GECRB doesn't want my accounts anymore???

[jodiescha68]

I feel just devistated. In the last month all my GECRB accts (8 accts before closures) were either closed if they had a 0 balance or had the credit limit lowered to what the balance was. I have never had a late payment and only one acct is nearing the CL. This action has negatively affected my credit (50 pt drop because of credit ratio difference). The reason they gave was that my Credit score was lower than when I got the accts. My credit score is 607 TU.

[SunriseEarth]

---

@jodiescha68 wrote:

I feel just devistated. In the last month all my GECRB accts (8 accts before closures) were either closed if they had a 0 balance or had the credit limit lowered to what the balance was. I have never had a late payment and only one acct is nearing the CL. This action has negatively affected my credit (50 pt drop because of credit ratio difference). The reason they gave was that my Credit score was lower than when I got the accts. My credit score is 607 TU.

---

AA is definitely devastating when trying to build credit.   Have your received any new baddies on your TU?  Were there any issues with your GECRB accounts, like late payments?

[jodiescha68]

No late payments...no baddies...no reason other than that my credit score was lower than when I initially got the accounts.

[TRC_WA]

---

@jodiescha68 wrote:

No late payments...no baddies...no reason other than that my credit score was lower than when I initially got the accounts.

---

Are all your other cards maxed out?

There's a reason you are having your accounts balanced chased and/or closed and there's a reason your score is lower too.

[Revelate]

Hrm, was the 607 before or after they nuked the cards?  Do you know roughly what it was when you got the accounts?

That said, 8 GECRB cards?  I've always suggested people diversify lenders, partly because of what just happened to you (e.g. even if I lose Chase or Amex which are my two principal lenders because of AA, I'll still be OK)... were you shopping at all of these places?

I did somewhat think they were likely going to do a large scale portfolio review with the changes; guess we'll have to see how it plays out in aggregate across the member base.

[TRC_WA]

All that because of a name change?

[Revelate]

---

@TRC_WA wrote:
All that because of a name change?

---

The IPO is a big change: cleaning house of unprofitable accounts however they define it is the rational thing to do when trying to raise capital.

[TRC_WA]

---

@Revelate wrote:

---

@TRC_WA wrote:
All that because of a name change?

---

The IPO is a big change: cleaning house of unprofitable accounts however they define it is the rational thing to do when trying to raise capital.

---

There's still more to the story I think.  A 607 score?

[CardHunter]

Wow sorry to hear.. I don't have not 1 GECRB account and I am not sure right now is time to apply for one after hearing this....Ouch.

[mongstradamus]

I am interested to see how this plays out if they are going to close my walmart card, i don't use it an whole lot.