Reason for GEMB CLD's

[Anonymous]

Lets be look at this how it is;

None of us want even a $50 CLD, we know it will hurt our scores and it is hard to be treated as a second class customer when we did nothing wrong.

However, I can understand their reason for doing this,but do I agree with it?? NO

They are a bank, they are just trying to protect their interests. (thats one way of looking at it)

If they see a FICO score of over 660 do they really have a big risk?? NO

I think they are just running scared like the rest of the economy.  I wonder if the 700 billion that the government is using to buy bad assets covers credit cards????  If so I do not know what they are worried about in the first place.  I thought any charged off debt with a FDIC insured bank is covered by the 700 billion plan.  Maybe they are having a cash flow problem like Target bank was.

[Anonymous]

Well this should be interesting as GEMB is my biggest credit line with a store card at $4500. I also live in Las Vegas/Nevada in just about the highest foreclosure area in the country. I also rent but I don't know what the high risk thing means when refering to renters. I have about a $75 balance spread out across all my credir cards. GEMB has a zero balance. Let's see how this goes.

[LisaJ]

Thank you.

I have a JCPenney with them, live in South Florida, and have been getting increases every three months.  Thanks for the ifo....I hope they don't decrease me. Right now the $2700 limit is really helping my util.

[Anonymous]

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@wmarat wrote:

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@Anonymous wrote:

I just spoke to a friend of mine who works for GEMB in Texas, he is a senior credit analyist.

He told me that GEMB will be doing CLD's on people who live in states with large foreclosures.

Meaning if your zip code or county has high numbers of foreclosures AND OR price drops on real estate, you are bound to get a CLD. They will also be looking at your mortgage if you have one, if they see it is through a subprime lender you too may get a CLD. If you pay rent and you live in a HIGH RISK area you too will get a CLD.

Places like NV, CA, AZ, FL etc along with many other states is enough to get you a CLD, even though you may have not had any financial difficulty.

He also told me that AX started this practice and GEMB has decided to do it as well.

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1. GEMB itself is a subprime lender, so it is just a double standart.

2. GEMB initial CL's are so low that it's CLD's are basically meaningless.

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Both of those statements are basically incorrect.

[Anonymous]

I have a $4500 GEMB store card

Message Edited by beenthere on 12-08-2008 05:44 AM

[lisac]

as far as thier starting limits for me:

jc penny 500 2 years no cli

care credit 4000

walmart 500 cli to 600

lowes 2300 cli to 3250

kay jewelers 5000

since they are my biggest creditors i better keep an eye on my accounts.

[wmarat]

And your statement is based on....?

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@Anonymous wrote:

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@wmarat wrote:

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@Anonymous wrote:

I just spoke to a friend of mine who works for GEMB in Texas, he is a senior credit analyist.

He told me that GEMB will be doing CLD's on people who live in states with large foreclosures.

Meaning if your zip code or county has high numbers of foreclosures AND OR price drops on real estate, you are bound to get a CLD. They will also be looking at your mortgage if you have one, if they see it is through a subprime lender you too may get a CLD. If you pay rent and you live in a HIGH RISK area you too will get a CLD.

Places like NV, CA, AZ, FL etc along with many other states is enough to get you a CLD, even though you may have not had any financial difficulty.

He also told me that AX started this practice and GEMB has decided to do it as well.

---

1. GEMB itself is a subprime lender, so it is just a double standart.

2. GEMB initial CL's are so low that it's CLD's are basically meaningless.

---

Both of those statements are basically incorrect.

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[score_building]

several posts in this thread alone indicate relatively high starting limits on gemb products.

while gemb may be considered a sub prime lender in some respects, most lenders have both prime and sub prime products to peddle, including gemb.

[MidnightVoice]

If GEMB does CareCredit then our starting CL was $5K

[wmarat]

Well, it seems that GEMB gives small (2-5k) CL on some cards and tiny (100-1k) CL on other cards.

As for being subprime... There is no defenition of prime/subprime lender. It is mostly personal and very subjective perception. I hold GEMB, Cap 1 and HSBC as subprime lenders despite the fact that HSBC issues Saks World Elite MC and Cap 1 issues Prestige Card ( do not know what is top GEMB card, I think Sothby's World Elite MC).