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Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

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
09Lexie
Posts: 24,136
Registered: ‎09-13-2012

Re: Does GECRB close for new accounts?

Are you referring to an app spree with just GE backed cards?
Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012

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. :smileyhappy:

"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
09Lexie
Posts: 24,136
Registered: ‎09-13-2012

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
S7
Posts: 568
Registered: ‎08-24-2012

Re: Does GECRB close for new accounts?

Thank you! :smileyhappy: 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
bs6054
Posts: 1,673
Registered: ‎11-11-2012

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
S7
Posts: 568
Registered: ‎08-24-2012

Re: Does GECRB close for new accounts?

Thank you  :smileyhappy:

"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
09Lexie
Posts: 24,136
Registered: ‎09-13-2012

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
S7
Posts: 568
Registered: ‎08-24-2012

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! :smileyhappy:

"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

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