GEMB At it Again

[marty56]

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@Anonymous wrote:

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@marty56 wrote:

I use EQ Score Watch Gold which shows soft INQs.  You could also order a hard copy of your CR from the CRAs which would also show them.

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 Does Score Watch Gold show softs for all 3 CRA or just EQ?

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Just EQ.

[Changingmantra]

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@emptypockets wrote:

Earlier this month, my Walmart (600 CL) was CLD to 124. I went and charged 2 DVD's and when I received my statement, they had changed the CL back to 600. I have a Lowe's with a 1500 limit, that I used just once, and noticed the CLI request button on the account, and clicked it, and was approved for a 1500 CLI. Who knows what is going on, but it seems very random to me.

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Random is right!  I do not know if I should request a CLI on any of these accounts... I noticed that the first time around CLDs all came after I made such requests.  A month later.. sinc JCP was all at $250.00 I figured I had nothing much to loose.  I was quite shocked at the increase.  One rep at Walmart had previously told me that although these companies use GEMB to finance the cards, the stores have say in setting the criteria for CLI.  Maybe that is true.  I am going to call Walmart to see if I can get at least some of that back.  I want to call Paypal too.. since I still cannot log into that accout.  I am thinking they closed the darn account.  I PIF about 3 or 4 months ago... and refused to use it since.

[ralbusta]

My paypal got cut last week from $450 to $100, and now I can't logon to the site too!

Something's going on here. Have you heard anything from them?

[Changingmantra]

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@ralbusta wrote:

My paypal got cut last week from $450 to $100, and now I can't logon to the site too!

Something's going on here. Have you heard anything from them?

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Looks like the closed it.  I called and the automated system said I had a 0 available balance.  I do not have the time nor energy to go around and around with these people.  So I just say forget it!  The last time the cut my limit by 310 on the paypal... but offered to raise it so that I can make a purchase.... but the CL was going to go back down.  I was once very happy with thie company, but now.... I am rather indifferent.  I have three cards left with them... At the start of last year I had 7, I think... they have just slashed and closed accounts at will... and without warning.  What if I were going to purchase something?  

Call and see what the automated system says.

[Anonymous]

um seriously? what the heck do they expect you to do with a 100$ CL? what are you 5 gonna get some candy? thats so ridiculous. i have the walmart and have had it for about a year and its been 300 the whole time. i thought that was dumb. i just paid mine off for like the fifth time and plan on keeping it that way since i only was using it for groceries and i just want to keep more cards with 0 bal. if they cut me to 100 ill just close it. why even BOTHER extending credit to someone in the amount of 100$ that just boggles my mind...

[Anonymous]

GEMB chopped Fiance's Gap card again. Years ago it was $500 less than a year ago it was cut to $300. I am an AU and have been using it a fair amount. Once a month or so and PIF.  About 4 months ago it was cut down to $200 and the card currently had a $4.30 credit on it because I overpaid and it has just been cut down to $100.  I think I'm going to have him remove me as an AU before they close it. His scores are low 600's, mine are high 700's. I don't want the closed account showing on my reports. I'm pretty po'ed on his behalf though. Scores have gone  up about 15 points or so since the last decrease. Nothing new on reports. And, it's been being used and PIF. GEMB sucks!

[Changingmantra]

Agreed.. and here I was paying off my low balance cards.. trying to raise my Fico by having fewer cards with balances.. and I get punished for it.  I could see if I never use the card.  But heck.. I was afraid to put to much on the little $575.00 CL for fear of looking like I needed credit too badly and having them react to that!  But looking at all of the times they slashed my limits or just closed my accounts they have been on cards with low balaances!  So, I guess I will just use the Walmart card more often, and pay the balance at about 75% and see what happens.  I would like to keep the account and the Amazon Store credit as a matter of convinience... but.. if they close the accounts... 2 less accounts for me to worry about trying to manuever to cater to an unpredictable company.

[Anonymous]

Having spent years in the industry myself, for the life of me, I can't figure out how servicing / maintaining a ton of $100-$300 credit card lines can be profitable for GE Money.  Then again, they're losing their A$$ and couldn't even find a buyer when the parent put them on the sales block last year.  I'm guessing that their ulterior motive is to have YOU cancel the card... making them look better in the eyes of the store / government / press?

[jg33]

With the risks for unsecured credit and the history of each individuals credit performance, it makes since to reduce the risk by slashing CL's in the times we are in.    And as far as the stores themselves, yes they probably do have some say with what criteria is set to make those decisions of who is affected by a CLD and a CLI.   After all the stores rely on financing as a major part of there sales.     Credit Scores are not just the only factors that make the decision, however do play a huge role.      GEMB is one of the first companies to cut CL's across the board given the risk that's at stake do to our poor economy right now.   But the statement that says GEMB is loosing there a$$ right now..   you would be shocked to know that you are very wrong.  The steps they have taken make complete sense to safeguard themselves from loosing there a$$'s off.  Im sure they understand the needs and situations of there Ch's and us as Ch's never feel good when our CL's are Decreased but take a look at what we all are wanting to do...  we want to get out from under Credit Cards and they have given us a reason and some motivation toward doing that by giving us a CLD.  But maybe some of us are wanting the higher CL's but just not the high balance... well if this sudden CLD has shocked us into reexamining our credit worthiness, well im sure the focus on continuing to make timely payments and keeping our balances 10-25% all the time will boost our CL's in the coming year. 

goodluck!

Message Edited by jg33 on 02-23-2009 07:36 AM

Message Edited by jg33 on 02-23-2009 07:37 AM

Message Edited by jg33 on 02-23-2009 07:38 AM

[barbaralee]

Are they one to close your account if you don't use it that often? I have CareCredit and JCPenneys with them, and my hubby has JCP and Lowe's. None of the accounts we use often (in fact we were both declined CLI's on our JCP for lack of use... ironically we only requested the increase because we were going to use it)... but we've had the Lowe's for several months and keep meaning to use it to start a home project, but have just not gotten around to it yet.