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GE Money Bank Chevron Texaco Credit Card Excellent Customer - GE Money Bank continues to lower credit limit Internet
I was issued a Capital One credit card 4 years ago and when I received the card there was an offer to also get a Chevron/Texaco card. I applied and received the card with a $700 limit. The entire time I've had the card I've never, ever missed a payment and I've always paid more than the minimum. I also never came close to my limit but maintained a low balance at all times - in other words I was a credit card companies dream. After having the card for 2 years, I got a letter from GE Money Bank saying my credit was not acceptable and cut my credit limit in half ($350). I called and asked why this was done when my credit has done nothing but improved since the day I opened the account. I was given no reasonable excuse as to why they did this.
Six months after my credit limit was cut in half, I received another letter from GE Money Bank and was told again that my credit was unacceptable and they were cutting my limit more than in half to $130. Again I contacted them and was told it was a corporate decision and no further information was given. I explained that they were in fact hurting my credit by continually lowering my limit, especially when I've been an excellent customer.
To this day, I've never been given a reasonable explanation as to why my credit limit went from $700 to $130. Oddly enough, my credit is better today than it's ever been so cutting my limit so drastically greatly confuses me.
1 Updates & Rebuttals
Flynrider
Phoenix,Arizona,
USA
It's not you.
#2Consumer Comment
Thu, December 30, 2010
You're only looking at this from your point of view. In the last 4 yrs. there has been a drastic shift in credit policies. The days of unlimited credit for anyone with a pulse are long gone. In recent years, credit card companies have been tightening their requirements for unsecured lines of credit. So, while your personal credit picture may have improved somewhat, the industry as a whole has been reducing their exposure to the risks of unsecured credit lines.
This isn't just you or even this creditor in particular. All companies that provide unsecured credit lines have reevaluated their requirements more than a few times in the last couple of years.
Bottom line is that all companies that issue revolving credit lines have the right to reevaluate and adjust those credit lines whenever they want to. It's part of the card agreement you signed. While it may be a pain, it's not a ripoff. No revolving credit line guarantees you'll have a particular limit forever.