topic Re: GE Closed all Accounts (waiting on a letter) in Credit Cards

GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 03:40:00 GMT

I'm new to this forum, and I recently started trying to rebuild my credit. I read elsewhere that when applying for cards you should do it within a short time frame so it would not affect your score as badly. I also have a fraud alert on my credit file so I always have to speak to a credit specialist to process my application when applying.

When I applied for the cards I did not know that GECRB issued virtually ALL of the cards I had applied and been approved for. Here is the list I was approved for:

Walmart Discover; $1,600

Old Navy Visa: $1,250

Belk: $400

JC Penney: $400

Amazon Store Card: $1,000

Lowes: $3,000

Zales (NOT GECRB): $500

I had also applied for:

American Eagle

Paypal

TJX

(but was not approved for these)

I was approved for all of these cards within a few days of eachother. And was excited to get the cards and start using them. The idea was to spend $50-100 on each one the first month and pay it down, then continue using the bigger ones like the Visa and Discover on a monthly basis never using more than 10-15% of my CL. We are planning on buying a house in about 7-8 months and having these on my report seemed like a great way to raise my score.

I received mY Walkmart, Belk, JCP, and Lowes cards today. Upon receiving them, I called to activate them and was informed my accounts were closed. I then checked my other accounts, and they are all closed. The customer service reps are just saying to wait for a letter, I even got to a "specialist" using a backdoornumber I found for GE and she couldnt help either. I am very concerned as to why these accounts with GE were all closed just after being approved. It might have something to do with my fraud alert? But that is a best case scenario.

I am especially concerned because all of the accounts already posted to my credit report with all 3 bureaus. And they all show open, so if they are all closed now just after being opened, what will that do to my score? Not to mention the hard hits for nothing.

If anyone has ever had this happen or has any experience with this please giveme some advice on what to do. I am seriously freaking out!!!

Thanks!

Re: GE Closed all Accounts (waiting on a letter)

sphinx313 — Tue, 04 Dec 2012 03:46:00 GMT

This sounds really sketchy. It's odd that no one can tell you anything and you have to wait for a letter. I would demand that someone tell you something and if it ends up they are closing them see about getting the inqs removed.

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 03:52:06 GMT

I tried that! I literally was fighting with 4 GE reps at 4 different service centers today, then I found a backdoor number and got to someone who could see ALL of my GE accounts, and she still couldnt tell me anything! Just to wait for a letter.

I was SO frustrated with her!

I have no idea what to do or if there is even a department that can or will release the information to me.

Re: GE Closed all Accounts (waiting on a letter)

calihlove75 — Tue, 04 Dec 2012 03:54:00 GMT

That stinks. GE reports new accounts within days so sounds like you will take a dive in score for new accounts and lower AAOA and it will likely show closed by grantor. I guess wait for the letter and worst case I would ask the tradelines be deleted at least. You also take a hit on inquiries. You cannot do anything until you receive the letter but it does not sound pretty.

I always hear about people applying for a bunch of GE accounts at once but I have always been too scared it would raise flags. I had my Amazon over a year before I applied for my second GE account. I am wimpy!!

Good luck ;(

Re: GE Closed all Accounts (waiting on a letter)

linux007969 — Tue, 04 Dec 2012 04:20:25 GMT

You could always try sending an email to the GE Capital Cares Team: gecapitalcares@ge.com Do not include any account numbers, just name, biling address and zip and also the best phone number to reach you,and they will call you... They work sorta like the Capital One Executive Office, where u have to email them so they can do research and call you to discuss your options. I have emailed them before and got a call back the next business day and even though they couldn't help with the one issue i emailed them about they did appologize for the complaint about the horrible customer service i had with my smart connect account.. The rep that worked on my issues had a very nice tone of voice. So it won't hurt to give them a try, maybe even reach out to them after you get your letter, it doesn't hurt to try since you have all the inquaries for the accounts anyway..... "fight it till the death, or fight it till justice wins" lol

Re: GE Closed all Accounts (waiting on a letter)

distantarray — Tue, 04 Dec 2012 04:35:06 GMT

ALWAYS research who your applying for. If you've also regularly visited credit forums you should realize 4-5 app max is the general rule, and that no more than 2 apps with the same company.

