Author Topic: Was approved for GE account after defaulting years ago.  (Read 1637 times)

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winstonguy

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This is really crazy and I felt I had to share. In 08 I defaulted on several GE accounts totalling over $10,0000 which are about to drop off my credit reports in a year. A few months ago my sister added me to her Care Credit account as an authorized user to help me establish credit again.


Well today I went into Lenscrafters for an exam and glasses. I was told I could apply for an account which I KNEW I wouldnt get since I was through GE. I then continued to explain to the Guy that I wouldnt get approved but he suggested I try it  so I gave

him all my info and it came back appeoved for $800 limit. What gives?  Do you think it was a computer glitch? I was thinking it may have something to do with Syncrinity Bank taking over GE.  I ended up getting glasses with this account . I already had established a couple new credit cards and a car loan
« Last Edit: July 03, 2014 12:33:41 AM by winstonguy »

kevinmanheim

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Re: Was approved for GE account after defaulting years ago.
« Reply #1 on: July 03, 2014 01:37:26 AM »
You escaped from the lion's jaws, only to jump back into its mouth.

The lion is happy to accept you. You have clean credit and a desire to pay the 25% interest they seek.

winstonguy

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Re: Was approved for GE account after defaulting years ago.
« Reply #2 on: July 03, 2014 01:51:53 AM »
They would get the 25% if I go past my 6 months no interest but I wont let that happen. I had enough money for my purchase but I wanted a boost on my credit.

Still I am astounded at getting approved by GE after all my cards defaulted which are still on my CR. Has anyone heard of this happening?
« Last Edit: July 03, 2014 02:25:03 AM by winstonguy »

credit_h

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Re: Was approved for GE account after defaulting years ago.
« Reply #3 on: July 03, 2014 03:27:45 AM »
It might be possible for them to apply your past debt to the $800 credit limit?

TomNTex

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Re: Was approved for GE account after defaulting years ago.
« Reply #4 on: July 03, 2014 08:19:00 AM »
My experience with anything with GE attached to it is bad news. They will hound you for ever. As mentioned, you may be getting set up.

kevinmanheim

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Re: Was approved for GE account after defaulting years ago.
« Reply #5 on: July 03, 2014 10:49:24 AM »
A computer program made the decision to approve you. It knew about the past GE default, factored it into the decision and calculated that GE would probably make money off you going forward. Simple as that.

The GE computer knows it will never see that $10,000 again. It also knows GE has a good chance of making some of it back by getting you into debt again, based on your current credit profile.

Everyone plans to pay off their CareCredit account before the interest kicks in. Then, things happen -- a medical emergency, a car accident, job loss, holiday gifts, etc. GE's computer thinks you won't pay it off on time.


trueq

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Re: Was approved for GE account after defaulting years ago.
« Reply #6 on: July 05, 2014 05:18:07 PM »
I have credit today from several banks with past alleged defaults past SOL.

Banks cannot refuse the past defaulted customer pool.

If 20-30% of nation has defaulted on something last 15 years, banks cannot ignore that huge chunk of the market.

Its all about the mathmatic computation in their computers.    Many don't care about past defaults, some, like Discover Card, do.

Credit card default is not  a forever thing...even though it seems like it when you go through it...its about the lessons learned for the future.

Like it was said above...the credit card bank lion welcomes you back into the mouth if your willing.

I don't mind because I have the whip for the lion this time around.
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.

kevinmanheim

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Re: Was approved for GE account after defaulting years ago.
« Reply #7 on: July 05, 2014 09:27:36 PM »


Banks cannot refuse the past defaulted customer pool.
Tell that to Amex. :)

winstonguy

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Re: Was approved for GE account after defaulting years ago.
« Reply #8 on: July 06, 2014 01:50:14 PM »
Its great to finally have credit again in case of emergencies and such but I will not let what happened to me in 08 happen again. I am sure a lot of people will make those mistakes again

as the economy gets better but I am in a different position now and dont have all the responsibilities let alone the income I had then. I learned to live modestly with very little debt and am very content.

I recently bought a new car and because the one I had needed too much work. The temptation to get that high end vehicle was great but I overcame that and ended up with a nice vehicle with a low payment.

In my line of work I meet people who are making those huge momthly payments for show and dont have enough to pay their other bills or even have furniture for their homes. Makes me appreciate what I have learned from my pitfalls from the 08 crash.

« Last Edit: July 06, 2014 01:58:49 PM by winstonguy »

trueq

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Re: Was approved for GE account after defaulting years ago.
« Reply #9 on: July 06, 2014 04:38:21 PM »
Tell that to Amex. :)

Since AMEX is technically not a bank, they would be excepted from my bank comments.
My free speech is not legal advice.  If you need legal advice, you need to talk to a lawyer.

Litigation Defense record
Arbitration record:   9 wins * 0 loses
Court Record:         2 wins * 2 judgments (1 of the 2 judgments has been vacated, other judgment upheld on appeal, marked "satisfied", because I wrote a check.)

The one bank that beat me in court, I now have a $2200 limit credit card from them again.
Redemption is always possible.