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Written by: beanciapoo on 2008-10-21

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beanciapoo's review: Callout Comment I received a credit limit increase from $600.00 to $700.00 I think in July. How about I received a letter from them saying they had moved my credit limit down to $550.00 I called and asked them the reason and they named all the reasons I had in my credit file when I was approved. She said that there were people that were being moved from $700.00 to $100.00 I have never been late. Never did anything negative to any of my other creditors. They said my credit score went down. I pay on time and ahead of time to all my creditors. What a slap in the face. I feel stupid now because my balance is more then my credit limit. I have to pay them down now.


Comment 1 by thomas1
WALMART User Icon on 2008-10-21

Remarks Wow, that is a slap in the face. Well, I guess Walmart is following suit of the other banks. This is a joke!

Personally, I would have had them close out this account and tell them what they could do with this card.

Yes, now you are going to be overlimit, it will be reported overlimit on your reports, and your score will drop even more than they say it has.

I would ask for a supervisor first, if no avail, I would close it so fast their heads would spin.

Sorry to hear about this..
Comment 2 by rsty99
GEMB User Icon on 2008-10-21

Remarks Yes, just got a letter from JC Penny card same bank as Walmart, saying interest rate up to 25%. No CLI decrease just increase APR. Dont owe anything just seems to be whats going on now with credit and banks. I have walmart to hope they don't do that to me will keep posted if I get this cli decrease also.
Comment 3 by marym
They Upped My Apr On Jcpenney Too User Icon on 2008-10-22

Remarks Got my bill yesterday and upped it to 22 percent. I think everything is starting to go downhill.
Comment 4 by yoyo11
What? User Icon on 2008-10-22

Remarks Oh, heck no... I'll get rid of the card... The CL is low anyway... Go in the store w/cash...
Comment 5 by beanciapoo
Thanks User Icon on 2008-10-22

Remarks Thanks for all the input you guys. I was just thinking to myself, I have never been late on any of my bills and they are gonna just drop me down like that. I am sorry to hear about the annual percentage rate going up on some people. Also I forgot to say that Washington Mutual went up on my percentage rate. It was a 12.99% now it is at a 22.9%. For what reason I donot know. I have never been late with them either.
Comment 6 by meya
Wow User Icon on 2008-10-22

Remarks Walmart have their nerves doing this when they don't even want to give you a decent cli. If they pull this stunt on me, I am gone! This will make your other creditors think you are over the limit by your actions and they can use the universal default rate on you or jack up your APR. Walmart is wrong for this, let me go and check my account while I am speaking about it... Lol.
Comment 7 by charonh
So Sorry! User Icon on 2008-10-22

Remarks I would like to have a walmart card, but since I've found this website and after reading many reviews and statuses about the card, I am just not willing to take a hit (inquiry) for a card that tends to offer such low initial limits. You can really purchase a lot of things in walmart and I just don't see how they get away with such practices. They're just as bad as my Lowe's card with a measly $300 limit. Come on a home store, what can I do with that. But then again, they are both serviced/financed through/by the same bank (GEMB). All of this indian giving is beginning to make me nervous. I better start paying my creditors off, because its nothing worse than to get used to something to later have it taken away, but then again, I guess we really shouldn't get too comfortable with what really isn't truly ours in the first place.
Comment 8 by colonative
Beanciapoo User Icon on 2008-10-22

Remarks If both Sprawl-Mart and WaMu have done these things, you might want to check your credit report just in case to be sure nothing is wrong.
Comment 9 by mrrob
Sorry User Icon on 2008-10-22

Remarks Sorry to hear of your decreased credit limit. This economy situation is really taking its toll. Everyone is tightening down
Comment 10 by crazy2k5
Me Too User Icon on 2008-10-22

Remarks I checked my account online and walmart decreased my limit from $500 to $100. I closed the account. The rep tried to get me to keep it. I asked her what was I going to do with a $100 limit. Walmart can keep their card.
Comment 11 by mskiwi
GEMB User Icon on 2008-10-22

Remarks Has just started doing this on quite a few of their cards. There are a lot of people on other boards reporting their walmart cards getting hit with cld's. Also JCP is now rate jacking people. None of these changes are due to high util or lates, just GEMB trying to act like AMEX. This is going to get worse in the coming months.
Comment 12 by meya
Re: Crazy2k5 User Icon on 2008-10-23

Remarks Oh heck no, you could not take your family to the movies with that limit. I don't blame you. I checked them twice today. I am sitting here nervous I just went to their store a couple of days ago and I was too afraid to use their card. I charged my purchase with my cap 1. I don't want any actions with them. Let me go ahead and give them their lil funky change I owe them so I can be prepared for closure if this happens to me. Jeeeesus!
Comment 13 by wanderer
GEMB Men's Wearhouse "CLOSED" User Icon on 2008-10-24

Remarks To my surprise, I went on line after all of you have reviewed cld's and closures. My account with a $1500 cl was closed. NO letter, or ??? Anyway I called and the service rep said account closed due to lack of activity. Men's Wearhouse is another GEMB.
Comment 14 by shark6
Wow! User Icon on 2008-10-27

Remarks Wow, this is spreading like wildfire. My daughter got a rate jack interest fromJCP to 23%. Thank goodness she only has $199 charged. So far, I haven't received it for my JCP's card.

She also got CLD by AMex Delta from $1300 to $500. Her balance was $1.40 and never late. Chase CLD her two chase cards to $500 and $1300.

This is spreading. The antidote, use case and don't make money for the cc companies who are hitting great customers with unwarranted penalties and adverse actions.

Now, Ihave to go online and check my Walmart Discover.
Comment 15 by hawk
GE Money Bank Is To Blame! User Icon on 2008-12-12

Remarks Hi all, I too am a Ge Money Bank Customer, GE issues credit accounts to walmart, paypal buyer credit, old navy, HSN, Lowes, JC Penny, and so on. Walmart has nothing to do with the CLD. GE is doing soft pulls and then decreasing all limits. Here is a link of a vast amount of complaints. http://www.Consumeraffairs.com/finance/ge_money_bank.html

It is unfortunate that this bank has to treat customers this way I have had accounts with them for more then two year never missed a payment and always paid ahead of time so I paid my limits down and will keep them so that they spend maintenace fees on accounts that I will not use. I feel your pain we must get the word out to avoid all accounts with GE money Bank. If you want a store CC and it is financed through GE then do yourself a favor and avoid them. They did these decreases right before the holidays. So much for Stimulating the Economy.
Comment 16 by marym
GE Doesn't Own HSN Card Anymore User Icon on 2009-03-11

Remarks Heads up that HSN isn't with GE money anymore. I think GE is having problems and it looks like its getting worse.
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