Letter Lowering credit Limit

[Texasgil]

undefined I just recdieved a letter from the GE MONEY BANK that after a review of my account they are lowering the credit limit from $4500 to $750. I have been in the process of eliminating all other credit cards and this one I havent done anything with untill the rest are cleared off, but now it seems that I should address this one as well, any help on how to proceed with this!!!


keep on doing what you have been doing and you will keep on getting what you have been getting :roll:

[Bird]

What do you want to accomplish with GE MONEY BANK?

They most likely lowered your credit limit because they recently checked your credit. An adverse byproduct of your credit card debt elimination effort is that your credit is dragged through the wringer, at least in the short term anyways. You would have to launch a new campaign of credit restoration after your elimination precesses.

[Bulletproof Monk]

Hey there..

I just dealt with GE Money a while back.

They stopped trying to contact me after I sent the letters.

First it was phone calls, so I redirected the number to a virtual message bank. Next It was letters, which I returned as "accepted for value".

They'd try to get me to Appelate over the phone, to re-instate the contract. I just kept asking "who's calling" and they couldn't say...I never said who I was.

Next it was onto the collections dept, who I replied to with a debt verification letter. They passed it to a solicitor, and I did the same.

They passed it back to GE, who offered me $800 off the $3000 they claimed I owed. IF I'd CALL the office....only of I CALL the office....

Do I look stupid?

Again I asked for proof, and noted that all the letters, solicitor, GE and collector had all been printed by the same printer, upon careful computer magnification of the letterforms, and overlayed transparencies.

All the fonts, header positions etc lined up. The signatures were made by the same pen.

This was fraud. And I let them know I knew, by enlarging and copying those parts.

Everything I did was written, witnessed, posted registered post, reply reciept.

Never heard from them again.

Rock N Roll.

[Judge Roy Bean]

Originally Posted by Texasgil

undefined I just recdieved a letter from the GE MONEY BANK that after a review of my account they are lowering the credit limit from $4500 to $750. I have been in the process of eliminating all other credit cards and this one I havent done anything with untill the rest are cleared off, but now it seems that I should address this one as well, any help on how to proceed with this!!!

I'm guessing you're not in the US...but generally speaking, depending on how you go about it, if you just start getting rid of accounts your credit score will decline, and the banks will adjust their limits based on that. They will also raise your interest rate if you get into trouble with another lender.