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New Member
AddysDaddy2011
Posts: 5
Registered: ‎12-03-2012
0

GE Closed all Accounts (waiting on a letter)

I'm new to this forum, and I recently started trying to rebuild my credit. I read elsewhere that when applying for cards you should do it within a short time frame so it would not affect your score as badly. I also have a fraud alert on my credit file so I always have to speak to a credit specialist to process my application when applying. 

 

When I applied for the cards I did not know that GECRB issued virtually ALL of the cards I had applied and been approved for. Here is the list I was approved for:

 

Walmart Discover; $1,600

Old Navy Visa: $1,250

Belk: $400

JC Penney: $400

Amazon Store Card: $1,000

Lowes: $3,000

Zales (NOT GECRB): $500

 

I had also applied for:

American Eagle

Paypal

TJX

 

(but was not approved for these)

 

I was approved for all of these cards within a few days of eachother. And was excited to get the cards and start using them. The idea was to spend $50-100 on each one the first month and pay it down, then continue using the bigger ones like the Visa and Discover on a monthly basis never using more than 10-15% of my CL. We are planning on buying a house in about 7-8 months and having these on my report seemed like a great way to raise my score. 

 

I received mY Walkmart, Belk, JCP, and Lowes cards today. Upon receiving them, I called to activate them and was informed my accounts were closed. I then checked my other accounts, and they are all closed. The customer service reps are just saying to wait for a letter, I even got to a "specialist" using a backdoornumber I found for GE and she couldnt help either. I am very concerned as to why these accounts with GE were all closed just after being approved. It might have something to do with my fraud alert? But that is a best case scenario. 

 

I am especially concerned because all of the accounts already posted to my credit report with all 3 bureaus. And they all show open, so if they are all closed now just after being opened, what will that do to my score? Not to mention the hard hits for nothing. 

 

If anyone has ever had this happen or has any experience with this please giveme some advice on what to do. I am seriously freaking out!!!

 

Thanks!

Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: GE Closed all Accounts (waiting on a letter)

This sounds really sketchy. It's odd that no one can tell you anything and you have to wait for a letter. I would demand that someone tell you something and if it ends up they are closing them see about getting the inqs removed.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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New Member
AddysDaddy2011
Posts: 5
Registered: ‎12-03-2012
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Re: GE Closed all Accounts (waiting on a letter)

I tried that! I literally was fighting with 4 GE reps at 4 different service centers today, then I found a backdoor number and got to someone who could see ALL of my GE accounts, and she still couldnt tell me anything! Just to wait for a letter. 

 

I was SO frustrated with her!

 

I have no idea what to do or if there is even a department that can or will release the information to me. 

Established Contributor
calihlove75
Posts: 787
Registered: ‎05-16-2012
0

Re: GE Closed all Accounts (waiting on a letter)

That stinks. GE reports new accounts within days so sounds like you will take a dive in score for new accounts and lower AAOA and it will likely show closed by grantor. I guess wait for the letter and worst case I would ask the tradelines be deleted at least. You also take a hit on inquiries. You cannot do anything until you receive the letter but it does not sound pretty.

 

 

I always hear about people applying for a bunch of GE accounts at once but I have always been too scared it would raise flags. I had my Amazon over a year before I applied for my second GE account. I am wimpy!!

 

 Good luck ;(


100% Ficos: EX 762, TU 767, EQ 754 Inquiries last 1 year/6 months: EX-0/0, TU- 0/0, EQ-2/1~ last credit card app 6/24/13- New car loan 3/8/2014
Discover IT $8000~Kohls $1000~Amex BCE $2000~ Walmart Discover $7500~NFCU Signature CashRewards $14,000~ Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $2500~ Amazon Store $7000~ Fingerhut $1050
Established Contributor
linux007969
Posts: 584
Registered: ‎04-20-2012
0

Re: GE Closed all Accounts (waiting on a letter)

You could always try sending an email to the GE Capital Cares Team:  gecapitalcares@ge.com  Do not include any account numbers, just name, biling address and zip and also the best phone number to reach you,and they will call you... They work sorta like the Capital One Executive Office, where u have to email them so they can do research and call you to discuss your options. I have emailed them before and got a call back the next business day and even though they couldn't help with the one issue i emailed them about they did appologize for the complaint  about the horrible customer service i had with my smart connect account.. The rep that worked on my issues had a very nice tone of voice. So it won't hurt to give them a try, maybe even reach out to them after you get your letter, it doesn't hurt to try since you have all the inquaries for the accounts anyway..... "fight it till the death, or fight it till justice wins" lol :smileywink:

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728
TU Score as of 1/5/14 - 705 | EQ Score as of 1/5/14 - 721 | Ex Score as of 1/5/14 -753 |

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $8K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $5k | PNC Auto Loan $20,038.75 |
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011
0

Re: GE Closed all Accounts (waiting on a letter)

[ Edited ]

ALWAYS research who your applying for. If you've also regularly visited credit forums you should realize 4-5 app max is the general rule, and that no more than 2 apps with the same company.