With that being said GECRB and WFNNB (aka Comenity Bank now) runs about 90% of store cards, and few like Home Depot and Sears are ran by Citi Bank, few by Capital One (Best Buy)

Remember apping like crazy for accounts will put you in the red for risk wise. Where people have been known to apply for everything and maxing out their cards and never paying. Since they can't do anything but keep calling you and sending you letters it doesn't really matter. Especially store cards cause the low credit limits usually issued won't make it ever worthwhile to pass a judgement and try to go through the trouble of wage garnishments.

There's also a pyramiding scheme people do which is like robbing peter to pay paul kinda scenario, where people keep opening new cards to balance transfer etc just to bounce it around to 0% apr just cause they think debt tennis is fun

With that being said you seemed to have read what you wanted to read, and never really throughly looked at what others have probably posted. The best thing you can do now is to try to explain the situation as your young and stupid and explain the situation that you want to build your credit history, and would be happy if they would allow you to keep ONE card. That's about the most you can be hopeful for in this situation imo. If that doesn't work go to Wells Fargo and Digital Credit Union and get two secured cards. 2-3 cards is ALL YOU EVER NEED TO BUILD A GOOD SOLID SCORE. I went from 400's - 758 in 14 months with 2 secured cards and 1 store card (kay jewelers) - (with baddies all removed)

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 05:21:12 GMT

Thank you I just sent them an email. Maybe they will contact me back soon!

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 05:24:44 GMT

I have 2 secured cards already and my score is just above 700 on all 3 reports, I am not sure what happened but when I get the letter I will update this thread and try to talk them in to reinstating one of the cards, or at least removing the acocunts all together and the inquiries if they cant do that.

The main reason I applied for these is just to build up the score a little more to improve my interest rate on a mortgage. And no one ever posted that 4-5 apps is the limit like you stated, I just assumed if the company I was applying with had seen too many inquiries they would deny credit, not close every department store account I had opened. This just makes no sense to me.

Re: GE Closed all Accounts (waiting on a letter)

linux007969 — Tue, 04 Dec 2012 05:35:10 GMT

@Anonymous wrote:
Thank you I just sent them an email. Maybe they will contact me back soon!

your welcome, keep us posted!

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 06:34:20 GMT

@Anonymous wrote:
I have 2 secured cards already and my score is just above 700 on all 3 reports, I am not sure what happened but when I get the letter I will update this thread and try to talk them in to reinstating one of the cards, or at least removing the acocunts all together and the inquiries if they cant do that.

The main reason I applied for these is just to build up the score a little more to improve my interest rate on a mortgage. And no one ever posted that 4-5 apps is the limit like you stated, I just assumed if the company I was applying with had seen too many inquiries they would deny credit, not close every department store account I had opened. This just makes no sense to me.

Well, the point is that all apps can lower the score for a while because of the inquiry. Successful apps can overcome this because of decreased utililization due to increased CLs, obviously unsuccessful ones don't. So applying for a whole bunch is always risky from that viewpoint, and is, let's say, strongly discouraged when you plan to apply for a mortgage soon. (Apart from score decrease, the mortgage underwriters are going to view multiple credit applications as red flags that at least need explaining).

So I think distantarray's advice ("The best thing you can do now is to try to explain the situation as your young and stupid") is good and, despite the wording, well meant!

Obviously you first need to see why your cards were closed, but be prepared for the answer "Your behavior fits the profile of a credit risk". I don't think you have grounds to demand that these items are removed from your file, you applied, and, (if this is why the cards are closed), the bank took defensive action to protect themselves. So explaining that you didn't understand, and can you please keep one etc, might be the best approach.

Good luck!

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 06:45:01 GMT

I can help with this. Here's what happen with me
I was approved for 4 credit cards.
Dint know all of them where GE CARDS
JC PENNY
PAYPAL EXTRAS MASTERCARD
AMAZON STORE CARD
WALMART
well right after I open Walmart over the phone the lady. Said well it seems like. Your account was just close
I'm like what!!!!!!
But you just give me the approval now it's close
I'm like. Explain. And she said. Well it saids close
I have no more info. I'm. Like **bleep** it's going on
I decide to call next day. But to my
Paypal extras master card customer service

Well surprise account close too
At this point I was completely lost and disappointed

She said to wait 48 hours for an answer after 2 days
I call again and she said I have to wait a full month before calling again

I did that on the month mark I call again and this time she just ask me questions and reopen all my credit. Cards right on the spot over the phone

right after she reopen them I went online and activate all my cards and everything was fine

now my third stamemt it's cutting and everything seems ok on all my cards

I did got a letter For each account saying account close please call for any questions but everything got resolve

Re: GE Closed all Accounts (waiting on a letter)

BearsAndTurtlesRtheBest — Tue, 04 Dec 2012 06:52:26 GMT

@ezef3ar GREAT INFORMATION THE SAME THING SHOULD HAPPEN TO HIM AS WELL.

