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.