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Established Member
ArchEagleJ
Posts: 26
Registered: ‎07-13-2009
0

GEMB Overload?

I have about 10 Credit Cards, with 8 or so of them being from the last few months.  (I know that is way too many, I am done applying! honest, I am!)  

 

But my question is actually; is it bad to have quite a few cards that are all backed by GE Money Bank?  5 of my cards (Old Navy, PayPal Buyer Credit, WalMart, Chevron/Texaco, Care Credit) are all backed by GE Money Bank.   

Is this a bad thing? Are there any risks involved in that?   

------------------------------------------------------------------------------------
7/25/09 -- EQ 651 ; TU 634 ; EX: ??


2/22/10 -- EQ 652; TU 657; Ex: ??
Shootin' for 700!!!
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: GEMB Overload?


ArchEagleJ wrote:

I have about 10 Credit Cards, with 8 or so of them being from the last few months.  (I know that is way too many, I am done applying! honest, I am!)  

 

But my question is actually; is it bad to have quite a few cards that are all backed by GE Money Bank?  5 of my cards (Old Navy, PayPal Buyer Credit, WalMart, Chevron/Texaco, Care Credit) are all backed by GE Money Bank.   

Is this a bad thing? Are there any risks involved in that?   


 

Not really and there is nothing you can do about it now anyway. But I would try to make sure that when you next app for a card (or two or three) it is outside the GEMB family!
Frequent Contributor
dallasjetfan
Posts: 480
Registered: ‎03-06-2007
0

Re: GEMB Overload?

I had a similar problem so I dumped my PayPal, Walmart and Chevron.  Leaving me with 3 GEMB accounts (2 Car Care One and 1 Care Credit).I just figured since they lowered my PayPal and wouldn't raise the others that they could have them back.
Barclays US Air $15K| TTCU $13K| Chase Slate $10K| CapOne $6500|
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: GEMB Overload?

I wouldn't want to have the majority of my bank cards (Visa, MC, Discover, AmEx) with one lender, but I don't think it's that big a deal with store cards. Typically, their CL's aren't that high, so they don't represent a large proportion of your total CL. And since a lot of store cards are backed by two banks (GEMB and WFNNB), it's almost bound to happen if you have a lot of them.

But I would be very nervous if 5 bank cards were from the same bank. We've all seen how they've been wiping people out recently. Those you want to have diversified.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
0

Re: GEMB Overload?

Well, I also have several GE backed cards. (WalMart discover, Old Navy, Gap, JC Penny's, Paypal...I think that's all of them)

 

So, today I get a letter from them saying my Old Navy card was dropped from 750 cl to 150 (I have a 142 balance on it). No real rhyme or reason for it.

Says their review shows:

 

Present or past delinquicies (ya 6.5 years ago in my bankruptcy! I just got the card 1 yr ago) 

Oldest revolving or open ended accounts too recent (bought a house 5-09)

 

 

 

What a bunch of bull. I will start closing some down real soon.


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: GEMB Overload?


WannaHouse wrote:

So, today I get a letter from them saying my Old Navy card was dropped from 750 cl to 150 (I have a 142 balance on it). No real rhyme or reason for it.


That pretty much stinks. Did you use that card much?

 


WannaHouse wrote:

Oldest revolving or open ended accounts too recent (bought a house 5-09)


Your mortgage is not an open ended / revolving acccount. 

 


WannaHouse wrote:

What a bunch of bull. I will start closing some down real soon.


Don't close accounts that do not have AF's/

 

Bottom line is they don't need a reason to do these things. But if they are going to cite reasons it would be nice if they made sense.

Valued Contributor
WannaHouse
Posts: 1,080
Registered: ‎06-08-2008
0

Re: GEMB Overload?


creditwherecreditisdue wrote:

WannaHouse wrote:

So, today I get a letter from them saying my Old Navy card was dropped from 750 cl to 150 (I have a 142 balance on it). No real rhyme or reason for it.


That pretty much stinks. Did you use that card much?

 YUP! Used it alot. I would make payments 2-3 times my minimum.


WannaHouse wrote:

Oldest revolving or open ended accounts too recent (bought a house 5-09)


Your mortgage is not an open ended / revolving acccount. 

OH...well then it would be a Best Buy rewards card opened 3 months ago...never used yet.


WannaHouse wrote:

What a bunch of bull. I will start closing some down real soon.


Don't close accounts that do not have AF's/

 

Bottom line is they don't need a reason to do these things. But if they are going to cite reasons it would be nice if they made sense.


ALL my cards have AF's. Most are pretty small (19-29 a yr) but they all have them. Also,August in my one year for Old Navy, Gap,and WalMart.  :smileysad:

 

I know they do not have to have reasons, but that really stinks! I have spent the last 2 years building positive credit, and they slap me for it. just sux...


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Valued Contributor
Uborrow-Upay
Posts: 2,710
Registered: ‎10-16-2008
0

Re: GEMB Overload?


WannaHouse wrote:

 I have spent the last 2 years building positive credit, and they slap me for it. just sux...


 Look on the bright side...
 WannaHouse now HasaHouse! Closed May 5th-30 yr fixed at 5.25%.
 Coupla months back, if the LO told you you had to close this card to qualify, would you have lost any sleep over it?  
Enjoy your new home, your credit building was definitely worth the time and effort!
 
 
Carry on...
Valued Member
did2009
Posts: 41
Registered: ‎05-06-2009
0

Re: GEMB Overload?

I have Belk for $250, JCPenney for $200, Sam's Club for $600, and I just applied for Dillard's and got $450.  All these cards within the past 3 months.  I think as soon as I pay off some and utilizing some credit, i'll put in inquiries in a year to up my Dillard's and Sam's Club to Discover and Amex through GEMB.  Right now, I want something POSITIVE!  I think the later 2 (Sam's Club and Dillard's) was because a baddie was dropped off all 3 of my credit reports.

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