Complaint Review: GE MONEY BANK

" You can kiss any chance of getting credit from this company if you don't have an excellent credit score through the credit bureaus. "

   You've obviously grasped this, but have still failed to explain why that is unfair?  Do other financial institutions lend money to people with no credit history?   Maybe they did back before 2008 (when anyone with a pulse could get credit), but times have changed pretty drastically since then.

I have no idea as to just how much this company is involved in providing credit for these companys.  Once again, i went to a Walmart to apply for a credit card from them.  Again i was turned down and it was again GE Money Bank that turned me down.  All i know is that this is without doubt one of the worse companys to try to obtain credit from or any of the companys they provide credit for. You can kiss any chance of getting credit from this company if you don't have an excellent credit score through the credit bureaus.

Thank you. We'd like to look into this matter. Please email me at gecapitalcares@ge.com with the following information:

- Your name and contact phone number
- Reference code DM 090911_sc

Regards,
Nicole
GE Money

"GE MONEY BANK is one of the worse to try to do business with as they don't care and go by the results of the credit bureau and nothing else."

   Although you should have figured this out in the last 10 years, I'll let you in on (what is apparently) a secret.    Every financial institution that considers extending you credit will rely on credit reports and your credit history to make their decision.  

"  If one has tried to restablish credit through other means to compaines that don't report to the credit bureaus as i have done, they don't care at all as they don't count them on reliable credit reporting places of business."

   Why would you think this would help?  You're not "reestablishing" your credit if they don't report to the credit bureaus.  Reestablishing your credit consists of compiling a record of on time repayments on your credit report.   Anything else is wasting your time and money.  How can you establish a record of on time payments if it doesn't get recorded with the credit bureaus?  Who knows about your payments other than the person you are paying?   

   You may not like it that credit bureaus are used to make lending decisions, but that is how the system works.   Lenders have no other way to determine their risk other than looking at your credit history.  They cannot just take your word for it that you are a good person.

they would just be raping you anyway.

So it is "unfair" that THEY won't give you credit?   Is Identity Theft bad...of course, does it suck what you had to deal with..yep.  But why are you just writing a report on them?  How about every other company that ever declined you?  You say they declined you based on your credit report and your credit report does not show any history.  Well it may not seem fair, and in some cases it probably isn't.  But if you can come up with a better "system" than the one they have been basically using for the last few decades more power to you and I hope you can sell the idea and make tons of money.

However, you did not need to take this "poor me" approach for the last decade.  If this Identity Theft happened in 2002, even if accounts ended up on your credit report the last of the negative information from that should have been gone in 2009/early 2010 depending on the exact dates.  If it is still showing up perhaps you can give some additional details because that may be more of your issue now.  Also, it would not have destroyed any of YOUR accounts that were positives such as car payments or previous credit accounts in good standing.

There are many companies that deal with "sub-prime" credit and report your history to the Credit Reporting Agencies.  I am not endorsing any particular ones but both Orchard and Capital One are just a couple that have decent rebuilding cards.  They will have higher fees and interest, and you may have to come up with a Security Deposit of a few hundred dollars to begin with.   But they report monthly and as long as you use the credit responsibly your credit will improve.  Other ways open up a Joint/Co-signed account with someone who has better credit.

Keep in mind that there are many factors that can determine your credit "score".  One of these factors is the number of times you apply for credit in a period of time.  Generally you should be applying for no more than 1 or 2 AT MOST every six months.  Any more than that and you will probably start to get declined based on too many inquiries.