GEMB has a new policy

[Trish]

I just got a notice in the mail the other day GEMB did an "account review" on me and my husband (we have a Care Credit account together).....

"Dear Trish and hubs,

Based on our most recent review of your credit information, your Care Credit/GEMB account has been closed. GE Money Bank periodically reviews accounts based on its existing credit policies and standards and information provided by credit reporting agencies as permitted by the Fair Credit Reporting Act. This account closure will appear as, Credit Line Closed - Closed by Credit Grantor, on your Credit Report."

Now I went looking around on CB and found that others are having the same issue........apparently GEMB has adopted a new policy regarding Credit Report inquires. So if you have what they consider excessive inquiries on your CR (for us it was equifax), they are closing the account. That they are reviewing all New AND Current accounts with GEMB (That's every card they back, From Wal-Mart to Care Credit) and are closing any account that does not meet their new Inquiry Standards. So I'm betting this is going to affect a lot of people.

It also said at the bottom of my letter that it would report as "closed by credit grantor". But one person on CB was able to contact GEMB and have them change it to "closed by consumer". At least that looks a little better.


I'm beyond pissed though.
I have 2 Care Credit accounts (well now just one.....grrrr), Old Navy and Chevron (all by GEMB)

I'm going to go postal if they try and close all of my accounts.

Also for anyone reading this......if they pull EQ on you.......go and dispute your inquiries. You can even do it online. I tried it a couple of weeks ago (I did not have any pending disputes) and they deleted EVERY SINGLE ONE that I disputed.

[jjgross]

Originally Posted by Trish

I just got a notice in the mail the other day GEMB did an "account review" on me and my husband (we have a Care Credit account together).....

"Dear Trish and hubs,

Based on our most recent review of your credit information, your Care Credit/GEMB account has been closed. GE Money Bank periodically reviews accounts based on its existing credit policies and standards and information provided by credit reporting agencies as permitted by the Fair Credit Reporting Act. This account closure will appear as, Credit Line Closed - Closed by Credit Grantor, on your Credit Report."

Now I went looking around on CB and found that others are having the same issue........apparently GEMB has adopted a new policy regarding Credit Report inquires. So if you have what they consider excessive inquiries on your CR (for us it was equifax), they are closing the account. That they are reviewing all New AND Current accounts with GEMB (That's every card they back, From Wal-Mart to Care Credit) and are closing any account that does not meet their new Inquiry Standards. So I'm betting this is going to affect a lot of people.

It also said at the bottom of my letter that it would report as "closed by credit grantor". But one person on CB was able to contact GEMB and have them change it to "closed by consumer". At least that looks a little better.


I'm beyond pissed though.
I have 2 Care Credit accounts (well now just one.....grrrr), Old Navy and Chevron (all by GEMB)

I'm going to go postal if they try and close all of my accounts.

Also for anyone reading this......if they pull EQ on you.......go and dispute your inquiries. You can even do it online. I tried it a couple of weeks ago (I did not have any pending disputes) and they deleted EVERY SINGLE ONE that I disputed.

I believe its time we storm corp headquarters with pitchforks and ropes.Its time to toss the rascals.Viva la revolution!!!!!!!!

[Trish]

LOL.....
Well I for one am not going quietly. :p
I plan on calling them tomorrow and raising hell. Not saying anything will come of it.......but I will at least get to vent. I think it's total BS.

[jjgross]

Originally Posted by Trish

LOL.....
Well I for one am not going quietly. :p
I plan on calling them tomorrow and raising hell. Not saying anything will come of it.......but I will at least get to vent. I think it's total BS.

Did you see a copy of the letter wama sent me.And i have been turned down for a cl increase,by juniper,hsbc.Now the sub cards have raised my cl.

[mystikal57]

Care Credit got me too. It ruined my utlization to over 125%. Now I gotta pay them and everyone else big time instead of my 4 month plan I had. THANKS GEMB!

[Trish]

I know..... but they are doing it to everyone. I called up and vented on a couple of GEMB employees. Got me nowhere.

I was fine until the CSR kept giving me excuses as to why the account was closed.......it was all BS. First they told me it was because of my dh's credit (we have one joint acct with care credit and then I have one on my own)........and I said, no.......that can't be it because his credit is better now than when you approved him. Then she said........well too many inquiries.........I said no..........I just had a bunch removed due to fraud.........then she finally comes back with.......well, you were late a couple of times (not 30 days late, mind you......just a couple of days late where we accrued a late charge).

So then I said........"so are you going to close EVERYONE'S accounts if they've been only a couple of days late?" "I have like 6 CCs with you guys.........are you going to close them all?" She put me on hold (I think I flustered her) and then came back with some other excuse. So then I asked to speak with a manager.

I was on hold for over 20 minutes.........and then when I finally got a supervisor.......she acted like I was bothering her. wtf. Said something like......."and why did you feel you needed a supervisor today?".......so then I stopped being nice.

She gave me the same excuses......and assured me it wouldn't affect my credit negatively. Yeah......right.

ANYWAY.......I ended the conversation quite pissy and told her good luck with a company that was going down..

Yeah, I'm still a bit bent about it. :p

[jjgross]

Originally Posted by Trish

I know..... but they are doing it to everyone. I called up and vented on a couple of GEMB employees. Got me nowhere.

I was fine until the CSR kept giving me excuses as to why the account was closed.......it was all BS. First they told me it was because of my dh's credit (we have one joint acct with care credit and then I have one on my own)........and I said, no.......that can't be it because his credit is better now than when you approved him. Then she said........well too many inquiries.........I said no..........I just had a bunch removed due to fraud.........then she finally comes back with.......well, you were late a couple of times (not 30 days late, mind you......just a couple of days late where we accrued a late charge).

So then I said........"so are you going to close EVERYONE'S accounts if they've been only a couple of days late?" "I have like 6 CCs with you guys.........are you going to close them all?" She put me on hold (I think I flustered her) and then came back with some other excuse. So then I asked to speak with a manager.

I was on hold for over 20 minutes.........and then when I finally got a supervisor.......she acted like I was bothering her. wtf. Said something like......."and why did you feel you needed a supervisor today?".......so then I stopped being nice.

She gave me the same excuses......and assured me it wouldn't affect my credit negatively. Yeah......right.

ANYWAY.......I ended the conversation quite pissy and told her good luck with a company that was going down..

Yeah, I'm still a bit bent about it. :p

If it says closed by credit granter it will affect you.Whats' she smoking?It affects your ratio hello! wake up gemb.Get the rope and pitch forks were heading to corp headquarters.Another thing I'm pissed about is having to deal with Bombay bob and Calcutta sue,they have no clue just a cheat sheet they read from.:mad: