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Lowered credit limit without notice
Posted by No Loyalty on 11/23/2009
I have had a Walmart credit card issued by GE Money Bank for years and have NEVER been late in payments. Tonight I get on line to do Christmas shopping and discover that they have cut my credit line. I called customner service and was given some garbage about them changing their credit criteria and was told they mailed me a letter over one week ago. I am sick of these financial institutions having no loyalty to good customers. This card will be paid in full and never used again!!!!

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Posted by Hugh_Jorgen on 2009-11-24:
Many credit card companies are raising rates and lowering credit limits in advance of the new "pro-consumer" legislation that is scheduled to kick on Feb 1.

If you are going to replace this card with another one, go ahead and apply for and receive your new card before you cancel this one - even though it will be closed at your request, it could cause your credit score to drop a little.
Posted by JR in Orlando on 2009-11-24:
Credit card companies lower limits without notice, because some people, not to imply you, would max out the card before the limit was dropped, if notice was given.
Posted by Anonymous on 2009-11-24:
Credit is a privilege not a right. They can do whatever they want with the line of credit they extended to you. I know it sucks because its going to reflect on your credit score, but that's how things go.
Posted by GEMONEYSUCKS on 2010-02-15:
GE MONEY & LOEWS FINANCIAL have been harassing me for the past several weeks attempting to collect a debt for an account holder with the same first and last name as mine, but is not me, nor my debt. First of all, I have never applied for a LOEWS credit card, nor have I ever owned one. I am not even a home owner, so not much home improvement going on at my place by me. I originally received a letter attempting to collect a debt in the amount of $935.00. I was surprised to receive the letter knowing I had never owned or applied for services through GE, or LOEWS. That day I ran my credit (and paid the credit site fees out of pocket) to see if someone had stolen my identity and was attempting to use my information to obtain services and credit. I was pleased to find that nothing was reporting to my credit from LOEWS or GE MONEY. I then called GE MONEY & LOEWS FINANCIAL at the number posted on the letter. I informed them that I didn't think they had the correct individual, and they asked to confirm my social security number. I gave them the last 4 digits, which DID NOT match the SS# they had in their collection records. I then asked to confirm the additional information on the account to see if they had my phone number, or address. According to the rep, they additional information did not match mine either. She stated that it appeared to be a mix up, and that they most likely found my information through "skip tracing" and that she would remove my info and note on the account what she had found. I then wrote what she had advised me to on the letter and returned it as instructed. She stated I SHOULDN'T be getting any more mail or communication regarding the matter. I felt like matters had been addressed accordingly and gave it no more thought, until...

I received yet another letter, and another, and another in the same week. All four letters came after our conversation, so I assumed they were already in the mail, called GE MONEY to tell them that I was still getting mail and send the additional letters back as I did the first time exactly as they instructed me to. Again, the rep told me I shouldn't be getting any more letters, and that she had COMPLETELY removed my info from their system (which apparently didn't match what they had on record, that they magically denied having every time I called about the letters).

So, the next week I was happy to see that no more letters came from GE MONEY or LOEWS FINANCIAL. However, at this time they started in with the harassing phone calls. So, I had finally gotten the letter issue handled and they started calling me instead. The issue I have here is that I gave them my phone information so they wouldn't call me, and then I started getting calls, so it was easy to assume that they had started using the information I gave them to continue to harass me for a debt that isn't even owed by me, or anyone I know. I nicely requested each time they called me that they review their notes on the account and that they kindly see that I stop getting these types of calls, and that it was getting pretty old after having received an average of 4 calls a day to my cell phone over the course of the week. Each time I got a new rep who called me, I told them the same thing, and was as polite as I could be (not my typical reaction to these mistakes, but I was trying to be nice). Each time I was assured that my information was out of their system, and that they have no record of me in it, and that I wouldn't be receiving any more calls to my cell phone. At that time, I was under the impression that things were handled and that I wouldn't be getting any more calls. Not so lucky...

