Lowe's says I am not the kind of customer they desire

[iheartmaytag]

As many here know already, I live at Lowe's. Love the store, buy all my home improvement items there.

I have a Lowe's Consumer charge account through GE Money Bank. I have always been able to wait for major purchases until they have a no interest offer, and I always pay the card off before I have to pay any interest.

WELL--Saturday I got a letter from GE Money Bank telling me that My account was not profitable for them to continue and that my profile did not fit the model with which they wish to maintain as a customer. Effective immediately they are closing my account.

I have been researching new washers and dryers and was planning to buy during the Labor day sale. Guess I will just take my business to Sear's, they are offering No payments and no interest.

 

[spookiness]

Wow

I have heard of this happening, not so much accounts getting closed, but sudden raises in interest rate charges.

Its kind of sad really, if you're a responsible person who pays their bills on time, you get punished for it. And how are you supposed to keep a good credit rating if creditors start dropping your lines of credit?

 

[gyrafoam]

The credit companies do not want customers who pay their bills on time. They can't pay those executive bonuses that way!

I would see if there is some sort of State-run "Office of Consumer Affairs" to report it to and see who they refer you to. Also the States Attorney General's office.
Maybe you won't win the battle but you sure can make some waves!

 

[gowest84]

Sears will most likely be the same because CITI runs their program and if you're not a customer that's late and makes them money, don't be surprised if they say no. It's the nature of the market right now.

Sears cancelled my mom's account that was sterling and they lost out of a $1400 washer/dryer sale.

 

[gyrafoam]

Oh, and you might want to get a 1-800 number for Lowes headquarters in Charlotte.
Let 'em know why you will be shopping elsewhere.

 

[revvinkevin]

I agree, WOW!

Gee that sucks! I have NEVER heard of that happening!

Of course you know this has nothing to do with Lowes itself, it's the company they contract out to for credit services, in this case GE Capital.

 

[kenmoreforever]

A pretty sad state of affairs. What has our glorius United States become? I pay cash whenever possible because of such matters that arise.

 

[revvinkevin]

Credit companies do not want customers who pay their bills o

Of course not, they do not make any money that way! After all EVERTHING in this world revolves around the all-mighty-dollar, if you (or they) can't make money from it, why do it, right?

It really sucks that greed is what makes the world turn.

 

[toggleswitch2]

Can you say "Credit crunch"?

Unfortunately credit is a priviledge not a right. I'd say don't waste your time. It's a no-win situation.

All of this because this country wants to "hand homes over" to those that really can't afford one. This created artificial demand and boosted prices to ridiculous levels. Now it's all collapsing, and we, the average citizen, pay the price literally and figuratively.

Rant over.

 

[danemodsandy]

What To Do:

Sadly, complaining isn't really enough any more. What seems to do some good is an object lesson. Here's what I do in situations where a company's policies or other horsetwaddle make it impossible for me to do business with them:

1) I buy the item or service elsewhere.
2) I then write a letter to the CEO of the offending company, stating the situation and informing them that it caused me to purchase from one of their competitors.
3) [This is the important part!] I enclose a Xerox of my receipt for the purchase I made from the company's competition - credit card information redacted, of course.

What this does is to supply a company with hard proof that a sale went elsewhere for reasons it could have prevented. I've gotten several letters of profuse apology as a result of sending this kind of thing, and in one instance, a Circuit City manager who had been snotty with me was ordered by management to call me and apologise personally (weird call - you could tell he was extremely upset to have to do that, but it was obvious that he had his orders).

Nowadays, nothing changes until people see that their bushwah is costing them money. It's up to you to show them that that's happening.

 

[jeffg]

> All of this because this country wants to "hand homes over" to those that really can't afford one. <

Do tell, how many banks or other lending institutions were forced to write mortgages against their will?

And I suppose the NINE BILLION credit card offers the American people receive every year is the fault of poor people?

 

[joelippard]

Oh,

I'd definetly have to call the headquarters and report it to Customer Service. Nothing will change as a result, but I'd get the satisfaction of being devilish about it!

I didn't think much about it ten years ago, but now that I'm in my 30's I hate loans, and I hate a damn credit cards!

 

[frigilux]

Legally, they can do this to you. But be sure you call/e-mail someone high up in the corporate chain and let them know it happened, and that you will be taking your business elsewhere from now on.

