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KristofsMom

FYI on GE CARDS MUST READ!!!!!!

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I want to give you guys a FYI.. Watch with GE! They are cutting back. If you get flagged with ONE account! Then they will block ALL of your accounts! I have a friend who is going thru this as we speak!

 

She got an increase on lowes. She then applied for Sams they couldn't verify info in stores. GE called her asking for addition info (articles of corp and her lease.) While in this process THEY BLOCKED all of her GE CARDS until futher notice!!! She has sent in her info.. who know what they are going to do!

 

WANTED to give a HEAD UP!!!!!!!

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I want to give you guys a FYI.. Watch with GE! They are cutting back. If you get flagged with ONE account! Then they will block ALL of your accounts! I have a friend who is going thru this as we speak!

 

She got an increase on lowes. She then applied for Sams they couldn't verify info in stores. GE called her asking for addition info (articles of corp and her lease.) While in this process THEY BLOCKED all of her GE CARDS until futher notice!!! She has sent in her info.. who know what they are going to do!

 

WANTED to give a HEAD UP!!!!!!!

 

This seems to be an issue where the business credit file not being complete with accurate reporting information. It could be that GE underwriting cannot verify certain business information online or via 411. It is very important that business owners check their business credit file for incorrect or missing information. This can cause some serious head aches. Once they're able to verify the information then your friend should be ok. GE is notorious when it comes to verifying the business information. This is nothing new. Thanks for the info.

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I don't think this is anything new.. It sounds like they couldn't verify certain things and then flagged all accounts. Smart on ther end. It may have seemed the company went out of business or was a fake company to begin with. With that said GE has issues verifying things all the time as I mentioned in another post and it could be a simple misspelling of a word or a 100 other things.

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Well GE did the same thing with me. They do not like to see alot of apps and CL requests within 6 months (Approved or Declined). I sent in the information that they requested and they re-activated my accounts with the CL request that I wanted. So, just tell your friend to send in the docs and they will re-activate the accounts.

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Well GE did the same thing with me. They do not like to see alot of apps and CL requests within 6 months (Approved or Declined). I sent in the information that they requested and they re-activated my accounts with the CL request that I wanted. So, just tell your friend to send in the docs and they will re-activate the accounts.

 

I haven't been on the boards I've been busy at work. However, she did send in her info! They did re-activate her cards! However, I just wanted to warn people! I'm sure they might be some that aren't that lucky!

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Well GE did the same thing with me. They do not like to see alot of apps and CL requests within 6 months (Approved or Declined). I sent in the information that they requested and they re-activated my accounts with the CL request that I wanted. So, just tell your friend to send in the docs and they will re-activate the accounts.

 

I haven't been on the boards I've been busy at work. However, she did send in her info! They did re-activate her cards! However, I just wanted to warn people! I'm sure they might be some that aren't that lucky!

 

 

If you have a lot of credit apps or CLI request within a short period of time almost any company will flag your account(s). This is more true with accounts with little usage but a history of repeated CLI's. Think about it , the most you have charged is $200 and you have a credit limit of $2000 but every 3 months you call for a CLI.. That make any sense? To them it sounds like your trying to get the max credit limit you can and then charge it up at once.

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Well GE did the same thing with me. They do not like to see alot of apps and CL requests within 6 months (Approved or Declined). I sent in the information that they requested and they re-activated my accounts with the CL request that I wanted. So, just tell your friend to send in the docs and they will re-activate the accounts.

 

I haven't been on the boards I've been busy at work. However, she did send in her info! They did re-activate her cards! However, I just wanted to warn people! I'm sure they might be some that aren't that lucky!

 

 

If you have a lot of credit apps or CLI request within a short period of time almost any company will flag your account(s). This is more true with accounts with little usage but a history of repeated CLI's. Think about it , the most you have charged is $200 and you have a credit limit of $2000 but every 3 months you call for a CLI.. That make any sense? To them it sounds like your trying to get the max credit limit you can and then charge it up at once.

 

 

Br.. Do what?? What you posted doesn't apply to the situation at all! I was simply trying to warn people of GE and what they are doing.. NOW ... as they did in the PAST! Escpecially to REAL not FAKE companies as you suggested! I can't see how "almost any company" would do this when we only have three BIG backers of Biz store card accounts?

 

I don't agree with your take on getting the MAX CL. Most underwritter who deal with Biz credit understand how Biz credit works and can tell if someone is savy and wants their TL increased for credit purposes and helping their Biz credit!

 

I don't see any commen sense in paying on an account for months or years just to max it out and NOT pay! That doesn't make any sense!!!??

 

Sorry.. don't agree #justsaying

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You don't see why some one would spend $200 over 3 or 4 months ($600 or $800) to get thousands in credit? Seems like a good idea for any one trying to work the system don't you think? Why do you think we are where we are today? The huge fraud in business credit years back has killed it for real businesses.

