Reply
Established Contributor
Posts: 568
Registered: ‎08-24-2012
0

Does GECRB close for new accounts?

Curious, I've seen a couple posts now, of others asking if certain cards close for opening new accounts. 

What about GE cards? Do they sometimes close their cards as well?

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Does GECRB close for new accounts?

Are you referring to an app spree with just GE backed cards?
Established Contributor
Posts: 568
Registered: ‎08-24-2012
0

Re: Does GECRB close for new accounts?

Not really. I've just recently gotten their Sam's card, and a gas card not through them, so I was a little concerned after seeing the posts. Smiley Happy

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Does GECRB close for new accounts?

You should be fine. Those other posts were mainly opening multiple cards with GE in a short time frame. For example 4 in one month or even in a 2-3 day time period.
Established Contributor
Posts: 568
Registered: ‎08-24-2012
0

Re: Does GECRB close for new accounts?

Thank you! Smiley Happy I feel better now! 

I do have another question for you. I believe I have too many store cards. As I was trying to build my file, I didn't read the posts where too many store cards aren't great, lol. Do you suggest I close some of them?

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Does GECRB close for new accounts?

This type of forum breeds too much paranoia!   

 

Someone I knew used a Chase Freedom at Staples and two weeks later their house was broken into.  This (untrue) story would quickly spread here with people giving precise amounts that it was safe to spend at Staples (or office supply stores) with a Chase card, before your house is at risk.

 

Bottom line:  There is no benefit to a company issuing credit cards and then closing them.  Apart from acquisition costs, they make money when you use their cards.  They WILL close the card if they feel there is a high risk of default (or other undesirable behavior) but it is not something they would want to do lightly.

 

Any issuer might want to probe if you open lots of accounts in a short period of time, and your income or length of credit record doesn't appear to justify it.  Some may or may not be more sensitive than others.   But, if you only do a "reasonable" amount of things, you should be fine.

 

Recently posted two examples of REAL abuse:  Person using the 10 points per freedom transaction (for those grandfathered with checking) generating a monthly bill with 360 PAGES of transactions, before being shut down after a few months.  And Citi: a person spending $160K in a month on VR cards at CVS.   So you don't have to be that extreme to get into trouble, but opening a few cards over a few weeks really isn't an issue.

Established Contributor
Posts: 568
Registered: ‎08-24-2012
0

Re: Does GECRB close for new accounts?

Thank you  Smiley Happy

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Does GECRB close for new accounts?

I'm not a big fan of store cards but they serve their purpose. Good for rebuilding, nice for discounts (if you use them) and can help with util. Since there isn't an AF, as long as you PIF, why close them?
Established Contributor
Posts: 568
Registered: ‎08-24-2012
0

Re: Does GECRB close for new accounts?

Very good point. Yes, I use them, but not all at once, yay for that! And I pay them off.  I appreciate the response! Smiley Happy

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.