topic Re: All GE Lovers , Check this out. in Credit Cards

All GE Lovers , Check this out.

waiter — Wed, 21 Aug 2013 18:12:36 GMT

me DW

paypal = 15k paypal= 10k

banana rep visa= 10k banana rep visa = 10k

sams club = 12k sams club = 11k

walmart DC= 10k walmart DC = 8k

dillards amex = 10k dillards amex = 10k

gap = 2.3k gap visa = 3.5k

jc penny = 7k jcpenny = 5k

sleepy's = 3k N/A

pc richard = 5k pc richard = 2.5k

Now thats around 160k combined.

I know, I know! i shouldn't have applied for too many accounts and all that so I kind of asked for it. ALL i am asking is advice/input of what you think.

OK here what happened. Today i checked my 3 in 1 credit report as i do daily, I saw a hard pull from GECRB in Equifax. dated 8/20/2013, i got worried because i didnt app for anything on 20th and GECRB checking Equifax???? I checked mine and DW accounts and yup they are all blocked.

Little background. We didnt apply for all those account in one month or 6 months, we got these accounts in the span of around 1.5 to 2 years.

I called GE and we were told that all accounts are *under review* for 90 days , and to call back on NOV 20, 2013 for outcome of this review. thats all we are told, nothing more nothing less.

OK, now picture of our credit. I have 1% utilization and DW 3% , overall. we are not maxed out on any single card and no derogs or negs what so ever.

AAoA for me 2.2 years and DW 1.9 years. other than GE cards we have amex, penfed, dcu , discover comenity chase , credit unions etc, almost all are around 10k limit each.

chase, amex and others are softing us every month so they all seem OK. specialy amex we both received CLI x 3 last month just fine.

Credit score 700+ across for me and DW also 700+ eccept for experian, perhaps 690ish on experian.

Well , i dont know what to say, we would not like to have these accounts closed, but there is nothing we can do.

All GE is saying, accounts under review for 90 days , nothing needed , nothing wanted from us. call back Nov 20th.

Re: All GE Lovers , Check this out.

Hightechredneck — Wed, 21 Aug 2013 18:20:24 GMT

Well that sucks

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 18:26:07 GMT

What's your util without the GE cards? Are you AUs on each other's cards? When was the last time you requested/received CLI's? And what were those amounts? What's is your income and DWs?

Re: All GE Lovers , Check this out.

waiter — Wed, 21 Aug 2013 18:33:48 GMT

Without GE cards its still very low , around 1%. as of now the only money we owe to ge is *me* around 700 on my paypal balance and *DW* 350 on dillards card.

DW is auth user on my paypal card only.

Last CLI was last year for DW and for me it was early this month for walmart discover which i got with 600 limit and asked and approved for 10K.

well income is close to 90k me and DW combined.

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 18:37:24 GMT

So, after your requested CLI to $10k the accounts were blocked?

Re: All GE Lovers , Check this out.

waiter — Wed, 21 Aug 2013 18:47:04 GMT

the request was approved earlier this month thou, but yeah its possible.

I wonder what impact this is going to have on our over all credit profile???

And why review for 90 days? what they are going to do which takes them 90 days?

as of now accounts are blocked. I m kind of worried.

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 18:50:28 GMT

One last questions- your total combined CL's $260k, is that correct?

Re: All GE Lovers , Check this out.

waiter — Wed, 21 Aug 2013 18:54:44 GMT

Yes thats about right , total combined including GE. me and DW combined.

Lexie, I recall someone who actually introduced the Under writer # and CLI thing also had some problem with GE if i remember correctly or perhaps someone else.

I dont know what was the out come, do you remember anyone having same issue with GE?

I searched the forum but didnt get any fruitfull results.

Re: All GE Lovers , Check this out.

pizzadude — Wed, 21 Aug 2013 18:57:36 GMT

Perhaps your latest CLI pushed you over some limit in their system. I'm guessing they won't shut you down permanently but will likely slash your credit lines.

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 19:13:26 GMT

IMO, you and your DW reached their internal limit. I agree with pizzadude, most likely some if not all your CL's will be lowered. Unfortunately, you'll have to let it ride its course. They may release your accounts earlier - I'm hoping for the best.

