The_Kat Posted November 17, 2009 Report Share Posted November 17, 2009 I just got off the phone with walmart credit card customer service and man I'm PO'd. I pay all my bills online and had a 55$ balance I needed to pay off this morning. Well upon logging in and opening my account it shows I have a 45$ available credit limit. My heart stopped thinking someone had stolen my card and ran the balance up. I had a $1500 credit limit. Then I noticed my credit limit was only showing $100. So I payed the $55 balance and proceeded to call their customer service and see what was up. I was then informed that Wal-Mart had reviewed my credit report and decided I was a risk and lowered my credit limit to the minimum $100 limit. A risk???? I asked him how I can be a risk when I charge 400-500 on the card and pay it all off monthly for over 2 years....and he said something on my equifax made them make the decision. The only thing on my equifax that is new since I got the card is my wifes new car ( bought over a year ago ) and my dually. 15,000 in debt which is all being paid on time, and is down to about 8000 in debt currently. So basically because I bought two new vehicles I'm losing my credit line with them even though I pay it off monthly just like a good consumer should. It makes absolutely no sense to me as my credit score has actually risen since I applied for the card. He said it was GE's decision and not really walmart, but I informed him they work together so they fall together and that I knew it would hurt my credit score, but CANCEL MY ACCOUNT! I'm not gonna be insulted for being a responsible customer. I will be doing my christmas shopping and big purchases at Target from now on. Thanks for the rant Quote Link to comment Share on other sites More sharing options...
DocMort Posted November 17, 2009 Report Share Posted November 17, 2009 Well, that would PO me to. Had kind of the same issue last week. Bank had a computer glitch and never sent my truck and insurance payments out. Now I am getting phone calls from both parties wondering where the money is. Quote Link to comment Share on other sites More sharing options...
Ohiobucks Posted November 17, 2009 Report Share Posted November 17, 2009 Blessing in disguise Kyle. Cut up their credit card, close your account with them, and pay cash for things here on out. No need for a credit card when you can use a checking account debit card. Quote Link to comment Share on other sites More sharing options...
Tominator Posted November 17, 2009 Report Share Posted November 17, 2009 Blessing in disguise Kyle. Cut up their credit card, close your account with them, and pay cash for things here on out. No need for a credit card when you can use a checking account debit card. Yup. Did that many years ago. Don't miss it at all. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted November 17, 2009 Author Report Share Posted November 17, 2009 Blessing in disguise Kyle. Cut up their credit card, close your account with them, and pay cash for things here on out. No need for a credit card when you can use a checking account debit card. We only used it for fuel to save 3 cents a gallon. Not mad about the loss of the card as I canceled immediately. Just PO'd about the whole situation. Quote Link to comment Share on other sites More sharing options...
Dawg Posted November 18, 2009 Report Share Posted November 18, 2009 And I quote "drama drama drama." For real though, that would tick me off too but I'm with Chris, cut the sucker up. When I get my credit cards paid off they will be disposed of. Quote Link to comment Share on other sites More sharing options...
Newarcher Posted November 18, 2009 Report Share Posted November 18, 2009 Well, I wouldn't be too peeved. First, it is a blessing. Credit cards are EVIL. Second, understand that in this economy credit card companies (I think that when you talked to Wal Mart credit card people you were talking to a third party bank that does the cards for Wal Mart) are cutting back risk. When you bought the vehicles, your debt to income ratio went above a certain percentage....and it is also possible that Wal Mart reduced the percentage that was acceptable to them (also known as the bank). Think of it this way. In a normal economy people are spending more than they can afford and are happy to be slaves to the monthly payment. Wal mart gets interest and late fees on top of the money for the purchases. Now in this economy, the credit card company/Wal Mart have people go out of business on them. No money for the purchases and no interest and no late payment fees. New Quote Link to comment Share on other sites More sharing options...
