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What to do about GEMB


The last post in this topic was posted 4753 days ago. 

 

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As far as credit goes I'm doing pretty well. I have some very good cards with really high limits. However, I wanted to open some merchant accounts so that I could take advantage of their credit specials every now and then (example 1 year no payments no interest, extra 20% off, etc.) 2 Months ago when my score recovered from opening new accounts, I went on an app spree. After studying credit boards I determined that GEMB would be the easiest card to get. I also determind that I needed to do instant credits instead of applying online. I applied for the following:

 

JC Penny $800

Lowes $1200

Dillards Amex $700

Bannah Republic $900

Old Navy Discover $1500

Sam's Discover $1500

Sam's $900

Wal-mart $500

Ikea $900

Linens-n-Things $1000 (closed going out of business)

 

I was approved for all of them in one weekend. Credit score 711 all Equifax. Many recent inquiries. Each merchant gave me a temporary card to charge on that day. A few days later I received a real card in the mail.

 

When I tried to make a purchase on-line with the Old Navy card it was denied. I called the number on the back of the card and they transferred me to GEMB Fraud Department. The lady asked me "Why have you opened so many accounts." I told her that Christmas was coming up and I wanted to take advantage of any and all credit promotions. She said, "Okay we need you to send us a copy of your DL and SS card as well as a utility bill with your address on it and a phone bill." I said Okay. What they were asking wasn't so bad considering what I did was so unsual. They told me that it was to verify that I was who I said that I was and I would be able to use the cards once they processed the information.

 

Now, 2 weeks later, they send me a letter for each of the accounts saying that they reviewed my credit and determined that they needed to close each of the accounts based on me having too many inquires. They also said that I could dispute this with the credit reporting agency (they didn't do another inquiry during the investigation process). My question for you guys is: What would you do about this? I just wanted to see if I could do it. There are about 4 trade-lines that I would like to keep though. Lowe's, Old Navy Discover, Sam's Discover, and Dillards Amex. However, I don't know what to do next. I guess my options are to

 

-Say to hell with GEMB and leave it alone

-Try and protect my credit and demand that they report the closed accounts as Closed by Customer and demand that they delete the inquires

-Try and negociate and save the 4 accounts that I really want and get the others listed as Closed by Customer

 

Any suggestions would be greatly appreciated.

 

Thanks in advance.

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Unfortunately, you may not have much success in reinstating the closed accounts. See the massive GEMB thread for more info.

 

http://creditboards.com/forums/index.php?showtopic=363991

 

 

Agreed.. GEMB is cleaning house..

 

However...Opening all of those accounts in one weekend was probably not the best idea.

Yeah that was a bit of GEMB overload. I have no experience with this this, but maybe you could try recon with one or two of them, and leave the rest alone for a while. Next time pace yourself with one issuer, or diversify.

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My situation is a little different. They didn't close my account for lack of usage. They closed them because I tried to open too many of them at once. Anyone have any idea how I could salvage this situation.

Actually, you're situation isn't any different than lots of other people. Credit card standards and requirements are being re-written with many lenders, and if you don't meet them they will credit line decrease or flat out close the account.

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I would think that if they didn't want me to have the card they wouldn't have approved me. If I were a crook I would have gotten the cards and maxed them out the same day. Total balance on 10 accounts = $70.00 To me that's not fraudulent behavior. But I see your point. I'll try a letter and see if I can save 4 accounts. Any ideas on what to include?

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