Re: All GE Lovers , Check this out.

waiter — Wed, 21 Aug 2013 19:31:42 GMT

Thank you Lexie and pizzadude.

I hope thats the case.

In worst case, if they close all accounts how it will impact our credit reports and credit scores? given the current overall utilization remains low as it is.

Re: All GE Lovers , Check this out.

pizzadude — Wed, 21 Aug 2013 19:33:04 GMT

The only way that your FICO score could go down is if your revolving utilization increases as a result of losing the credit limits.

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 19:34:01 GMT

I doubt they close the accounts. Just CLD if at all. However, if they do close your accounts, on manual review that many accounts by the same lender would not look good.
You might have to explain the closures on recon

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 20:18:56 GMT

90 days seems way too long to freeze a big chunk of your credit! Have you tried escalating?

Re: All GE Lovers , Check this out.

dddewdrop — Wed, 21 Aug 2013 20:31:58 GMT

Hi. I think you will be ok. They may CLD you. This should be a warning sign to you however. Once they do what they do in 90 day, I would consider closing a couple cards. I mean you would never wanna use ever 25% of that credit line would you? I would look to lighten up. You haven't done anything wrong and you are responsible people so you don't really have anything to be afraid of. I would try to talk ot someone higher up at GE. Try to get in contact with whoever it was specifically who put the freeze on and discuss it with them. You may not be able to get in contact with that person or group of people, but to me that seems like what your goal should be. I agree with the others that you have a very high overall credit limit and it is probably freaking out GE a bit because as a company you represent a lot of risk to them and they may have just become aware of that now or recently. Good luck. Don't worry.

Re: All GE Lovers , Check this out.

patrick00032001 — Wed, 21 Aug 2013 20:42:09 GMT

I had that happen to me about 3 years ago, I requested a credit limit increase on my Care Credit Card, it triggered an internal audit on me with all of their other cards as well, it seems to me at that time, I had to send in a copy of my utility bill, drivers licence and social security card, in fact, the contact name I got from the letter was Darla, and I had to mail all of this to Dayton Ohio! Needless to say, they closed all of my accounts and I had to start all over again! Its a very hard thing to swallow as we build history with these people! Equifax seems to be the bureau of choice for auditing, I know this, as this is what they pulled on me too! I think at the time it was for too many inquires and too many new accounts, after about 2 years, I was able to obtain GE cards again, and have never had another issue since! I hope you guys don't have to go through what I did, just be prepared for it, and best of luck!

Re: All GE Lovers , Check this out.

patrick00032001 — Wed, 21 Aug 2013 20:56:08 GMT

BTW, I should probably introduce myself, my name is Patrick, I have been a member of MyFico since late 2008, I normally reside with Finance Globe which is another discussion board that Im more active in, but over the last year or so, I have kinda slid over to MyFico forums, as Finance Globe isnt as active anymore. I live close to Fort Wayne Indiana, I manage a car dealership, and Im also a finance manager, so my experience with loans and credit spread out over a 8 year period, not just with customers, but myself as well! I feel a litte more at ease now that I have broken my silence!

Re: All GE Lovers , Check this out.

Anonymous — Wed, 21 Aug 2013 21:01:56 GMT

@patrick00032001

Thanks for the introduction. Welcome back!

Regarding your closed GE cards, was your credit exposure as high as OPs/DW?

Re: All GE Lovers , Check this out.

waiter — Wed, 21 Aug 2013 21:05:22 GMT

Hi Patrick

thanks for sharing , So even you did send them what they wanted, they closed your accounts? and can you please tell me, did GE blacklist you for 2 years? or you didnt bother applying again for 2 years.?

Re: All GE Lovers , Check this out.

patrick00032001 — Wed, 21 Aug 2013 21:08:01 GMT

At that time, I want to say, maybe? $3,000-$4,000, it wasn't much, I know after I got approved for my Wal-Mart store card, I went a little crazy and went after every GE card I could get my hands on, I still had fair scores at that time, 630ish to 670's, but needless to say, after I called in to increase my Care Credit is when they got me! The letter was scary, seeing all your accounts closed, and getting a crazy letter freaked me out! But I did what they asked of me regardless, it still didnt go in my favor, but after that, I learned to slow my roll so to speak, once bitten, twice shy, as the saying goes!