The next week, and weekend. I was again surprised (getting harder though since now nothing would surprise me from these people) to get another call, this time it was on my home phone, which I don't even give out or use for any reason. The other funny thing, is that my phone bill for my house isn't even in my name, it's in my roommates name. I was literally steaming as I was trying to spend Valentines Day with my sweetheart and during our movie, the damn COMCAST caller id kept popping up saying it's GE MONEY calling. Arggg. At this point I had had enough from these people, and felt like it was not borderline harassment anymore, but was now full-fledged harassment. I immediately phoned the number that was calling. I asked to speak with a supervisor, got a new person, asked to speak with their supervisor. When I finally got to the person who told me they were as high as I could go, I explained what was happening (basically everything I wrote above) and that I was not happy at this point about the way this matter was being dealt with. I then told the rep that if I got even ONE MORE call, period, that I was going to write reviews and pursue the harassment by any means necessary including via my State's Attorney General (Rob McKenna), the Better Business Bureau (BBB), the FTC and Online through review sites, blogs, forums, Twitter, Youtube, etc. and any other way I could find. She nicely listened to my rant and assured me that AGAIN, FOR THE TENTH TIME, that I WOULDN'T receive any more calls, either on my cell or at home. And that after 30 minutes I FOR SURE wouldn't be getting any more calls to any of my numbers. She also attempted to transfer me to the Fraud Dept. so that I could have them investigate the matter form their end. I am not sure why she suggested that, but figured any one I could get to remove my information on their end would be better than taking their word for it. So, during the transfer I got cut off, had to phone back and wait forever to get back where I was. Finally got through and turns out the Fraud Dept isn't even open on weekends. I decided to give them one more chance at this point and went on with my Valentines Day. Did not get any more calls thank heavens.

First thing on Monday, I phoned the Fraud Dept. to follow up with what the rep and I had spoken about on Sunday. I got on with a very nice gal at the Fraud Dept. that was nice and seemed very helpful. She informed me that it wasn't Fraud, that it was a mix up due to the fact that they skip trace for information that may or may not match information they have on record for their accounts. She kept using the word skip trace. To me this whole scenario seemed weird. And had never had anything like that happen before in my 28 years. She also assured me that my info would be cleared on her end, and that I shouldn't be getting any more calls, unless they run another skip trace and end up with my information again. I told her that wasn't acceptable, and if they were going to use random information like that, that they needed to have a way of removing information that was deemed to be invalid for their actual account holder, that way, people like me wouldn't be getting harassed like I had been. She said she couldn't do anything and that she had removed my information and that I need not worry about calls.

Less than 30 minutes later, on Monday I got another call from GE MONEY and LOEWS FINANCIAL on my cell phone. "Are you kidding me?" I asked. Needless to say, I was not nice to the last person, I told them that this call was the straw that broke it for me, and that I was going to follow through with my promise to report them, review them, and plaster my story all over the Internet. So, that's what I'm doing. I usually don't even write reviews online, nor do I have time to do such things. I just really feel like this is all wrong and that if I don't speak up it might continue to happen to me, and others out there.

If you find yourself in a similar situation with GE MONEY and LOEWS FINANCIAL don't wait as long as I did to start speaking up. Seriously, I tried to be nice and it doesn't cut it with these collection people. If I were you, and had it to do over again, I would have reported it to my State's Attorney General, BBB, FTC and all over the Internet from the beginning. Take my work for it, the squeaky wheel tends to get the grease.
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Removed Credit Limit Because I Made A Payment
Posted by RoseRedNeckWitch on 11/09/2009
EL PASO, TEXAS -- I am outraged and disgusted with GE Money Bank. My husband and I have had a Wal-Mart credit for 9 years. During that time we never went over our limit, and NEVER made a late payment. Now with every payment we make they are REMOVING our credit balance. I'm furious as we should have splendid credit with this company, they have slowly removed all of our credit balance which should exceed $1k.

What a disgusting way to treat your consumers. Way to go GE Money Bank to help companies lose customers.

