Furious with Ge Capital

[Pastryprincessnails]

Why would they lower my credit limit I make all of my payments on time I do have a few cards with them help!!!!!

[alvon123]

How many cards do you have?

What are your balances on each card?

any derogs

[FinStar]

CLDs can occur at any given time by any lender.  Lenders just don't CLD or take AA for the sake of doing so.  You may need to check with them to find out what triggered the AA or CLD.  The likely reasons could point to high overal utilization or incremental debt/balances in proportion to your other lines, any recent derogatory information on your CRs, high number of recently opened tradelines, unusual spending patterns on their cards, etc.

[Pastryprincessnails]

I have a total of 14 cards unfortunately I owe about $6800 with $4200 still available a few of my cards are maxed I hit a financial hardship and needed to use the cards...I also within the last few months got a new derog after having none...and am upset that after cleaning up my credit and paying my cards on time I am upset to say the least the derog is a checking account that was overdrawn and got closed...what do I do now?

[pizza1]

Well, this happened to me a few back, before I filed bK. I did the same thing.... Maxed out several cards, and thru happened to soft me, with all their cards maxed as well. It sent up a huge red flag to them, and cld all if cards, which actually made me over my current CL with the decrease, which sent me more into a tail spin downward.
Work in getting those balances down, and eventually your CL will start slowly going up. They got spooked , and are trying to protect themselves from a business standpoint.

[pizza1]

Sorry for all the typos and leaving words out. I'm on my phone

[FinStar]

While the standard reaction to be upset with the lender is a given, you can not really blame GECRB for taking adverse action/CLD based on their day-to-day risk assessments.  They obviously reviewed your credit profile and determined there were sufficient red flags that led to taking such action.  Just be glad they didn't close your accounts.

It would appear at this point that any current balances/debts need to be paid down/off.  Not sure what you can do about the negative item if it is legitimately reporting, other than work with that institution/lender to see what options you have.  As far as your GECRB CLs, you might as well forget those for a while until your profile is cleaned up and conditions are ideal to restore those CLs.

[SunriseEarth]

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@FinStar wrote:

CLDs can occur at any given time by any lender.  Lenders just don't CLD or take AA for the sake of doing so.  You may need to check with them to find out what triggered the AA or CLD.  The likely reasons could point to high overal utilization or incremental debt/balances in proportion to your other lines, any recent derogatory information on your CRs, high number of recently opened tradelines, unusual spending patterns on their cards, etc.

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+1.  I think it's best to work on the issues that led to CLD and then see if CLs can be reinstated once those issues are resolved.   The baddie and UTIL should probably be the main points of focus.

[zerobacan]

I don't see why would you be worried about a cld compared with your obvious debt racking issue. You need to first stop adding debt to your ge accs that have pretty high interest rates.

The only problem i see if you would want to app for new credit and there your utilization would be a factor.

But new credit will only make your grave bigger.

Start paying down debt and no more new credit

[B335is]

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@FinStar wrote:

While the standard reaction to be upset with the lender is a given, you can not really blame GECRB for taking adverse action/CLD based on their day-to-day risk assessments.  They obviously reviewed your credit profile and determined there were sufficient red flags that led to taking such action.  Just be glad they didn't close your accounts.

It would appear at this point that any current balances/debts need to be paid down/off.  Not sure what you can do about the negative item if it is legitimately reporting, other than work with that institution/lender to see what options you have.  As far as your GECRB CLs, you might as well forget those for a while until your profile is cleaned up and conditions are ideal to restore those CLs.

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+1

OP, financial hardships are really difficult, but that is the worst time to start racking up credit card debt.  In this day and age, banks can see when you're running into difficulty at an early stage and the CLD is simply GE trying to protect their best interests.  Banks have been burned for years by people maxing out their total credit lines, then filing bankruptcy.