GEMB/ Buds Guns

[Anonymous]

Budsguns through GEMB, specifically GE Money Sport. I applied for 8K and was shot down. 750 score, six revolving cards, no mortgage, one inquiry through Equifax in the last two years and 4% utilization. I just paid off a four year loan for a bike that was still on the books when I applied. Never late and nothing negative. Last card opened was 10/08 and I use/shuffle all the cards so everyone gets something. They denied instant credit(actually they said they were,"processing" my application) and said I would have a mailed response within 8-10 days. Thirteen days later I receive my "Dear John" , thanks but, no thanks letter: The Cliff Notes version follows.

 Age of oldest account- The other six cards didn't have a problem

Lack of Mortgage references-I'm not buying a home on time @ this time so why would I need references?

BTW, in case you haven't figured this out I wouldn't finance a lawn mower through GEMB. 

Too few accounts currently paid as agreed-WTF!? All of mine are paid @ the end of the monthly cycle before they are due. What they meant to say was, "Too few accounts NOT paid as agreed" so they hopefully could soak me for 21.98% (variable). Never late, no negatives, no charge offs..

Number of credit accounts-OK I have six w/4% utilization. Would you feel better if I had three w/8% utilization?.

After calling them up again the customer service said all they could tell me was to write: Card Services blah, blah,blah, P.O. box Dayton. I was screaming @ the rep, "You want me to send a letter to Oh-Hi-Oh? No one there that can do anything but, tell me to write a letter to a PO box.

I reapplied, instant denied, again. Didn't ask for any amount, Just left it blank. This time it said letter within ten business days. I have a $2500 GEMB card through Paypal that I use rarely on purchases. The last time I used it I tried to register another CC on my PP account so I could use up my acquired cash back from this other card. They let me add the card but, wouldn't allow me to use it. Then they wouldn't allow me to delete the card until two weeks after they collected the money. I never had a CC on the PP account. I transferred the money as always but, they wanted to hang on to the new card as collateral of some type. You can't use your PP card to pay for a PP checkout/payment. They informed me that they weren't a bank. I don't hardly buy anything anymore from ebay so PP doesn't get a whole lot of use. What burns my butt is that I have the money for the merchandise. I purchased w/USPS MO last December. They charge 3% to use a CC however, their GEMB CC is percent free if you pay off in 90 days/6 months/1 year depending.

EDIT: They would still charge 3% surcharge on the total for using a CC they just wouldn't charge a finance fee for the 3/6/or 12 months so long as you maintained the rest of the promotional agreement.)

 It would be a lot easier for me to use it instead of going the MO route.


edited to change thread title --this post was split off from "Care Credit? Update" to form its own thread.

For anyone curious, here's a link to the financing. It seems to be called GE Money Sport:

http://www.budsgunshop.com/catalog/financing.php

Message Edited by haulingthescoreup on 05-16-2009 10:18 AM

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Tidied up the message because I added an additional post.

Message Edited by Nicksterdemus on 05-19-2009 01:38 PM

Message Edited by Nicksterdemus on 05-21-2009 08:41 AM

Message Edited by Nicksterdemus on 05-21-2009 08:55 AM

Message Edited by Nicksterdemus on 05-21-2009 12:35 PM

[Anonymous]

General Electric Money Sport

http://www.budsgunshop.com/catalog/financing.php

90 days, 6 months, or 1 Year: No interest Financing!!!
Click Here for Instant Credit

Buds Financing**
 
 
Congratulations......you are about to apply for an instant credit account with Budsgunshop.com.

No interest financing†

(click here for instant credit approval)

Description: You are required to make minimum monthly payments equaling 3% of your outstanding balance during the promotional period. Failure to make these required payments will result in all waived interest charges being added to your account balance. Interest accrues during promotional period and will be assessed only if promo purchase is not paid in full within promo period.

Terms of Financing:

Option 1: 90 Days No Interest If Paid Within 90 Days* (Valid on purchases of $200 or more). Standard retail pricing applies. (Minimum monthly payments equaling 3% of your outstanding balance required)
Option 2: 6 Months No Interest If Paid Within 6 Months* (Valid on purchases of $300 or more). Standard retail pricing applies. (Minimum monthly payments equaling 3% of your outstanding balance required)
Option 3: 1 Year No Interest If Paid Within 12 Months* (Valid on purchases of $500 or more). Standard retail pricing applies. Requires purchase of Lifetime Warranty. Warranty cost is 5% of product(s) retail value. (Minimum monthly payments equaling 3% of your outstanding balance required)
*Applies to purchases made on a Budsgunshop.com consumer credit account. Under the promotion, no finance charges will be assessed on the promo purchase as long as you pay the minimum monthly payments and the promo purchase amount in full within the time allotted (the "promo period").

If you fail to satisfy this condition, all special promo terms may be terminated and finance charges may be assessed on the promo purchase amount from the date of the purchase. Optional credit insurance/debt cancellation charges on your promo purchase are not deferred and are not subject to the promo terms. Variable APR is 21.98% as of January 26, 2009. Existing Budsgunshop.com account holders should see their credit account agreement for standard terms. Offer is subject to credit approval by GE Money Bank.

**Budsgunshop.com LLC does not have access to credit information provided to GE Money financial services. GE Money services alone processes all applications for credit. Budsgunshop.com employees are not involved in decisions to approve or disapprove financing or individual credit account limits. If approved by GE Money, you will receive a personalized Budsgunshop.com consumer credit card via USPS mail. This card is accepted anywhere GE Money Finance is accepted. If you choose to use the card in the retail store, you must call a toll free number to activate the card. However, the account number you receive upon online credit approval can immediately be used at www.Budsgunshop.com.

