GE Money Bank lowered walmart credit do to age discrimination El Paso Texas
GE Money Bank lowered my WalMart credit from $400 to $100 for no other reason than my age 76. I pulled a report CSC Credit Services that show all credit cards and revolving account were all paid on time.
GE Money Bank fails to give a legitimate reason for their action.
I am boycotting WalMart, Lowes and any other company or product they represent. I encourage other to do the same and also join in a Class Action law suit against GE Money Bank for discrimination.
John
Harlingen, Texas
U.S.A.
9 Updates & Rebuttals
D K
Jacksonville,Florida,
U.S.A.
Wrong
#10Consumer Suggestion
Fri, February 06, 2009
Your limit was NOT decreased because you are 76.. I am 31 and mine was as well. A lot of companies are doing this to protect themselves.
D K
Jacksonville,Florida,
U.S.A.
Wrong
#10Consumer Suggestion
Fri, February 06, 2009
Your limit was NOT decreased because you are 76.. I am 31 and mine was as well. A lot of companies are doing this to protect themselves.
D K
Jacksonville,Florida,
U.S.A.
Wrong
#10Consumer Suggestion
Fri, February 06, 2009
Your limit was NOT decreased because you are 76.. I am 31 and mine was as well. A lot of companies are doing this to protect themselves.
D K
Jacksonville,Florida,
U.S.A.
Wrong
#10Consumer Suggestion
Fri, February 06, 2009
Your limit was NOT decreased because you are 76.. I am 31 and mine was as well. A lot of companies are doing this to protect themselves.
Edgeman
Chico,California,
U.S.A.
It's not about your age...
#10Consumer Comment
Tue, January 27, 2009
Trust me. I was talking to someone who had a $25,000 limit on a credit card with an interest rate of prime plus 1.9%. His limit was lowered to $2,500 and he's only in his mid-forties.
Christina
Rixeyville,Virginia,
U.S.A.
It's not personal...
#10Consumer Comment
Tue, January 27, 2009
I also have had my Walmart credit card limit decreased. I suspect they did this to everyone. My limit was 20K (inherited when my Montgomery Wards card metamorphisized into a Walmart card.) Now it's only 13K. I have used this card exactly twice, once to get the $10.00 credit for using it, and one at Christmas 2005 to get an interest free promotion ($200.00), paid in full before end of promo. I imagine the bank has capitalization issues, it has nothing to do with us. I'd ditch the darned thing if it didn't appear as a 28 year old card due to my credit with Monkey Wards.
Nikki
Coconut Creek,Florida,
U.S.A.
Here's why.
#10Consumer Comment
Tue, January 27, 2009
Many credit card companies are lowering people's limits because they cannot afford for everyone to charge up their credit cards right now. Because so many people are in dire straits, the credit companies realized that many of those people who have much available credit are going to start charging or taking cash advances because those people don't have the cash on hand anymore.
Could you imagine what would happen if everyone with available balances all charged up to their limit at once? The credit card companies do not have enough money to pay all those charges. To combat this possibility happening, many credit card companies have lowered credit limits.
Cat
Hendersonville,Tennessee,
U.S.A.
Besides....
#10Consumer Suggestion
Mon, January 26, 2009
Robert had all the right reasons for them lowering you credit. One more is also if you are paying it off each credit card also will lower it, of course paying off debt IS a good thing and being 76 and in credit card debt is never a good thing. This is a blessing in disguise!
Robert
Irvine,California,
U.S.A.
It's not age discrimination...
#10Consumer Comment
Mon, January 26, 2009
Just about every credit card company is reviewing their customers credit to see if they still qualify for their card under stricter terms. They are doing this same thing to people who have a perfect payment history, so age has nothing to do with it. Depending on the exact situation companies are lowering limits, raising interest rates or outright closing the account.
Most(but not all) common reasons are: You have high balances on other credit card(s), You have not used this card for several months, You have late payments on other accounts.
I am not saying this is fair. However, it is not your money, the Credit Card company is granting you credit. Just as they can grant you credit, they can take away this priveldege at any time, and for any reason.