Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 21
Registered: ‎07-12-2013
0

GE possibly leaving the retail financing markets....???

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.

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: GE possibly leaving the retail financing markets....???

I only read that they will stop financing to gun retailers..

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Contributor
Posts: 83
Registered: ‎07-27-2013
0

Re: GE possibly leaving the retail financing markets....???

Looks like they are spinning off the retail lending segment according to an article in the Wall Street Journal. Are links allowed?

Amex BCP | Barclaycard Arrival WMC | Chase Slate | Discover IT
Established Contributor
Posts: 756
Registered: ‎03-26-2010
0

Re: GE possibly leaving the retail financing markets....???

http://finance.yahoo.com/news/ge-set-exit-retail-lending-050400395.html

 

 

GE Set to Exit Retail Lending

 

Capital One Quicksilver Visa | Capital One Quicksilver Matercard | Sony Visa | ebay Mastercard | Best Buy Visa| Shell Mastercard | CareCredit | Amazon Rewards Visa | Discover it | Lowes | Home Depot | Chase Freedom | Ebates Visa | TJMAX Platinum MasterCard | Stash Signature Visa | Hilton Amex | Bank of America Cash Rewards Visa | Bank of America Better Balance Rewards Visa | US Bank Cash Rewards | Blue Cash AMEX | IHG Rewards Club World Mastercard | Barclay Cash Foward World Mastercard | Bank of America Travel Rewards Visa |
Senior Contributor
Posts: 4,042
Registered: ‎10-02-2012
0

Re: GE possibly leaving the retail financing markets....???

I dont think this woud apply to gas cards since just last month 76 gas cards were sold to GE from CITI.

Established Contributor
Posts: 637
Registered: ‎07-24-2012
0

Re: GE Capital set exit retail lending


Mike1inTX wrote:

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:

http://ficoforums.myfico.com/t5/Credit-Cards/All-GE-Lovers-Check-this-out/m-p/2389411#M675793

 

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.

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
Established Contributor
Posts: 834
Registered: ‎04-20-2012
0

Re: GE Capital set exit retail lending

Aparently GE has been up to this for a while now, just found an article dating back to May of this year....

 

http://www.americanbanker.com/issues/178_100/ge-consumer-unit-more-likely-to-buy-a-bank-than-sell-to...

Capital One QuickSilver MC $4.5K | Walmart $5K (CLOSED) | BOA Cash Rewards Sig $6.5K | BOA BBR $1K | Discover IT $13.5K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom Sig $8K | CapOne Spark BIZ Cash Visa Sig $5k | AMEX SimplyCash Biz CC $10k (LLC) | AMEX Everyday $2k | Sallie Mae WMC $6.4K | Citi Double Cash WEMC $6.2k | DCU Visa Platinum $1K (CLOSED0 | PSECU Visa w/PSL $8k | Chase Ink Cash BIZ Sig CC $3k | FNBO Biz Visa $9.5K | AMEX SimplyCash Plus BIZ CC $10k | Fidelity Rewards Visa Sig $4.7k | AARP Visa $500 |
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.