Re: Wal-Mart credit card closed?[ Edited ]
05-17-2012 08:01 AM - edited 05-17-2012 08:05 AM
I spoke with a representative of the GE Corporate office who says they discontinued my account solely because of no activity. I asked what their criteria was and they said it varied by account. They reported there was no other reason and I do not see a soft or hard pull on anything showing they have reviewed my credit. I suppose if I could do things differently I would leave a small balance each month just so it shows activity.
GE - can be finicky- but it is not just them, it is the respective companies they are providing financing for. Four years ago, when I first started rebuilding, I racked up on the GE cards, because they kept approving me: Lowes (had no reason for it), Chevron (haven't seen one of these gas stations in years), JCP, Walmart, Amazon, Paypal,. Lowes was closed within 6 months for inactivity. It was during the credit crunch, so I also received substantial CLDs on all but the Cheveron card, which only had $100 CL to begin with.
Interestingly, that Chevron card stayed opened for over three years, althoutgh I never used it. There were many times when I wanted to close my other GE cards, especially PayPal - after I was down to $160 CLI for a long time. Now, that account is at $3800 because GE is pretty generous with CLI - so long as the credit market is not bad, and you use the accounts and pay responsibly. I should also say that until Sunday, I had not used my JCP card in almost a year - and they gave me $2000 CLI on it a few months ago. Since then, I have been looking for a reason to use it. I do not want to loose that CL.
I suggest you get a couple of GE accounts. I rely on then heavily to keep my untilization low. I do not know if you want to apply for a Walmart now - or any other now, but at least consider it in 6 months or so. I have a couple of major credit cards now, but I really do credit GE with having played a MAJOR part in helping me rebuild and in giving me higher CL, which I do think has influence the CL I have been offered by other CC sompanies. GE were the only accounts I had with $3000 + CL - now all of my major CC (Barclay - Discover Closed Cap1 one yesterday.) aslo have a minimum of $3000, Don't give up on GE.
*Note to self* Remember why and for how long you had to rebuild in the first place!
One Day at a Time, One Day at a Time!