 

You think the underwriters know people are asking for increases just to build business credit? So you think the creditors are just increasing limits to help people business credit? That is good business.. Tie up their money with companies who don't use it instead of making money off of companies that do use it! Makes sense!

 

I assign my customers credit limits based on credit history and history with my company , I don't go more then 25% of what they normally spend month to month. It's just a waste and ensures I have the proper capital to find projects for other customers and new customers.

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You don't see why some one would spend $200 over 3 or 4 months ($600 or $800) to get thousands in credit? Seems like a good idea for any one trying to work the system don't you think? Why do you think we are where we are today? The huge fraud in business credit years back has killed it for real businesses.

 

You think the underwriters know people are asking for increases just to build business credit? So you think the creditors are just increasing limits to help people business credit? That is good business.. Tie up their money with companies who don't use it instead of making money off of companies that do use it! Makes sense!

 

I assign my customers credit limits based on credit history and history with my company , I don't go more then 25% of what they normally spend month to month. It's just a waste and ensures I have the proper capital to find projects for other customers and new customers.

 

 

No, I don't see spending 800 to get thousand a good deal.. however, that is just me.

 

Yes, if you speak to an underwritter and explain why you want a credit line increase. Most find it Just and will do so!

 

I'm not worried about how you assign credit to your customers! I focus on obtaining Biz Credit with companies who don't have to worry about small budget and are able to give the max CL for my company ;)

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What does her file look like?

 

 

She is a has been in biz for 37 years (A huge high roller local). Has over 70+ account on DNB (I've seen with my own two eyes)! largest account being 75K and 23 YO!

 

They shut her down until they got all of the info they needed!

 

They done this years ago but it seems they are doing this again!!!!

 

Wanted to warn!

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Why do you think we are where we are today?

 

 

Becuase of poor lending practicies. Just saying...... :)

 

 

I do hear you on the fraud part. Thats what Im told when companies ask me for company info. They always mention that/.

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Why do you think we are where we are today?

 

 

Becuase of poor lending practicies. Just saying...... :)

 

 

I do hear you on the fraud part. Thats what Im told when companies ask me for company info. They always mention that/.

 

Very very common reason for all the verifying.. But the business credit issues were compounded because of fraud from people just looking to defraud but also becuase so many "non" businesses using business credit for personal reason's. But people were actually paying till chocolate hit the fan and they stopped and could care less. If more checks and balances were in place 5 years back it wouldnt be as bad today. Any remember back 5 to 10 years ago all the advertising about starting a business just for biz credit? That was every where back then and almost no where today.

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Well GE did the same thing with me. They do not like to see alot of apps and CL requests within 6 months (Approved or Declined). I sent in the information that they requested and they re-activated my accounts with the CL request that I wanted. So, just tell your friend to send in the docs and they will re-activate the accounts.

 

I haven't been on the boards I've been busy at work. However, she did send in her info! They did re-activate her cards! However, I just wanted to warn people! I'm sure they might be some that aren't that lucky!

 

Yes, I am glad that you started this thread because GE will block personal and credit if they see a lot of apps and CL requests within a certain time-frame. Last year, I applied for a Walmart card personal and decided that I wanted one for my business. I was approved for both and recieved the cards. However, I requested a CL for my business account and fraud indicated thats what placed my accounts under a block status. Yes, after speaking to the agent she also informed me that they will sometimes block personal and and business accounts. So yes, I am glad you brought to us as a means of caution.

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You don't see why some one would spend $200 over 3 or 4 months ($600 or $800) to get thousands in credit? Seems like a good idea for any one trying to work the system don't you think? Why do you think we are where we are today? The huge fraud in business credit years back has killed it for real businesses.

 

You think the underwriters know people are asking for increases just to build business credit? So you think the creditors are just increasing limits to help people business credit? That is good business.. Tie up their money with companies who don't use it instead of making money off of companies that do use it! Makes sense!

 

I assign my customers credit limits based on credit history and history with my company , I don't go more then 25% of what they normally spend month to month. It's just a waste and ensures I have the proper capital to find projects for other customers and new customers.

 

 

Well I agree, but I also have to disagree as well. I do not see anything wrong with building credit as your maintain a positive relationship with a bank, both personal or business. I requests 2 CLI per year on my personal and business because both cards get major spending exposure. Most importantly, who wants a card that has a low limit for an account that they charge on a regular? I try to make sure that I am always under 15% of my CL because it has a huge impact on your scores on EX and EQ (business) and also personal. Honestly, I know that my interests here was to understand business credit and how to improve it. Fraud was never a concern of mine.

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That is a very interesting point Br about the fraud. Have you taken a look at what the banks have done with the Libor. Just saying

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That is a very interesting point Br about the fraud. Have you taken a look at what the banks have done with the Libor. Just saying

 

Not really sure what that has to do with what I said.

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