GE Money Bank just closed my Dillard's account. What can I do?I recently have been trying to fix my accounts. I never stopped paying my Dillard's account. Yes, the payment would sometimes go in late but since 2000 (before it was with GE MONEY BANK) I have always paid more than the minimum. Ex: Min.Payment was $30.00, I would still pay $100.00. Now, they closed my... | |
GEMB is having their own problems. Many people have seen credit limit reductions or closure of accounts.
Even those with stellar credit are being hit by credit limit reductions or closure for non use.
Usually people who have a spotty history with them or high balances with other companies, that are being reported on their credit reports, are seeing their accounts closed instead of just losing some of their credit limit.
Lately, once GEMB makes their mind up to reduce a credit limit or close an account they will very rarely change their minds and reinstate the limit or the account. If they do change their minds it's usually only with people who have kept their account in good standing.
The account that was closed will still report for the next 10 years more or less. You will still have the history of the account reporting but you will lose the credit limit utilization.
If you are carrying balances on other cards then you might try to pay them down or off to lower your overall utilization.
If you are carrying a balance on the Dillards card then you should try to pay it off as soon as you possibly can. A balance on a closed account will hurt your scores.
I'm sorry to say because of your late payments I really don't think GEMB will reopen the card. You might keep an eye on how GEMB is doing and if things look like it's turning around for them then you might try to request that they reopen it.
The best thing you can probably do right now is move on. There are plenty of other creditors out there besides GEMB.
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GE Money Bank just closed my Dillard's account. What can I do?
I recently have been trying to fix my accounts. I never stopped paying my Dillard's account. Yes, the payment would sometimes go in late but since 2000 (before it was with GE MONEY BANK) I have always paid more than the minimum. Ex: Min.Payment was $30.00, I would still pay $100.00. Now,...
No, it's not illegal for them to close an account. They can close any account for any reason without notice. Did they give you a reason for closure?
If the account was closed for inactivity, then you can apply for a new account.