 

With that being said GECRB and WFNNB (aka Comenity Bank now) runs about 90% of store cards, and few like Home Depot and Sears are ran by Citi Bank, few by Capital One (Best Buy)

 

Remember apping like crazy for accounts will put you in the red for risk wise. Where people have been known to apply for everything and maxing out their cards and never paying. Since they can't do anything but keep calling you and sending you letters it doesn't really matter. Especially store cards cause the low credit limits usually issued won't make it ever worthwhile to pass a judgement and try to go through the trouble of wage garnishments.

 

There's also a pyramiding scheme people do which is like robbing peter to pay paul kinda scenario, where people keep opening new cards to balance transfer etc just to bounce it around to 0% apr just cause they think debt tennis is fun :smileytongue:

 

With that being said you seemed to have read what you wanted to read, and never really throughly looked at what others have probably posted. The best thing you can do now is to try to explain the situation as your young and stupid and explain the situation that you want to build your credit history, and would be happy if they would allow you to keep ONE card. That's about the most you can be hopeful for in this situation imo. If that doesn't work go to Wells Fargo and Digital Credit Union and get two secured cards. 2-3 cards is ALL YOU EVER NEED TO BUILD A GOOD SOLID SCORE. I went from 400's - 758 in 14 months with 2 secured cards and 1 store card (kay jewelers)     - (with baddies all removed)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
New Member
AddysDaddy2011
Posts: 5
Registered: ‎12-03-2012
0

Re: GE Closed all Accounts (waiting on a letter)

Thank you I just sent them an email. Maybe they will contact me back soon!

New Member
AddysDaddy2011
Posts: 5
Registered: ‎12-03-2012
0

Re: GE Closed all Accounts (waiting on a letter)

I have 2 secured cards already and my score is just above 700 on all 3 reports, I am not sure what happened but when I get the letter I will update this thread and try to talk them in to reinstating one of the cards, or at least removing the acocunts all together and the inquiries if they cant do that. 

 

The main reason I applied for these is just to build up the score a little more to improve my interest rate on a mortgage. And no one ever posted that 4-5 apps is the limit like you stated, I just assumed if the company I was applying with had seen too many inquiries they would deny credit, not close every department store account I had opened. This just makes no sense to me. 

Established Contributor
linux007969
Posts: 584
Registered: ‎04-20-2012
0

Re: GE Closed all Accounts (waiting on a letter)


AddysDaddy2011 wrote:

Thank you I just sent them an email. Maybe they will contact me back soon!


your welcome, keep us posted! :smileysad:

Discover IT TU Score: 739 as of 4/20/14 | TU Score as of 1/5/14 - 710 | EQ Score as of 1/5/14 - 748 | Ex Score as of 1/5/14 - 728
TU Score as of 1/5/14 - 705 | EQ Score as of 1/5/14 - 721 | Ex Score as of 1/5/14 -753 |

Capital One QuickSilver MC $4.5K | Amazon $1.8K (CLOSED) | Walmart $5K | Paypal SC w/Debit card $5K | BOA 123 Cash Rewards Sig $5K | BOA BBR $1K | Discover IT $8K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $5k | PNC Auto Loan $20,038.75 |
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
0

Re: GE Closed all Accounts (waiting on a letter)

[ Edited ]

AddysDaddy2011 wrote:

I have 2 secured cards already and my score is just above 700 on all 3 reports, I am not sure what happened but when I get the letter I will update this thread and try to talk them in to reinstating one of the cards, or at least removing the acocunts all together and the inquiries if they cant do that. 

 

The main reason I applied for these is just to build up the score a little more to improve my interest rate on a mortgage. And no one ever posted that 4-5 apps is the limit like you stated, I just assumed if the company I was applying with had seen too many inquiries they would deny credit, not close every department store account I had opened. This just makes no sense to me. 


Well, the point is that all apps can lower the score for a while because of the inquiry.  Successful apps can overcome this because of decreased utililization due to increased CLs, obviously unsuccessful ones don't.   So applying for a whole bunch is always risky from that viewpoint, and is, let's say, strongly discouraged when you plan to apply for a mortgage soon.   (Apart from score decrease, the mortgage underwriters are going to view multiple credit applications as red flags that at least need explaining).

 

So I think distantarray's advice ("The best thing you can do now is to try to explain the situation as your young and stupid") is good and, despite the wording, well meant!

Obviously you first need to see why your cards were closed, but be prepared for the answer "Your behavior fits the profile of a credit risk".  I don't think you have grounds to demand that these items are removed from your file, you applied,  and, (if this is why the cards are closed), the bank took defensive action to protect themselves.  So explaining that you didn't understand, and can you please keep one etc, might be the best approach.

 

Good luck!


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