Need some advice on GE Money accounts

[Anonymous]

I have three GE Money accounts.

Dillards - CL 900.00 BL 0

Lowes - CL 600.00 BL 0

Card from Motorcycle purchase CL 6500.00 BL 4800.00

I have other accounts and credit cards also with no late payments ever on any account including car loans.

I had no idea of the millions of complaints against GE Money before I opened those accounts. Now I am scared to have them. I have heard that they do not like 0 balances. They want to collect that interest. I have read many many complaints that after people pay their balance to 0 that GE Money either closes the accounts or reduces to 100.00.

My question should I close the two accounts with a 0 balance now before they do? Or am I just paranoid? I cannot afford anymore hits on my fico score EQ 639. I have a Medical CA on my eq and tu that is being worked on now to be removed. I have worked hard for years to make payments on time only to suffer setback after setback. Frankly I am tired of even worrying about it and want to reduce my line of credit to just a couple of card but I know I will take a hit on my fico score. Anyone have some advice for me? Thanks.

[haulingthescoreup]

There are plenty of folks who PIF their cards and do fine with GEMB. It's hard to tell what goes through this bank's mind sometimes. I'd keep using them as much as you like, PIF'ing as you go, and don't be terribly surprised by anything.

Even if they do close you, it's no different for scoring purposes than if you close it yourself. And if a future lender questions why it was closed, ask them to look at the clean history, and then tell them that it was just part of the 2009 credit insanity. I doubt that anyone will ever question it.

I have an old CC account marked "closed by lender" (I think for non-usage, I really can't remember), and I've never once been asked about it.

[dizbuster]

Hello 1dawg,

I too have have a few accounts with GE Money, 4 actually.

Old Navy

Chevron

Bass Pro

Walmart

My advice is to not close the cards. If you are woried about them closing the accounts or reducing the CL then I would work on reducing my overall utility on my other cards and then if they drop your CL down to say $100 it really wouldn't matter and it would not have any affect on your score.

I know how you feel though, I am constantly checking my online accounts with GE and just waiting for the CL decrease. I would just charge something small and PIF to keep the accounts active, pay down any other cards and you won't have any problems relating to fico.

Good luck and don't worry so much

[Anonymous]

Thanks guy's for the encouraging words. I have been humming along making a good living then Boom! This recession hits! I still make the same money but it seems harder to stay on top of my creditors worrying about what they will do next.

[haulingthescoreup]

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1dawg wrote:
Thanks guy's for the encouraging words. I have been humming along making a good living then Boom! This recession hits! I still make the same money but it seems harder to stay on top of my creditors worrying about what they will do next.

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I hear that! I finally decided that all I can do is all I can do, and if one of them goes nuts, I'm prepared --I don't owe them anything, and I have some redundancy going.

It's an interesting world out there, that's for sure. In the words of the desk sergeant on the old Hill Street Blues, "Hey! Let's be careful out there."

[Itsmeagain]

Sage advice Hauling.  I too have a GEMB account but it's the Care Credit account . . . 0/5000.  I opened it for a specific purpose and paid it off in 3 mo.  That was in November 2008.  They haven't closed it yet . . .

[Watchmann]

I had an Ethan Allen account from 2003 which was underwritten by GEMB.  I bought about $6,000 worth of furniture back then for our new house and they had a six month no interest deal going on.  I got a statement each month and it always showed the deferred interest correctly.  I paid it off a the six month mark and about a year later GEMB closed the account for non-use.  It didn't make much difference to me.

Last month we bought $10,000 worth of patio furniture from Ethan Allen and this time EA had a 12 month no interest program in place.  I had to reapply to GEMB for another Ethan Allen account and was instantly approved for $20,000 limit.  First statement came just the other day and it shows no payment due until 4/2010, with zero interest notation if paid by that date, although interest is accruing in the background at 23.99% APR in the event I don't pay next year when due.  I'll monitor it online going forward, but so far GEMB has been ok to deal with and they have calculated everything correctly.