Their reasoning for docking our credit limit is based on our dealings with another company, at the risk of sounding like a child that's NOT fair, considering "other companies" pertain to late medical bills, face it, my family is NOT the only one to be struggling with past due medical bills. However, it's not GE Money Bank's place OR purpose to base their dealings with us on THIS!

To say I'm pissed is an understatement.
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Posted by skelly39 on 2009-11-09:
Hate to tell you, but as of now, creditors have the right to use anything on your credit report to reduce your available limit, raise your rates, or close your account. It may not be fair, but it's legal. Keep paying it down and close it. I'm aiming for a debt-free life (ha!). Wouldn't it be nice not to have these problems?
Posted by RoseRedNeckWitch on 2009-11-09:
I can safely say they can put this card where the sun don't shine. We have been role model customers with this card. It's 1 of 2 that we have. I can also safely say it's $280, a reasonable amount that they can also shove in their "hat".

Posted by karleebarlee on 2009-11-09:
it may not be fair, but a company will check your credit score to decide whether or not to give you credit. your credit score is based on your dealings with other companies. that's how it works.
Posted by RoseRedNeckWitch on 2009-11-09:
I still say it's a crock.
Posted by JR in Orlando on 2009-11-09:
If your neighbor came to you for a loan and you knew he was behind on his payments to creditors, losing his house to foreclosure, and having difficulty paying his bills, would you loan him any substantial amount of money? Even if, on other occassions before, he had paid back money you loaned him. Wouldn't you be afraid that no matter how much he wanted to pay you back, that if you loaned him money he might not financial be able to do so?

That's the position of credit card companies when people who have their cards run into difficulty paying their bills, any bills. Regardless of your past history, it raises the fear you will not be able to pay off the card in the future, no matter how much you want to.
Posted by Anonymous on 2009-11-09:
This practice has a specific name that I can't recall but it is perfectly legal.
Too bad that the 5 starred member that is supposed to be a credit guru can't leave the forum side to chime in on this thread. Go figure.
Posted by DebtorBasher on 2009-11-09:
Did someone call for me?
Posted by laklisa on 2009-11-09:
Ah, I'm not a fan Of GE Money bank either. They also handle Belk credit cards and they lowered my limit awhile back too. I don't care about that-it helped me! Other banks are doing the same thing as well.
Posted by Anonymous on 2009-11-09:
DB we are waiting............
Posted by DebtorBasher on 2009-11-09:
I hate to say it, but yes they can do this. Your current credit card companies can pull your credit report for review and make adjustments based on what they find on your report. I found this out after one of my credit card companies raised my rates and stated after they reviewed my credit report, I was considered "High Risk". Why? Not because I had a perfect payment history with them and all of my other creditors (Never late, never missed any payments, paid as agreed)...but because I have opened other credit cards SINCE they approved my credit with them. Yet, I was still paying everything on time. Needless to say, I transfered my balance from that card over to another card and closed them out for doing that to me.

How was that ZZ? I'm waiting for my 'helpful advice' notification... *Arms crossed, foot tapping*
Posted by Anonymous on 2009-11-09:
Nice DB, now if we can just get you to stay over here and TRY to help people, the world will be a better place....This site will at least.
Posted by DebtorBasher on 2009-11-09:
Actually, I am planning on spending more time on the reviews....I can't get 'star power' on the community boards!
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A Credit Card Company Lowers Their Limit For What Reason?
Posted by Mario The Great on 04/16/2009
I've been a loyal paying customer of PayPal/GE Money Bank credit card going on 6 years. Not once have I ever asked for a credit increase. My limit was $700. It's always been my emergency credit card (Ok, so I really like EBAY) and have rarely carried anything close to the limit. I just got a letter telling me that they had lowered my limit to $280. It was based on AVG CREDIT UTILIZATION ON REVOLVING/OPEN ENDED TRADES. LMAO - What does that mean? I charge something and then pay it? I called and of course the person in India couldn't tell me what that means but she did say that perhaps in the next year my credit limit will be raised. If anyone here can tell me what that means, I'd appreciate it.

I'm thinking it's just another way of saving them money and irritating customers.
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Posted by Anonymous on 2009-04-16:
Read this as it might help explain what they did.
Posted by tater12 on 2009-07-12:
i think it based on ur credit score it dont matter wht ur history with thm it ur credit
Posted by RoseRedNeckWitch on 2009-11-09:
They have done the same thing to us. I'm pissed over it. Ours is because of late / past due medical. They are basing our credit limit on THAT rather than on their actual dealings with us. GE Money Bank = A Group Of AssHats!

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Way To Support Your Troops
Posted by Neverforget on 03/05/2009
NORMAL, ILLINOIS -- GE Money has been nothing but a hassle. Let me start by saying my husband has never once been late on a payment. He was deployed and told the company that he needed his interest rate changed to 6% under Service Members Civil Relief Act. He mailed the military orders but I, who was at home, saw no changes on his bills. I called and of course by law was unable to speak to a representative They stated my husband could just call to authorize me. Anyone who has been deployed to Iraq/Afghanistan can tell you how hard this can be. Finally he was able to call; now they said power of attorney was needed. Fine, except they don't even have a fax number. I mailed both Military Orders and Power of Attorney to Elpaso TX. I sent certified so I didn't get any lies about them not receiving document. I also sent a letter about how many times we have been given different answers. Low and Behold I call and I get a different answer. Now they have a form I need to fill out and mail in before they can speak to me. When I explained we were told several times I just needed to send power of attorney the representative spoke very rudely to me. She said she would disconnect the call.

She went on to say She would speak and I would listen and that's how conversations work. Reps are not educated on the full process. If they were this situation could have been taken care of in one phone call. This is going on 5 months. Customer Service is rude. I would be ashamed to work with a company that allows such bad customer service.

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Posted by Soaring Consumer on 2009-03-05:
Contact the Office of the Attorney General, the Federal Trade Commission, and the FDIC.

Don't give up. Blatantly delaying their obligations under the act and disrespecting you while they are in the wrong is inexcusable.
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Illegal Credit Practices
Posted by Janet1961 on 11/16/2008
MICHIGAN -- I have three accounts with GE money bank. Recently, my care credit account was closed on behalf of this company. This account is paid in full. Now I have received two more letters concerning my Walmart and Lowes accounts. They lowered my credit limit on both cards. I was so angry I call each one up and got the usual runaround. One customer representative told me it was "my inability to pay my balances off" how does this representative know what I can pay off.

My payments have never been late and always paying more than asked for. They have damaged my credit report and I want this company shut down.
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Posted by Anonymous on 2008-11-16:
So a company protecting it's own interests -may- have resulted in a few points off your fico score, and you want to see them shut down? What color is the sky in your world?
Posted by Ponie on 2008-11-16:
I think you should thank the company for lowering your limits on the two accounts. You probably received these three credit cards when all that was necessary to obtain one was to put your 'X' on the dotted line. Times have changed, and it's about time! The representative did not personally know of your inability to pay off your balances, but the company evidently did an income to debt check and found you were in the high risk category. So you always pay on time and more than the minimum? I always pay on time and the complete balance. It's not than I'm filthy rich--far from it. I simply live beneath my means and within the past couple of weeks received a letter from one of my credit card companies that they've increased my credit limit. Kudos to GE for doing this. I don't want any more of my tax $$ going to bailing out people who have more outstanding credit than they can safely handle!
Posted by lamett on 2008-11-17:
This is just another example of how GE Money abuses its GOOD Customers. They have a large list of things they do to screw us out of money they are not entitled to.

THE US NEEDS TO INVESTIGATE GEMB. Just like they have been doing in Australia and New Zealand. Those countries are doing something about GEMB.

File complaints with the federal trade commission and office of thrift supervision.

GEMB will ignore your complaints - they cannot ignore complaints filed via the government

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Fraudulent Business Practices
Posted by Lamett on 11/14/2008
SALT LAKE CITY, UTAH -- Well - they are really coming down hard on GE Money in New Zealand - too bad the US Government does not seem to be PROTECTING the US citizen from GE MONEY'S FRAUDULENT BUSINESS PRACTICES

GE Money misled customers

Friday, 14, Nov, 2008 11:42AM
GE Money has admitted misleading 3,660 of its customers, by charging interest during what was supposed to be an interest-free period.