Re: GE Closed all Accounts (waiting on a letter)

Ron1 — Tue, 04 Dec 2012 07:36:24 GMT

It will trigger "FRAUD ALERT" when you apply many cards from the same creditors. They will close all your accounts. It happened to me many years. HSBC closed all my accounts (Best Buy, CompUSA) when I applied for the third card. They system told me to call a toll free number to verify personal number. That number was fraud dept and analyst. They were rude. I could talk to them to re-open the account. I think many creditors will close when you open too many accounts within a short period of time.

Ron.

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 22:46:22 GMT

OK so I emailed GE Capital Cares, and they basically told me that they re pulled my credit and said I have too many inquiries so they closed all of the credit I was extended (roughly 9k), they then said that the accounts will not be removed and the inquiries will not either. I checked and my equifax took a 53 point dive, my Experian and Transunion have yet to update.

Anyone know of anything I can do to possibly reconcile this, eitrher with GE or just get the accounts removed all together. They all show closed at credit grantors request,

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 22:53:26 GMT

Id email them back and ask them to reconsider at least giving you a chance with at least one account. Your gonna have a hard time on a recon explaining those accounts that were closed by grantor.

Good luck

Re: GE Closed all Accounts (waiting on a letter)

linux007969 — Tue, 04 Dec 2012 23:27:53 GMT

@Anonymous wrote:
OK so I emailed GE Capital Cares, and they basically told me that they re pulled my credit and said I have too many inquiries so they closed all of the credit I was extended (roughly 9k), they then said that the accounts will not be removed and the inquiries will not either. I checked and my equifax took a 53 point dive, my Experian and Transunion have yet to update.

Anyone know of anything I can do to possibly reconcile this, eitrher with GE or just get the accounts removed all together. They all show closed at credit grantors request,

I'm happy they got back to you and at least explained what it was. It is bad if they say you have too many inquaries and they close accounts. I currently have 21 on Transunion a few will come off end of this year and good bit more will come off in 2013 and the best will be off till 2014, so i won't touch an app till 2014.

Re: GE Closed all Accounts (waiting on a letter)

Anonymous — Tue, 04 Dec 2012 23:34:58 GMT

Probably part of the issue was that a lot of apps were on GE, so the company might have felt the exposure was too great, they might not have been so quick if some apps were for other banks, but I guess a big set of applications without much past history makes them nervous. Waiting a while and spacing makes sense.

Re: GE Closed all Accounts (waiting on a letter)

armbenderc — Tue, 04 Dec 2012 23:40:24 GMT

@Anonymous wrote:
OK so I emailed GE Capital Cares, and they basically told me that they re pulled my credit and said I have too many inquiries so they closed all of the credit I was extended (roughly 9k), they then said that the accounts will not be removed and the inquiries will not either. I checked and my equifax took a 53 point dive, my Experian and Transunion have yet to update.

Anyone know of anything I can do to possibly reconcile this, eitrher with GE or just get the accounts removed all together. They all show closed at credit grantors request,

How many inquiries did you have and what was your score?

I see that you did get approved for Wal-Mart Discover 1.6k CL (that's very good, sad to see they close it)

Re: GE Closed all Accounts (waiting on a letter)

pdog661 — Tue, 04 Dec 2012 23:51:18 GMT

I would call back and ask to keep 2-3 of the cards, and offer to close the others cards. I would not ask to have all of them re-instated.

I would pick the walmart, amazon, and lowes cards. Explain to them that you requested these cards because you enjoy shopping at this stores.

Explain that you did not understand how credit worked, and that applying for numerous cards would be viewed as a bad thing.

Re: GE Closed all Accounts (waiting on a letter)

browsing1 — Wed, 05 Dec 2012 04:19:49 GMT

They closed 4 of my accounts too. These were all new accounts and only open for 3 or 4 days. Got a letter in the mail just yesterday saying they were closed because of the number of inquiries and new accounts. Amazon, Walmart, GAP and PayPal. They will not discuss by phone.