"Pre-Approved By Mail, Approved"

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Written by: luv4beth25 on 2011-08-20

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luv4beth25's review: I received a pre-approval letter, and called and did get approved. I have a credit limit of 300.Their customer service person was very nice. I haven't received my card yet, and not sure what my fico scores are. I have heard some negative things about this card. I hear that gemb can drop your credit limit. Anyone know why they do that?


Comment 1 by rsty99
Re: Pre-Approved By Mail, Approved on 2011-08-21

Congrats and yes watch out, I bought something on no interest and got card for that, had card paid down to about $100.00 and they dropped my $1100 cl to about $300.00 cl. I closed the card the same day.
Comment 2 by luv4beth25
Re: Pre-Approved By Mail, Approved on 2011-08-21

That's horrible, did they even notify you?I also heard if you call for a cli, they will drop it
Comment 3 by derek1061
Re: Pre-Approved By Mail, Approved on 2011-08-21

Thats so not true. I have had the Wal-Mart credit card since April and have already gotten 2 credit limit increases. My limit has gone from $500 to $1,100 and just last week I got an upgrade offer from them for the Wal-Mart Discover card. Bottom line is that as long as you have good credit and maintain that you will be fine.
Comment 4 by bc8787
Re: Pre-Approved By Mail, Approved on 2011-08-21

Yes it is true. gemb drops your credit limit for dumb reasons. I had the card a few years ago and just because I didnt charge for a few months when they did an review on my account, my cl was dropped from $1,500 to $100. I cancelled that card quick. No point in have a credit card with a $100 limit i would rather just pay cash. That card has a %22.99apr..... NO THANK YOU.
Comment 5 by bc8787
Re: Pre-Approved By Mail, Approved on 2011-08-21

And no they dont notify you when they do something like that. gemb is a horrible company.
Comment 6 by patrick12
Re: Pre-Approved By Mail, Approved on 2011-08-22

I agree! GEMB will close anyones accounts for any reason! They soft pull on Equifax all the time, and if they see you are applying for credit or opening alot of new accounts they will lower your limits or close your accounts! I agree, GEMB is a horrible company! I stay far away from them as possible! If you have prime credit, or credit cards with high limits, use them and stay away from store cards at all costs!
Comment 7 by wanderer
Re: Pre-Approved By Mail, Approved on 2011-08-22

Agree! Agree! GEMB Money Bank is for the birds. They closed my $1,500 CL Men's Warehouse Account due to inactivity. They are are a waste.
Comment 8 by scamps218
Re: Pre-Approved By Mail, Approved on 2011-08-29

Keep in mind that some card companies do soft inquiries into their customer's credit scores to see how their current scores are in comparison to when they applied. If your score has decreased, they may drop your limit or close your account. This can be tough if opening a new line of credit drops the average age for your accounts significantly as that takes time to recover.
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