It will now refund them just over $3 million. The customers all bought goods from [snip] and Bond and Bond stores during a Pay Nothing Until July\August promotion last year.

A Commerce Commission investigation found customers who did not pay off the loan by an early exit date were then charged interest from the time of purchase.

GE Money promises to send all impacted customers details of their refund by the middle of December.

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Posted by Nzpcs on 2011-01-08:
I am anot happy with Ge Money alliance with Kiwibank here in Nz more details here about their exclusive deal.

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Liars and thieves
Posted by Ignorant sites on 02/21/2008
MAINE -- This company has the worst customer service I have ever seen. They were horrible 10 years ago and they have just increased to outrageous! They use check 24 but they hold onto your check until the past due date, then they charge you a late fee and interest on the late fee. Their over site commission says so what and they just continue to screw people.

Don't run fly away from these people. They SUCK!!!!!!!! You will be screwed and no one will help you. They are allowed to break the law.
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Posted by tnchuck100 on 2008-02-21:
To determine the real problem here we need to know the following:
1. What was your due date?
2. When did you send the payment and how?
3. When did the payment clear your bank?

Additionally, if they were horrible 10 years ago why are you still doing business with them?
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Boycott GE Money
Posted by Tired on 11/13/2007
Let your favorite retailer know that you won't do business with them until they get rid of GE Money. GE Money's retail "partners" according to their website are:

http://www.gemoney.com/contact_us/retail_partners/index.html (this link has links to the retail partners' credit card services)

Phone: 1-866-634-8379
Web Site: Amazon.com

American Eagle
Phone: 1-800-843-0875
Web Site: ae.com

Banana Republic
Phone: 1-800-234-7455
Web Site: BananaRepublic.com

Phone: 1-800-669-6550
Web Site: Belk.com

Brooks Brothers
Phone: 1-800-248-3058
Web Site: BrooksBrothers.com

Phone: 1-800-643-8278
Web Site: Dillards.com

Phone: 1-800-887-1198
Web Site: Gap.com

Home Shopping Network
Phone: 1-800-234-3476
Web Site: HSN.com

Phone: 1-866-557-8417
Web Site: IKEA.com

Phone: 1-800-542-0800
Web Site: JCP.com

Phone: 1-866-230-9175
Web Site: kirklands.com

Linens 'n Things
Phone: 1-866-568-4464
Web Site: LNT.com

Phone: 1-800-444-1408
Web Site: Lowes.com

Phone: 1-866-763-4537
Web Site: Meijer.com
Credit Card Services: Click Here

Phone: 1-800-480-5014
Web Site: Mervyns.com

Old Navy
Phone: 1-877-222-6868
Web Site: OldNavy.com

Phone: 1-866-571-3012
Web Site: PayPal.com

Phone: 1-800-367-9444
Web Site: QVC.com

Sam's Club
Phone: 1-800-964-1917
Web Site: SamsClub.com

Phone: 1-800-964-1917
Web Site: www.shopnbc.com

Stein Mart
Phone: 866-597-1513
Web Site: www.steinmart.com

The Mens Wearhouse
Phone: 1-800-400-3761
Web Site: Menswearhouse.com

Phone: 1-877-294-7880
Web Site: Walmart.com

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Posted by msnanny on 2007-11-13:
Uh, why?
Posted by Principissa on 2007-11-13:
Ok, but why should I boycott them? I shop at maybe one or two of those stores.
Posted by Anonymous on 2007-11-13:
Let me try this here I guess.
Tired, and everyone else you have a good point there but I don’t think people will ever band together and do that. Did you know GE is very heavily invested in alterative power solutions that cost a lot of money, yet at this point there's not enough people interested in buying them? And that GE is one of the biggest lobbyist in Washington these day and guess what they want? They want legislation to be passed into law that will make their investment worth BILLIONS. Do you think they will get it?
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