† In order to comply with GE Money's rules we are no longer able to offer the Buds Financing (GE Money) payment option on Assault / Tactical rifles.

We have been working for many months to be able to offer our customers a smart financing option. With this new GE Money Sport account, we feel we have put together the best possible option for you, our valued customer.
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Even though I would qualify for option number three I am not interested in paying three percent of the balance every month, for eleven months, until the principle has been satisfied on the twelfth month. I'm happy to pay my balance in full at the end of the monthly billing cycle. Much more convenient than having to pick up a USPS M.O. plus I am receiving credit on my credit report for using credit instead of cash. You receive no credit for cash. Below is the ending of my, "Dear John" denial letter from the obviously uninformed folks of General Electric Money Sport:

In evaluating your application, the consumer reporting agency below provided us with information that in whole or part influenced our decision...
 

Any questions regarding such information should be directed to the consumer reporting agency below;
 

Equifax Credit Info Se

1550 Peachtree Street

Maildrop H 13

Atlanta Ga 30309

800-685-1111

If you have any questions regarding this letter, please write to us at: Card Services, c/o Application Processing, OH3-4250, Po Box 8726, Dayton, Ohio 45401-8726

Sincerely,

Client Services
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Why should I have to write a letter to a P.O. box to someone that advertises instant credit and denies me citing an unsubstantiated accusation? Where is the customer service? I would like someone to point out this alleged, "too few accounts currently paid as agreed." I've bought from Budsguns before and they have been gracious and helpful however, I didn't go to GEMB website and ask for another card through GE Money Sport. Budsguns is attempting to assume no responsibility for GE Money Sport or their fraudulent and slanderous claims in whole or part according to the facts as reported by Equifax. Budsguns stand is that I can send them a M.O., personal check, wait up to 14 days for it to clear, pay by one of my credit cards including a different GEMB card, along with a 3% surcharge, or they will cancel the order after a certain amount of time. I can appreciate Budsguns not wishing to have their employees discussing credit with customers because their hands are tied but, somewhere along the line Budsguns needs to take some responsibility for what GE Money Sport claims to be factual, in whole or part, concerning ones credit report.

Message Edited by Nicksterdemus on 05-21-2009 08:50 AM

Message Edited by Nicksterdemus on 05-21-2009 08:58 AM

[Anonymous]

GEMB is hardly prime but they may be able to do a product change if you contact them; if you have no need for the Paypal card, it would be the way to go

[Anonymous]

Hardly prime is a good moniker for the GE Money Sport bums. I know what they want. They want folks that will overextend themselves, pay three percent for nine or ten months on their purchase, come in a day late on the eleventh month, effectively defaulting on the promotional agreement, and have to pay for all that time @ 21.98%. Normally I would have no interest in such predatory practices, that lure the weak and cash strapped into their soft glowing web of seemingly easy terms,. and turn down better offers on a regular basis. Some folks are disciplined enough to take advantage of the small monthly payments w/o allowing the escapade to turn into a Fingerhut nightmare. Of course, GE Money Sport is looking for moths, mesmerized by the light at the end of the tunnel, to flutter headlong into the 120 Volt grid of death becoming credit zapped bug soufflé. It would be nice to purchase from Buds with a CC so it goes on my report w/o paying the three percent vig. 

Message Edited by Nicksterdemus on 05-21-2009 08:52 AM

[Itsmeagain]

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@Anonymous wrote:
Of course, GEMB is looking for moths, mesmerized by the light at the end of the tunnel, to flutter headlong into the 120 Volt grid of death becoming credit zapped bug soufflé. It would be nice to purchase from Buds with a CC so it goes on my report w/o paying the three percent vig. 

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"Credit zapped bug soufflé" . . . . LMAO . . . . But, isn't this a graphic description of what ALL ccc's want? . . . . .

Message Edited by Itsmeagain on 05-20-2009 07:53 AM

[Anonymous]

After a half a dozen of various phone numbers and departments stretching to Ohio, India and points unknown or not identified I spoke with a lady who claimed to be a supervisor. Their claim of, "too few accounts currently paid as agreed" does not, in General Electric's decision, have to be substantiated. I told the lady that Equifax showed no such evidence to support GE Money Sport account's claim. She tells me that they used Equifax in whole or part. Fine, where is the proof to support your statement?. She tells me that General Electric or their division GE Money Sport does not have to provide any proof of the accusation. I asked her if I wrote the supplied division would I receive an answer: Card Services, c/o Application Processing, OH3-4250, P. O. Box 8726, Dayton, Ohio 4501-8726.

The helpful GE Money Sport representative told me that if I mailed an inquiry questioning the denial letter that I would receive the same denial letter, without any other clarification, in the mail in eight to ten days. What happened to being able to confront your accusers and demand documentation? The very same documentation that they are supposedly using against me. GE Money Sport [edited] apparently performing a GE Money Sport [edited].Your sense of ethics is appalling. GE Money Sport has decapitated a fine American's credit and credibility in effigy by making accusations not subjective in nature and refusing to provide the alleged evidence.  

Message Edited by Scamp on 05-21-2009 01:11 PM

[FretlessMayhem]

You have quite the way with words sir. I can only imagine the conversation you had with GEMB. Haha.