"Another Decrease "
Old Navy Credit Card Review
Written by: beanciapoo on 2008-11-28
Overall Satisfaction
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beanciapoo's review: 
I received this card last year and received a $450.00 credit Limit. About 2 weeks ago they sent me a letter stating they reduced my credit limit to $190.00 My balance was only $125.00 THis is ridiculous. I have never been late with them or any of my other creditors. This will surely hurt my credit score.
I received this card last year and received a $450.00 credit Limit. About 2 weeks ago they sent me a letter stating they reduced my credit limit to $190.00 My balance was only $125.00 THis is ridiculous. I have never been late with them or any of my other creditors. This will surely hurt my credit score.
9 Comments
Comment 1 by wildrage2
GEMB Sucks 
on 2008-11-28
GE Money Bank sucks. I realize there is a major crisis with banks right now, but I wonder how much retail is going to suffer this holiday season now that people that actually pay their bills are getting their lines slashed.
It's a shame that a small percentage of those who made horrible financial decisions are affecting us all...
on 2008-11-28 GE Money Bank sucks. I realize there is a major crisis with banks right now, but I wonder how much retail is going to suffer this holiday season now that people that actually pay their bills are getting their lines slashed.It's a shame that a small percentage of those who made horrible financial decisions are affecting us all...
Comment 2 by cireone
GEMB/OLDNAVY on 2008-11-28
I too was decreased from $400 to $100. I had a balance of $64 so it literally left me with nothing. They also decreased my Walmart credit card from $300 to $240. My scores are hurting bad from it. GEMB has to find a way to assess their risk better than cutting peoples CL when they are in good standing.
on 2008-11-28 I too was decreased from $400 to $100. I had a balance of $64 so it literally left me with nothing. They also decreased my Walmart credit card from $300 to $240. My scores are hurting bad from it. GEMB has to find a way to assess their risk better than cutting peoples CL when they are in good standing.
Comment 3 by brian23
I Agree.... on 2008-11-28
But be thankful that you have this card. I applied for this card last month in the store and they gave me a flat out 'no.' Meanwhile, I have the JCPenney card with them and they won't give me an increase on my credit line and I've had the card for about 8 months now and have used it and paid it off. Still at the 250 credit line. But thankfully, I also have a Macy's Card and they have been treating me pretty well with increases.
on 2008-11-28 But be thankful that you have this card. I applied for this card last month in the store and they gave me a flat out 'no.' Meanwhile, I have the JCPenney card with them and they won't give me an increase on my credit line and I've had the card for about 8 months now and have used it and paid it off. Still at the 250 credit line. But thankfully, I also have a Macy's Card and they have been treating me pretty well with increases.
Comment 4 by meya
So Sorry on 2008-11-28
Nice to hear from you Buddie! But not in a depressing way. GEMB should be ashamed of themselves with all this decreasing and they are not even offering good cl in the first place. I don't think that will hurt your score, but I think I would close it. I was told by a member here that cards under $500 does not look good on your report in the first place, it would make other creditors think, hummmmm is that a sign? What in the world is going on with her and that creditor?
Copy and paste your review to this link so we can keep it rolling on the network. We need members to see what is happening to us. I think it is so wrong to do this to those who pay and keep balances paid on time.
http://www.financeglobe.com/FN/showthread.php?992&highlight=decreased
on 2008-11-28 Nice to hear from you Buddie! But not in a depressing way. GEMB should be ashamed of themselves with all this decreasing and they are not even offering good cl in the first place. I don't think that will hurt your score, but I think I would close it. I was told by a member here that cards under $500 does not look good on your report in the first place, it would make other creditors think, hummmmm is that a sign? What in the world is going on with her and that creditor?Copy and paste your review to this link so we can keep it rolling on the network. We need members to see what is happening to us. I think it is so wrong to do this to those who pay and keep balances paid on time.