Buckeye54 Posted November 18, 2009 Report Share Posted November 18, 2009 You also have to understand that when you and I pay off our balances each month like we do, the banks don't make any money off us. They make their best money on people that run up balances, then pay the minimum payment each month. I personally have only one credit card that I use for emergencies ONLY, and it hasn't been used in a while. I have heard some not really good things about GE Money also. Quote Link to comment Share on other sites More sharing options...
johnf Posted November 18, 2009 Report Share Posted November 18, 2009 (edited) A lot of the company's are doing that. I got my 4wheeler through Suzuki financing. When we got our last statement our limit was $50 LESS than our balance and we got a charge for being over than the balance. The only charge ever on the card was the 4 wheeler and we've never been late on a payment. What the heck is that about? After a not so friendly conversation the charge was taken off. Edited November 18, 2009 by johnf Quote Link to comment Share on other sites More sharing options...
92xj Posted November 18, 2009 Report Share Posted November 18, 2009 My butt hurts and I need a whambulance. Sending one on the way from Ohio Thanks, I am almost out of tissue paper for my tears. Here it comes.... Quote Link to comment Share on other sites More sharing options...
Airman312 Posted November 18, 2009 Report Share Posted November 18, 2009 Here it comes.... Whoever you are... you obviously have way to much time on your hands:hammer1: Quote Link to comment Share on other sites More sharing options...
92xj Posted November 18, 2009 Report Share Posted November 18, 2009 Whoever you are... you obviously have way to much time on your hands:hammer1: that took about 14 seconds. So if 14 seconds is way too much time on my hands, then yes I do. I found this sweet new website that has all sorts of pictures on it. You should check it out sometime. Here is the address. www.google.com Quote Link to comment Share on other sites More sharing options...
redkneck Posted November 18, 2009 Report Share Posted November 18, 2009 lolol..... I was thinking the same thing Ben! Aint you got a duck to go call out there? :clown: That sucks Kyle! Who in the heck ever heard of a 100 buck credit limit? That aint no credit at all! I agree with most though credit cards can get you in trouble when times get hard, I tore mine up, but still paying for them for a little while longer. Quote Link to comment Share on other sites More sharing options...
92xj Posted November 18, 2009 Report Share Posted November 18, 2009 lolol..... I was thinking the same thing Ben! Aint you got a duck to go call out there? :clown: That sucks Kyle! Who in the heck ever heard of a 100 buck credit limit? That aint no credit at all! I agree with most though credit cards can get you in trouble when times get hard, I tore mine up, but still paying for them for a little while longer. I have been spying on them for the last 5 days, come Saturday the call will be talking!!! Quote Link to comment Share on other sites More sharing options...
BowTech292 Posted November 18, 2009 Report Share Posted November 18, 2009 Blessing in disguise, but it would p#@! me off too. Quote Link to comment Share on other sites More sharing options...
The_Kat Posted November 18, 2009 Author Report Share Posted November 18, 2009 The difference in me and most folks my age is I know how to use a card responsibly. I used this card for two reasons.....one I saved 3 cents a gallon and received no interest as long as I paid the balance monthly....two it was an easy way to establish a good positive credit line. You folks are nuts if you don't think credit is important. This is the only credit line I have that is revolving except for my auto loans....so it was very important to my credit score. But crap happens and I'm over it. It just really ticked me off that I was punished for being a good consumer. I see your points on the banks tightening their belts. But regardless I'm not happy about losing this card. Quote Link to comment Share on other sites More sharing options...
ruttinbuc Posted November 18, 2009 Report Share Posted November 18, 2009 Don't fret it none Kyle. You are better off without GE Capital anyhow. I was down on most of my debt, but a few things came up where I had to use the card. Good thing to have for emergencies. Quote Link to comment Share on other sites More sharing options...
Jeramie Posted November 18, 2009 Report Share Posted November 18, 2009 All Credit cards are dropping limits. We paid off one recently and they dropped the limit the next day. We canceled it so it didnt matter. They are trying to drop Liability right now because of the economy... Quote Link to comment Share on other sites More sharing options...
