topic Re: Multiple Businesses Financed by GE Capital... in Credit Cards

Multiple Businesses Financed by GE Capital...

XxRaVeNxX — Thu, 06 Sep 2012 01:13:35 GMT

So, I knew of the big boys(Wal-Mart, Amazon, Rooms to Go) that financing is possible through GERCB.

Well, looking on their site, I've found many local places that offer financing through GERCB.

https://businesscenter.gogecapital.com/DealerLocator/DealerSearch.do

So, If I have an account with them already, say through Amazon, it shouldn't be an issue to get approved through my local auto shop or furniture store that offers financing through GE Capital, correct? People say once you have your foot in the door with them, it's easier to get approved, like with AMEX.

Are there any pro's/con's to financing such as this?

Re: Multiple Businesses Financed by GE Capital...

Eschaton — Thu, 06 Sep 2012 03:50:03 GMT

I looked at this link awhile back

http://www.gecapital.com/en/our-company/retail-partners.html

I was trying to find a card that I could use where I shop frequently - but none I found were places I go often enough. Banana Republic would be one, but we don't have any locally and they are a little bit on the pricy side for me (need a new job asap!).

Re: Multiple Businesses Financed by GE Capital...

trumpet-205 — Thu, 06 Sep 2012 04:02:52 GMT

GE does NOT give preferential treatment to those who already have a CC from them.

However, most GE accounts have similar approval criteria. So if have say Amazon account, you should have no problem getting a Walmart card.

Re: Multiple Businesses Financed by GE Capital...

XxRaVeNxX — Thu, 06 Sep 2012 04:10:35 GMT

@trumpet-205 wrote:
GE does NOT give preferential treatment to those who already have a CC from them.

However, most GE accounts have similar approval criteria. So if have say Amazon account, you should have no problem getting a Walmart card.

Wow..That's contradictory to almost to the majority of postings I've seen(Including a recent posting of when a member included a GE backed card in his bankruptcy and couldn't get a single GE financed card, post-bankruptcy, stated he had been blacklisted)...and your second statement isn't relevant to what I was speaking of in particular...I meant the local places...

Re: Multiple Businesses Financed by GE Capital...

trumpet-205 — Thu, 06 Sep 2012 04:24:51 GMT

@XxRaVeNxX wrote:
Wow..That's contradictory to almost to the majority of postings I've seen(Including a recent posting of when a member included a GE backed card in his bankruptcy and couldn't get a single GE financed card, post-bankruptcy, stated he had been blacklisted)...and your second statement isn't relevant to what I was speaking of in particular...I meant the local places...

What I said is what I mean. If you already have a GE account (be it a GE CC or installment loan), you have a good chance of getting a "local" financial account backed by GE because GE uses very similar approval standard. Roughly the same standard in a local B&M store and in Amazon.

GE does NOT do preferential treatment like AMEX does (GE does NOT weigh your existing GE history more). However, if you burned GE before, GE DOES remember you. GE DOES blacklist you.

Blacklist has nothing to do with preferential treatment. AMEX does blacklist. Chase does blacklist. Every lender has a blacklist at their disposal.

Re: Multiple Businesses Financed by GE Capital...

XxRaVeNxX — Thu, 06 Sep 2012 05:15:26 GMT

@LS2982 wrote:

If you have a good/no relationship with GECRB, I think your scores could get you in with JCP, Old Navy, Walmart

@JusdoNit wrote:

Since GE is letting you in you might want to eventually try for the TJX (Marshalls, tj maxx, homgoods) card so you can shop for all and only have one monthly payment for clothing and other needed items.

@Anonymous wrote:

So...since I'm far more responsible and financially mature - I'd like to open a GE backed card so I can get in their good graces again.

Like I said, contradictory to other posts...looking for other input...

Re: Multiple Businesses Financed by GE Capital...

trumpet-205 — Thu, 06 Sep 2012 05:14:16 GMT

I'm puzzled, how is it contradictory to what I've just said?

Re: Multiple Businesses Financed by GE Capital...

bichonmom — Thu, 06 Sep 2012 06:02:27 GMT

Last year, I got my first GE card, Old Navy $200 CL. I got subsequent CLIs with them. In Nov, I got a Walmart cc with $300 CL. GE didn't approve me for Walmart because I had an old navy card. In fact, my Walmart CL was much lower than my ON CL at that point ($1000 if memory serves.) GE doesn't give preferential treatment to someone because they have a GE acct. The posts you're referring to generally mean that since GE has already approved you for X credit card, they will likely approve you for Y card as well, since you meet their criteria for approval.

GE will pull your CR and base their decision on your current cr and FICO. Of course, if you have burned them and are blacklisted, that is a different story.

Re: Multiple Businesses Financed by GE Capital...

Anonymous — Thu, 06 Sep 2012 06:51:00 GMT

I just want to throw this into the fire:

When I called to raise my lowes limit from 3k to 5k after approval, I told the credit analyst hhgregg had recently approved me for 5k (also a GE backed card) because I was going to make a purchase with them but found a better deal at lowes. She then had me on hold for a minute and said congratulations your new cl is 5k and you can go make your purchase at lowes without your card if you want so you don't have to wait for the card to arrive.

Maybe it was competency, maybe preferred treatment to a regular customer, or just got lucky and hit the right spot with them but I do think they value your history with them.

Re: Multiple Businesses Financed by GE Capital...

XxRaVeNxX — Thu, 06 Sep 2012 12:30:50 GMT

Mr Media wrote:

Its true that once your in the GE family, approvals are easier. Each program is different though, and limits/card types and such will vary some from vendor to vendor.

Because you're not stating anything concrete, and multiple people have agreed what I am saying...

Re: Multiple Businesses Financed by GE Capital...

trumpet-205 — Thu, 06 Sep 2012 17:20:42 GMT

All the quotes you have quoted so far does NOT prove preferential treatment. Like I said GE uses a rather "universal" approval standard across all of its offering. If you can get one, you should have no problem getting the second one, since the second one uses a very similar standard compared to the first one. It doesn't matter where you apply from.

This is what preferential treatment looks like. AMEX uses an AMEX internal risk score which scores existing AMEX account more heavily (more percentage) than anything else.

GE's internal score treats every account (non-GE or GE account) the same. It does not give more percentage to GE account.

Re: Multiple Businesses Financed by GE Capital...

kimmiller112 — Thu, 06 Sep 2012 17:06:51 GMT

I've had cards for Walmart (recently CLI'ed to $2000 from $1000) and Belk (recently CLI'ed to $1000 from $200)for quite a while, both are GE backed. Last year, I moved from an apartment into a house. The person moving into my old place offered to buy the existing furniture. The house was partially furnished and I financed about $3500 from Ashley Homegoods and decided to splurge on a mattress and financed $3400 from Tempurpedic, both GE backed cards and both offered 0% financing for long periods of time. I paid both cards off within 4 months. About 3 months after that, I tried to get GE financing for a medical procedure that cost $1900 but GE would not approve because of the new credit I had gotten with them, even though they were paid. But last month, I applied for the Paypal Extras card and got instant approval for $2000.