http://www.financeglobe.com/FN/showthread.php?992&highlight=decreased
Comment 5 by wanderer
Old Navy CLD on 2008-11-28
Interesting... We are told to use credit but have CLD if we do or don't and account closing to boot. My Men's Wearhouse Account was closed ($1,500 CL). Reason "inactivity". GEMB. Try this, they came to me for a JCPenny Credit Card and a Walmart Credit Card. Now go figure...? Use the JCPenny Card. The Walmart Card pushed 3 cents a gallon gas discounts. Guess what Walmart is getting out of the gas business. Hmm...
on 2008-11-28 Interesting... We are told to use credit but have CLD if we do or don't and account closing to boot. My Men's Wearhouse Account was closed ($1,500 CL). Reason "inactivity". GEMB. Try this, they came to me for a JCPenny Credit Card and a Walmart Credit Card. Now go figure...? Use the JCPenny Card. The Walmart Card pushed 3 cents a gallon gas discounts. Guess what Walmart is getting out of the gas business. Hmm...
Comment 7 by thomas1
CLD'S on 2008-11-28
It's been a well known topic lately about banks going beserk on cardmembers slashing credit lines left and right.
This will hurt consumer scores on a wide basis. I personally think that the scoring formulas should be giving people some compensation for losing lines of credit by no fault of ours.
This will just make it even harder to recoop scores again once the credit crisis is decreased. I would certainly pay off all my cards if possible, charge small amounts, pay in full.
As far as department stores, chuck their invitations for now. Do not apply for new credit if you don't have to!
Wait it out until this mess is over. It's hard not to take this personally because many of us don't deserve this, but banks reserve the right to do most anything to our accounts.
But, it I get a letter notifying any of my accounts are going to be closed on a specific date, I am closing it myself which will be better than "closed by credit grantor". Some are not getting any notice at all.
Seems no one is safe right now from any of this mess, but what goes around comes around!!
on 2008-11-28 It's been a well known topic lately about banks going beserk on cardmembers slashing credit lines left and right.This will hurt consumer scores on a wide basis. I personally think that the scoring formulas should be giving people some compensation for losing lines of credit by no fault of ours.
This will just make it even harder to recoop scores again once the credit crisis is decreased. I would certainly pay off all my cards if possible, charge small amounts, pay in full.
As far as department stores, chuck their invitations for now. Do not apply for new credit if you don't have to!
Wait it out until this mess is over. It's hard not to take this personally because many of us don't deserve this, but banks reserve the right to do most anything to our accounts.
But, it I get a letter notifying any of my accounts are going to be closed on a specific date, I am closing it myself which will be better than "closed by credit grantor". Some are not getting any notice at all.
Seems no one is safe right now from any of this mess, but what goes around comes around!!
Comment 8 by tamellie
It's Happened To Me Too on 2008-11-30
I cant believe it. ALL my GEMB cards were decreased Gap, Walmart, Jcpenny but lucky for me the were close to the limit so they couldn't drop it too low ; ) I called and they said they did because of negative credit information if you dispute them and show proof to GEMB they will increase back to original amount
on 2008-11-30 I cant believe it. ALL my GEMB cards were decreased Gap, Walmart, Jcpenny but lucky for me the were close to the limit so they couldn't drop it too low ; ) I called and they said they did because of negative credit information if you dispute them and show proof to GEMB they will increase back to original amount
Comment 9 by adamari
Re: Another Decrease on 2011-04-19
Consumers were supposedly going to be protected by the 2009 CARD Act. The 2009 bill has provisions that are going into effect throughout this year. One provision of bill demands something simple. That credit can't be issued unless the person getting the credit can prove that they can repay the obligation. One unintentional consequence of these new rules is that stay-at-home parents may lose some financial freedom. Getting an unsecured loan for them, might prove to be very troublesome.
on 2011-04-19 Consumers were supposedly going to be protected by the 2009 CARD Act. The 2009 bill has provisions that are going into effect throughout this year. One provision of bill demands something simple. That credit can't be issued unless the person getting the credit can prove that they can repay the obligation. One unintentional consequence of these new rules is that stay-at-home parents may lose some financial freedom. Getting an unsecured loan for them, might prove to be very troublesome.
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Disclaimer: This content is not provided by Synchrony Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Synchrony Bank. Review content is powered by Finance Globe.
