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@gstq34 wrote:It stinks they don't do a robo call or (if you are signed up for text alerts) throw you a text advising your cards are temp. restricted. That way you don't look like an A** trying to pay! Amex should do the same when they decide to cut folks off. Knock on wood this has not happened to me yet. Always carry a back up...like a local CU card, they generally don't mess with people like that!
Exactly..there is no warning whatsoever....
There may be other factors at play we will never know about this specific situation. I wonder if this has to do with having multiple GE accounts. If so, maybe it is only a good idea to have 2-3 max to avoid this action???? I now have JCPenney, Walmart store, CareCredit and PPSC and wondering if I should dumpe a couple of them so this doesn't happen to me. I just received my first GE CLI on Walmart this week after the 4th stmt cut. I am a little worried now.
I think the title of this thread is probably referring to a recent thread where someone had a large number of GE cards from different stores and had them all frozen.
That was an extreme case where someone had credit lines with ge in excess of 100 thousand dollars or something like that. It was someone who was applying for more credit who already had a huge amount of credit. I believe the couple's combined CL for all their cards was over 200k. It seems that if you have a lot of different GE cards that asking for a CL for one of them may make GE aware of the risk that they face. it is a concentrated risk. it is a better risk for GE to issue 20 cards to 20 different people than to issue 20 cards from different stores to one person. I believe that is what the person meant by "again" in the title because that thread was on myfico a few weeks ago.
First of all, its not soft inquiry on equifax, Its rock hard solid inquiry on equifax, usually GE + the name of card you apply for appears on transunion or whichever, like Gecrbwaldc something, But this 90 days account freeze inquiry is just GECRB and its hard on equifax.
Plus i like the Title of this thread, because its soooo true, while some may argue that equifax has nothing to do with all this GE bs.
Equifax has been selling their ID , account, fraud, and what not ANALYTICS software, and really pushing the sales of it. That is why the credit reporting agancy of choice for audit and account closures and freezez is EQUIFAX. This technique is so vague, and I do not think it has anything to do with asking for CLI directly, the software is in action which uses so many algorthms ** e.g. predicting the future ** of account holders plus the risk of losing money for BANKS.
I have heard on the radio that some banks now search your facebookand other social networks to see who you friends with and if one of your friend has bad credit then the software will flag you and you may not get the loan. More and more banks are using this method to weed out to be bad debts of future.
There is another company called ID Analytics, in CA, which also makes money by telling banks , hey watchout for this and that person, [ Mod Cut ]
I think this kinda technology is unfair because it does not look at you fico score or your credit health at all, instead it looks at, like Mr Joe Doe was seen on 42nd steet in manhattan , so freeze his accounts because there is risk that he might max out his cards by charging peep shows or something.
Totaly unfair.
~edited to remove link, ~pizzadude, MyFICO mod
dddewdrop.
I posted that thread for me and my DW. the total credit limit from GE is around 160K for both combined. and the accounts were established over the course of three plus years, not overnight.
There is another poster who's have only one account with GE and its smart connect, that account was frozen for 90 days and the limit if i remember correctly was only 2400, the one and only account for 2400 ??? and GE will shut you down???
I belive it has more to do with other UNKNOWN factors only known to banks and the robots who made this kinda software,than just the credit report, fico score and debt, utilization, and missing payment.
Once again it seems like people who are affected usually requested a recent CLI, unless there is someone else with a different situation. In this case, a CLI was requested about 3 weeks ago...
If it were me I would tell ge I don't need your cards or chinamart.
@JonStur wrote:My fiancé and her Principal were at Walmart to buy supplies for an after school program, unfortunately her Principal's card got denied (I bailed them out and got their stuff after she called me in a panic). Knowing I'm a FICOer, she had me talk to her Principal and sure enough three weeks ago she called and got a CLI in anticipation of shopping. We had her call and they've frozen 5 of her accounts ( Walmart, SAMs, JCPenneys, Care Credit, can't remember last one). I had her get her free credit report and sure enough GE softed her Eq. twice last week. Of course she got the see you in 90 days speech. More evidence that its not a good idea to poke that hornets nest right now!!!
The only trend I've noticed is that those affected had multiple GE accounts and called in for CLI. One case seemed drastic (a Wal-Mart card opened at $300 and was recon-ed to 10K!). The other seemed to be someone with lower limits overall. I don't think most GE customers doing the typical thing will be affected (the LUV button seems to work well for most who want CLIs). My current thought is that if you have multiple GE TLs, it might be best not to recon GE for a while until whatever algorithm EQ is using gets better.
(edited for typo)
GE is most likely catching on to CLI chasing due to credit solutions abuse. Sure a 15k limit at Walmart is nice to say you have but do you really need it? They probably are doing this as a precautionary measure to avoid having people default on their accounts.