Reason for GEMB CLD's

[Anonymous]

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.

[Anonymous]

Wow, great info.

A-freaking-mazing.  I wonder what they'll think if they scope my reports.  One mtg from Chase and another from Wells Fargo's sub-prime branch.  Chase mtg is on new construction and WF is on my now rental in an old, established neighborhood full of 1920's bungalows.

Amex CLD'd me right after the new mtg hit, but so far I've been okay with GEMB.

Thanks again!

[haulingthescoreup]

Yes, this is probably why Timothy got CLD'd by AmEx, even though he still had plenty of equity in his house.

Our mortgage was shopped to Countrywide, so even though it's a perfectly respectable fixed-rate mortgage, it probably looks stinky.

I can understand why they hit the high-foreclosure areas (not saying I approve; just that I understand), but they way mortgages get traded around, that's completely unfair.

[laz98]

wow, i am really sorry to hear that, for all of you home-owners.  we just rent our house, & we rent from my gf's parents.  they are in the buying/selling houses business, & they said they are doing ok.  i don't really know how the housing market is doing in my area at all.

i wonder how many people will have their credit ruined by the economy.

[wmarat]

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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.

[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.

---

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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With respect to #2, I just opened an Ikea card w/ a 2.8k limit.  For a store card I consider that to be a pretty decent opening limit.  What about those people who get 5-6k on a CareCredit account?

[wmarat]

Well, I have 3 GEMB accounts. JCP, PayPal Buyers Credit and Walmart. Initial CL's were $150, $700, and $600 respectevly and it was not signifcantly increased. $2800 cl IS HUGE  (in GEMB standarts).

[ocheosa]

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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.

---

Great information, thank you!

I can now calm down and stop watching each and every account for CLD's....

I am in agreement with WhirledPeas..I have 3 gemb accounts that opened with decent limits:

Paypal opened with 1250 CL, now at 2950 (CLI the 7mo mark),

Lowes opened at $5k (have not yet purchased anything).

JC Penneys opened at 1.1k, same day CLI to $4k (was told I can request CLI after 4 months of payment history). Credit rep told me (inadvertently) the exposure limit was set at 7.5k upon opening account.

Message Edited by ocheosa on 12-07-2008 12:48 PM

[score_building]

paypal mc starting cl: 3k

care credit starting cl: 3.5  cli to 5k

[Anonymous]

I only have a gas card with them, just got a small CLI. If they CLD I wont really care, I only run about $200 a month through it anyways. I have been soo credit conscious these days, brought my scores up from low to mid 500's to where they are today. Now everything is going bust, so it is almost as if nothing even matters....

Message Edited by going2tdc on 12-07-2008 06:43 PM