PayPal Buyer Credit GE Complaint - Credit Limit Reduced from $300 to $100
SAN ANTONIO, TEXAS -- Credit limits are too limiting:
I have been a Paypal "Buyer Credit" customer for over a year and haven't had any trouble until recently. During Christmas '08 I got a letter stating that my credit limit was reduced due to a recent pull of my credit report. I admit my credit score went down a little since buying a house and a vehicle but I've always paid my bills on time. I paid my Paypal account in full every month! Since opening the account I have over $1500 in transactions. All paid!
So of course during Christmas I spent over my NEW credit limit of $100 (I received the credit limit letter after my purchases). I did not receive any penalty or fee that I am aware of.
I called Paypal GE MoneyBank, spoke with a CSR, supervisor, and manager. I asked if they would return my credit limit to the original amount ($300). The supervisor and manager kept telling me to read my credit agreement and letter that was sent stating why my limit was decreased. They might have well as been robots. I explained to them how great of a customer I had been and that in this troubled economy they needed steady paying customers. The robots still said no and would not restore my credit limit. A measly $300 bucks… really?
I informed the supervisor and manager that I have no choice but to close the account. So I did.
I checked my credit report and it took a small hit because my balance was over my limit and the credit limit was reduced. By the way Paypal BC GE Moneybank is very slow to update/report to the bureaus.
My advice: when using Paypal DO NOT APPLY FOR PAYPAL BUYERS CREDIT.