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I am SO angry right now with GE Capital! I opened a CareCredit account in January 2012, because I needed extensive (expensive) dental work done that would be performed over time, depending on different factors like healing time, etc. I was approved for $12,000 and have charged $6,450.00 to the card, and it currently carries a balance of $3,100.00. I have never missed a payment, and pay at least the minimum every month, yet I just received a letter stating that my credit line was reduced to $4,600.00!!!! NOTHING IN MY CREDIT FILE HAS CHANGED TO PROMPT THIS DECREASE!! I was going to have more work done in May and now I can't. Not to mention that now my utilization rate has just shot up dramatically and I'm almost maxed out on the card so it can affect my credit in a negative way! This really makes me mad!! Is this normal, such a huge decrease? Why did they even approve me then for $12,000 initially? Has this happened to anyone before with their GE Capital account? Do I have any options this is just ridiculous!
@vegasgurl2001 wrote:I am SO angry right now with GE Capital! I opened a CareCredit account in January 2012, because I needed extensive (expensive) dental work done that would be performed over time, depending on different factors like healing time, etc. I was approved for $12,000 and have charged $6,450.00 to the card, and it currently carries a balance of $3,100.00. I have never missed a payment, and pay at least the minimum every month, yet I just received a letter stating that my credit line was reduced to $4,600.00!!!! NOTHING IN MY CREDIT FILE HAS CHANGED TO PROMPT THIS DECREASE!! I was going to have more work done in May and now I can't. Not to mention that now my utilization rate has just shot up dramatically and I'm almost maxed out on the card so it can affect my credit in a negative way! This really makes me mad!! Is this normal, such a huge decrease? Why did they even approve me then for $12,000 initially? Has this happened to anyone before with their GE Capital account? Do I have any options this is just ridiculous!
hmmm. try calling GE to find out why. It is perfectly legal for them to chase balances, but something must have prompted them to. You said nothing in your file has changed though....so I don't know why. Best way is to call them and find out.
Have had Care Credit for 8 years. It was never activated according to them. So it's closed. It still shows as open. I gave up on dental work in my area and paid about 70% less by going to Dr. "T" in Mexico. After coming back I had the work looked at by a local dentist (3 root canals with crowns) and he said whoever did it, did a good job (and he's one of the best in my area). THEN I told him where I went, and he got a bit nasty. Tough, they wouldn't work on the price, so I worked on it myself.
After talking to a Care Credit CSR and supervisor, they wanted us to close the account before they did (that was over a year ago), saying it would look better if they didn't close it. I told them don't do a thing with it. It's still reporting open and 0 balance
I too have been slapped by GE Capital on seneral of my credit accounts...started with JC Penny.....lowered not once, not twice, but 3 times! Then they went for other GE accounts that I had with the latest one having a zero balance and they decided to close it at their descretion....I always paid on time every account! So of course, when they reduce your cresit limit-it looks worse on your credit and YES my scores went down because of it......so then they use that as another excuse to reduce other limits as well.......sooooooo frustrating!!!
yes they do issue the lowes card......just waiting for them to cut my credit limit on that one too!!!