F**king bastards.

 

[iheartmaytag]

I do not hold it against Lowe's, as I know it is GE Money Bank that made this decision. But if they don't want someone to utilize their terms, don't offer them.

What they are hoping is that somone misses one payment where they can then add interest on the full balance back to the time of purchase. I do use their money for free, I admit it, but they offered it in the first place.

I may still buy from Lowe's, but I will do a share loan at my credit union and pay myself to use the money if I have to pay someone .

In the last four years I bought the refrigerator, trash compactor, and dishwasher basically interest free. I had planned to do the same with the washer and dryer. I was just waiting because the lady told me that Labor day they were going to have a $500 rebate on Electrolux washers and dryers which would basically give me the pedistals free. If I hadn't waited, I could have had the interest free.

I think I have decided on the Wave Touch, buy I may change my mind a few more times before I finally sign the check.

 

[runematic]

Go to your local dealer if you have one. Usually, they'd be happy to help you. I realize some are not, but most are. Who is going to service the Lowe's purchase? Just a thought from the "little guy" out here.

 

[michaelman2]

Kevin, I agree that Lowes farms out their credit to GE, but from a business standpoint they need to advise GE they want their customers to be treated correctly and with the same type of customer service that one receives in the Lowes store. If GE cannot accompish that then Lowes need to take that into consideration when contracting with another credit company.

 

[scott55405]

None of my currently held card issuers (last 7 years or so) has ever made a penny of interest on me. One of them recently changed their policy to having an "annual fee" which they charge to your account at the rate of $2 a month or whatever the amount is. In other words, just charging me interest "under another name", since they're not getting any through the usual channels.

Paradoxically, they raised my credit limit at a time when a lot of places are lowering people's limits. I think it may have been because I put a large-ish car repair on the account, and they probably thought "score, we got him". I paid it off 2 days later (the time it takes to transfer money from my online savings account).

I generally put one recurring expense on this account, paying it off each month naturally, by paying on line. If their "fee" should ever be the only thing on the account some month, however, you can bet I will be manually writing a paper check and mailing it in US Mail, just to make it more work for them to process.

I keep credit cards for convenience reasons, such as that illustrated above with the car repair. Eventually, however, (hopefully!) people are going to wise up and the last laugh is going to be on these places. Instead of getting bonuses, they will be on the street looking for new careers. At the moment, it's in my best interest to play along, but don't push me too far, because I'll push back, 790 credit score be damned.

 

[scott55405]

Better yet, Michaelman, stores need to go back to doing their own credit operations independently.

 

[michaelman2]

Scott, AMEN.... I am sure it was all about the dollar and farming out to a credit company to "handle" the accounts. Sadly, if some fancy study could be done, I bet the results would indicate that in-house accounts when properly attended , to are as cost effective as some out-sourced account where the customer gets upset and chooses not to do business with the merchant. The customer votes each time he/she does business with a merchant his ballot is the dollar. Bottom line on customer service (or absence of, and that is what this thread stemmed from) will always set a business apart from its competition.

 

[whirlcool]

Guess What...

We too take advantage of the 1 year interest free promotions at Home Depot. We've had the card for 8 years with not one late payment. It had a $6K limit.

We just received a letter from HD last weekend that they are lowering our credit limit to $1,500 due to our "spending patterns". Hell, we just spent $2500.00 with them last November for new appliances for our kitchen and that's already 50% paid off.

I called them and the rep at HD told me that their computer analizes each account and adjusts each account according to a pattern, it's all very complex.

I think we will be shopping elsewhere and close this account. I think it's an insult to a regular customer.

 

[jeffg]

Competition? Like almost all industries, major appliance sales in the U.S. are controlled by a cartel, which pretends to compete with itself: Sears, Lowe's, Home Depot and Best Buy account for nearly 70% of all sales nationwide.

This is why Lowe's and Home Depot can treat their customers like garbage and get away with it.

http://www.wikinvest.com/stock/Sears_Holdings_(SHLD)/Bulls/Sears_gains_appliance_market_share

 

[gyrafoam]

Whirlcool----

HD used to give you whatever limit you wanted just by calling them up. Tell them you are ready to make a major purchase and need a 10k limit or something like that and see if they don't do it. The computer reducing the credit limit automatically is nothing new at HD. They have done it for a long time.
Still, insulting, however.

