Paypal Buyer Credit (GE Money Bank)
Credit Report Reviewed and Limit Lowered Arbitrarily

I was approved nearly a year ago by GE Money Bank for a PayPal Buyer Credit account with a limit of $300.00. I have paid the minimum payment or above promptly each month since then. Recently, I received a letter indicating that GE Money Bank had opted to review my credit report and reduce my credit limit to $240.00. This was apparently a totally arbitrary decision, as I have never been late or had any other issues with the account. My credit report looks virtually no different than it did when I was initially approved. It will look different next month, though. My score will be lowered as a result of this outrageous decision by GE Money Bank. I have not reviewed the cardholder agreement to see whether they have a right to do this. They likely do from a contractual perspective, but that they would without any good reason not only deleteriously affect my purchasing power, but also my credit score speaks volumes about the kind of people at the top of this organization. I will pay the account off next week, never use it again and use every means possible to forewarn others of their unethical practices.

Company: Paypal Buyer Credit (GE Money Bank)
Country: USA
State: Texas
City: El Paso

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