JimT Posted November 18, 2009 Report Share Posted November 18, 2009 Blessing in disguise Kyle. Cut up their credit card, close your account with them, and pay cash for things here on out. No need for a credit card when you can use a checking account debit card. I have one card I use all the time. A Capitol One Rewards. I put $5-600.00 a month on it and pay it off in full so I do not have to pay interest. I do however get my rewards money, and keep my credit score up. Isn't the WalMart card like 20+ percent interest. Not a card you really want. All in all credit cards are BAD NEWS. If you have more then one, things could get ugly for anyone. I pay cash for pretty much everything. The only way to go. Quote Link to comment Share on other sites More sharing options...
Casey Posted November 18, 2009 Report Share Posted November 18, 2009 I just got off the phone with walmart credit card customer service and man I'm PO'd. I pay all my bills online and had a 55$ balance I needed to pay off this morning. Well upon logging in and opening my account it shows I have a 45$ available credit limit. My heart stopped thinking someone had stolen my card and ran the balance up. I had a $1500 credit limit. Then I noticed my credit limit was only showing $100. So I payed the $55 balance and proceeded to call their customer service and see what was up. I was then informed that Wal-Mart had reviewed my credit report and decided I was a risk and lowered my credit limit to the minimum $100 limit. A risk???? I asked him how I can be a risk when I charge 400-500 on the card and pay it all off monthly for over 2 years....and he said something on my equifax made them make the decision. The only thing on my equifax that is new since I got the card is my wifes new car ( bought over a year ago ) and my dually. 15,000 in debt which is all being paid on time, and is down to about 8000 in debt currently. So basically because I bought two new vehicles I'm losing my credit line with them even though I pay it off monthly just like a good consumer should. It makes absolutely no sense to me as my credit score has actually risen since I applied for the card. He said it was GE's decision and not really walmart, but I informed him they work together so they fall together and that I knew it would hurt my credit score, but CANCEL MY ACCOUNT! I'm not gonna be insulted for being a responsible customer. I will be doing my christmas shopping and big purchases at Target from now on. Thanks for the rant I like reading your rants!! Quote Link to comment Share on other sites More sharing options...
HCO Team Posted November 18, 2009 Report Share Posted November 18, 2009 That is ridiculous!! Target I am sure, will appreciate your business... Lisa Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted November 18, 2009 Report Share Posted November 18, 2009 Credit cards used responsibly are not a bad thing. Get a cabelas card Kyle. Use it the same as you would a bank card, don't charge more than you plan to pay back each month and earn points in the process. No telling how much we have earned in gear for cabelas purchases the past 7 or 8 years. Have heard bad things about ge financial, think that is who has sams club credit, they actually raised our limit on our business account there here recently without any request for it. Quote Link to comment Share on other sites More sharing options...
jesse8953 Posted November 18, 2009 Report Share Posted November 18, 2009 Credit cards used responsibly are not a bad thing. Get a cabelas card Kyle. Use it the same as you would a bank card, don't charge more than you plan to pay back each month and earn points in the process. No telling how much we have earned in gear for cabelas purchases the past 7 or 8 years. Have heard bad things about ge financial, think that is who has sams club credit, they actually raised our limit on our business account there here recently without any request for it. 2nd the idea for a cabelas card.I have gotten 3 new guns and a snowplow for my 4 wheeler free from cabelas.They have a great credit card protection program. Quote Link to comment Share on other sites More sharing options...
davetucker Posted November 18, 2009 Report Share Posted November 18, 2009 i say we as a family take up for kat and have a wal-mart banning!!(i'd be in trouble cuz wal-mart is the only retail store within 50 miles)LOL!!!Target will get most of my christmas money this year!! Quote Link to comment Share on other sites More sharing options...
MNcrittergittr Posted November 18, 2009 Report Share Posted November 18, 2009 Sucks that your credit score will take a hit, but nothin you can't bounce back from... Walmart couldn't pay me to shop there, I can't stand walmart! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.