I was reading a report that GE is considering pulling out of retail financing as early as next year. I don't know how accurate that is, but if it is true I think that would affect a great deal of people here who use GE to help rebuild their credit and for their nice CLI's and credit limits.
Looks like they are spinning off the retail lending segment according to an article in the Wall Street Journal. Are links allowed?
GE Set to Exit Retail Lending
I dont think this woud apply to gas cards since just last month 76 gas cards were sold to GE from CITI.
Asked for an increase on my Walmart store card. Denied. 6th statement from last increase
Seems like GE is tightening the belt quick.
<incident that happened to one person>
<broad generalization of that incident to everyone>
Not really sound logic.
The recent reporting of 90-day freezes and account audits holds a little more water, but as far as I can tell there have been 4 forum members who reported that out of the entire forum membership. And GE cards are very popular amongst the membership, so it feels too soon to call this a trend.
Nor are these 90 day audits something new:
I'm not saying that some of the recent activity on GE credit accounts can't eventually turn out to be related to this planned spin-off/IPO of the lending division. Just that it's highly speculative to assume the sky is falling when all we've got is a handful of raindrops at this point.
Aparently GE has been up to this for a while now, just found an article dating back to May of this year....