Also I don't have a lick of sympathy for Lowes. They outsourced a part of THEIR services and are well aware of how their "partner" is treating their clients.
Its all about money and Lowes is just as greedy as the next.

 

[westingman123]

attach a copy of the receipt

AMEN!! And don't send the letter to just anyone, look up the
president of the company and send it to that person. It will be an assistant who opens the letter, of course, but if you take the time to prepare such a complaint you almost always get some satisfaction. It's a sad state of affairs that we, as consumers, have to resort to such maneuvers.

 

[norgeway]

Find a Local Store.

Here in Mocksville we have a local furniture store,We went in..picked out new living room furniture..had it delivered, saved a ton over a big box store,and DID NOT SIGN A THING, Johnny, the owner said, How much can you pay a month, we told him, he said fine, Its just like doing business in the 50s....I love it, none of those big store hassels.

 

[turquoisedude]

That's a really nice idea - doing business with a local store who will be A) Glad to have the business in these tough times and B) will treat you like a CUSTOMER instead of a card number!
Hmmm... Kinda makes me want to throw off the shackles of my "day job" and open a store! Too bad 'The Appliance Queen' won't translate into French with the same connotations... ROFLMAO

 

[goatfarmer]

I agree with Runematic, shop at the local guy, and tell the box stores where to get off.

 

[launderess]

Just For The Record

This is happening to pretty much everyone who has any sort of credit or charge card, so it is nothing "personal".

Many credit/charge card companies are looking at record setting default rates as consumers simply walk away from paying their bills. Some cannot pay because of loss of employment or other reasons, others simply are too over exteneded and figure if it is a choice between paying the rent/mortgage or the credit card, guess which one looses?

Also as more and more consumers are facing tight financial times, they are relying more on those high credit balances, charging up a storm, but making little more if only the monthly minimum payment. Credit card companies see this as a red flag these days because often persons living on their credit cards sooner or later end up in the above group, that is choosing between credit card payments and others, and again the credit card often is the first payment skipped.

True, credit cards do not make "money" from customers who pay off their balances in full each month via interest, but they do make plenty in terms of fees charge to banks and others for processing transactions. What many credit card companies are doing (before new laws take affect next year), is looking at the rather lavish credit limits set over the past years and cutting their exposure so to speak.

We have a Sears card, and NEVER use it for anything that cannot be paid off when the bill arrives. Sears charges something like 27%/per month interest, one would have to be crazy to keep a balance on a card like that. When contacted once to request a lower interest rate, was told that WAS the lowest rate Sears offers. They have even changed some of the fine print in their "interest only" plans, so one has to be real careful when putting anything on a Sears card.

GE Credit like many other credit card companies is not in very good financial shape these days. Considering they run consumer credit cards for a large part of the American retail market ,their exposure in this economic down turn is great.

To break it down like a fraction, banks and credit cards gave what they now consider too much money away when times were good, now they want it back.In the case of unused or little used credit lines it is allot easier to lower limits and or close the account before the money is out the door so to speak.

L.

 

[norgeway]

Accounts

Our local store handles there own accounts...on paper not computer!!!

 

[polkanut]

Here are the numbers...

Lowe's Customer Care: 1-800-445-6937

Consumer Accounts: 1-800-444-1408

 

[launderess]

According To Media Reports

Pesons who telephoned to complain about credit card decreased limits, interest rate increases et al, have had various rates of sucess in reversal. Much depends upon one's history with the company, and or what the policy is from "upstairs".

For instance with Capital One and other cards, the changes in interest rates and such are mandated in such away that the low level service reps have no power or even way to change them. Even when one reaches a supervisor or manager the can do only so much, again depending upon what parameters have been set up by senior management. Clearly credit card companies do not want lower level employees "giving away the house" and falling for every story they hear. Since most of these telehone reps are in Asia or India with a bare grasp of the English language it kind of makes sense. If "Bob", "Mary", "Christine", and the lot can barely read what is printed on the screen in front of them, much less have any sort of conversation that deviates from the scripted responses, it does not bode well trying to negotiate any sort of changes in policy.

L.