
2Consumer
0Employee/Owner

#2 Consumer Comment

Something doesn't add up

AUTHOR: Aaron J - (U.S.A.)

POSTED: Sunday, November 30, 2008

Seems you've given yourself away. You mentioned in your report that companies have taken your late payments, charging you late payment fees and "ridiculous" interest rates of 20% or more. These rates are called default APRs, and are disclosed when you open your account. They apply when you default on your agreement with the bank that issues your card. Defaulting on an account affects your credit history, not just with that single bank or financial institution; delinquency on a credit card account is reported to a credit reporting agency.

It would appear to be more a coincident than an intentional act that your credit line was lowered after paying off your account. Card issuers periodically pull credit reports on their customers and review credit worthiness to make adjustments to accounts as necessary.

By no means am I a fan of GE Money Bank. But, given your apparent bad payment history with some creditors (which you yourself alluded to in you report), I'm not convinced that GE Money Bank ripped you off.

Respond to this report!
What's this?

#1 Consumer Comment

IT'S NOT JUST GEMB CUTTING CREDIT LIMITS..

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

POSTED: Sunday, November 30, 2008

Even major credit card issuers are doing massive credit line decreases and account closures. No one is immune. I know of one particular American Express customer of 20+ years, excellent credit (and a millionaire to boot), who had one AMEX slashed to $3000 from $100,000. I know more AMEX cardholders (myself included), who have been CLD'd than I do those who haven't. Chase is also doing a combination of credit line decreases and ratejacking (raising interest to ridiculous interest rates). Also got notice from Citibank that my interest is going up from 4.9% to 16%. Yet, our tax dollars will "save" them (not to mention pay for Citi's sponsorship of sports venues).

GEMB is doing CLD's on all of their branded cards; Dillards, Chevron (recently cut me from 1k to $124 for non-usage), Paypal Mastercard (cut me from 5k to $1200), Old Navy, The Gap (no credit line decrease yet, but they have started calling me days before payment due as a "courtesy")..you name any others GEMB issues, believe me, they are cutting and closing.

It sucks, but trust me, you are far from the only one in the credit card issuer implosion boat.

Respond to this report!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now