CareCredit/GE CL decrease

[Lechte]

I opened this card 10/2012 as a joint account due to my credit woes...needed some dental work, asked for $4k CL and was instantly approved.  I put $2100 on it this past March...been paying on-time every month...and for the last 5 or so months been paying way over the minimum...i've paid it down quite a bit.   They did my yearly review and decreased my CL to $1700....reason being:  Serious Deliquency and Public Record (9 years ago)...they also said they obtained an external Credit Score from TU and used it as part of their decision.   This part is what gets me....they reviewed my account this month.  They obtained my CS in September..."While the date of the credit score may not be recent, your score has likely not changed significantly since this date.  We receive updated scores on a periodic basis, and when significant changes occur in your credit score."

I applied individually before and was denied, that is why I opened a joint account with someone else who has excellent credit.  I was instantly approved.  ...I don't really understand their crap.   As matter fact, my score has significantly changed since then...by at least 30 points, due to having some negatives removed.  So their "We receive updated scores on a periodic basis" is misleading within the context they put it...and it's about as periodic as an adult peeing to bed.  That hurt my Utilization big time...big idiots.

[Kenny]

Did you speak to a rep? I would appeal the decision and get the CL reinstated.

[RushXTC]

Weird... I've had mine for over a year and it's just gone up... Even though I only used it once, Paid it off in 6 months and didn't touch it again. (See Sig)

[FinStar]

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@Lechte wrote:

I opened this card 10/2012 as a joint account due to my credit woes...needed some dental work, asked for $4k CL and was instantly approved.  I put $2100 on it this past March...been paying on-time every month...and for the last 5 or so months been paying way over the minimum...i've paid it down quite a bit.   They did my yearly review and decreased my CL to $1700....reason being:  Serious Deliquency and Public Record (9 years ago)...they also said they obtained an external Credit Score from TU and used it as part of their decision.   This part is what gets me....they reviewed my account this month.  They obtained my CS in September..."While the date of the credit score may not be recent, your score has likely not changed significantly since this date.  We receive updated scores on a periodic basis, and when significant changes occur in your credit score."

I applied individually before and was denied, that is why I opened a joint account with someone else who has excellent credit.  I was instantly approved.  ...I don't really understand their crap.   As matter fact, my score has significantly changed since then...by at least 30 points, due to having some negatives removed.  So their "We receive updated scores on a periodic basis" is misleading within the context they put it...and it's about as periodic as an adult peeing to bed.  That hurt my Utilization big time...big idiots.

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This is a systematic account review which could have potentially relied on older CR information.  If your CRs have updated data that can persuade them in the other direction, then you may need to get in contact with the GECRB/GECAP Credit Solutions team to see if it can be reinstated.  Bear in mind that if a current SP may reveal a flurry of recent credit activity, it can probably hinder the CL reinstatement.  CareCredit reinstatement reviews will likely be HP, unlike the other card programs which would be SP, just something to consider... YEMV.

[unusuallyconfused]

1. These guys are weird. Example: I requested several limit increases on GECRB cards this month...they are still using credit information/credit scores from August 2013 (in my case). So keep that in mind, if a person thinks they have a PERFECT credit situation at the moment, with GECRB, they're still using information that's months old, in the past.

2. Sounds like you got a form letter - system did the review of your account and spit out that letter. You have informaton to the contrary (such as your score is now 30 points higher). CALL SOMEBODY and speak with a live human being who has the authority to give your original limit back (heck maybe even a CLI on top of that!)

[gdale6]

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@Lechte wrote:

I opened this card 10/2012 as a joint account due to my credit woes...needed some dental work, asked for $4k CL and was instantly approved.  I put $2100 on it this past March...been paying on-time every month...and for the last 5 or so months been paying way over the minimum...i've paid it down quite a bit.   They did my yearly review and decreased my CL to $1700....reason being:  Serious Deliquency and Public Record (9 years ago)...they also said they obtained an external Credit Score from TU and used it as part of their decision.   This part is what gets me....they reviewed my account this month.  They obtained my CS in September..."While the date of the credit score may not be recent, your score has likely not changed significantly since this date.  We receive updated scores on a periodic basis, and when significant changes occur in your credit score."

I applied individually before and was denied, that is why I opened a joint account with someone else who has excellent credit.  I was instantly approved.  ...I don't really understand their crap.   As matter fact, my score has significantly changed since then...by at least 30 points, due to having some negatives removed.  So their "We receive updated scores on a periodic basis" is misleading within the context they put it...and it's about as periodic as an adult peeing to bed.  That hurt my Utilization big time...big idiots.

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I would bypass the frontline CSRs and go direct to the UW on this. Care credit is a different animal compared to GE's other cards. While they have listed the reasons to you it could simply be that they have determined you don't really need 4K of credit. GE really likes to see this card used to near the limit and they will adjust them down if they feel you are not using it enough. It is the reason I refuse to get one. Good luck

[longtimelurker]

Also, in the shopping cart trick thread, haven't you just had several inqs and new accounts?   Couldn't that account for CareCredit downgrade?

[FinStar]

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@longtimelurker wrote:

Also, in the shopping cart trick thread, haven't you just had several inqs and new accounts?   Couldn't that account for CareCredit downgrade?

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Well, that's the thing I had mentioned on my earlier post.  If OP decides to have them re-review the DCL decision and pursue a reconsideration for CL reinstatement with the most recent CR information, then it's likely those newly-reported accounts will likely show up on the radar so essentially may be counterproductive.

[Lechte]

This review was done before I even did the shopping cart trick...and as of now, only 2 are reporting.  CareCredit soft pulled TU...so either way, they wouldn't have seen the SCT soft pulls because they were all pulled from EQ and EX.  Well, they wouldn't have seen them anyway because they are soft pulls

[FinStar]

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@Lechte wrote:

This review was done before I even did the shopping cart trick...and as of now, only 2 are reporting.  CareCredit soft pulled TU...so either way, they wouldn't have seen the SCT soft pulls because they were all pulled from EQ and EX.  Well, they wouldn't have seen them anyway because they are soft pulls

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We're not referring to the SPs.  We are referencing newly opened tradelines (or closed ones) that would now be viewable on your CRs if they decided to HP your reports with the most recent data.