Rating Summary
“High Interest Rate regardless of Credit Score”
- in debt, Every day computer user, saving a little, on a strict budget, homemaker looking for work, have 1 son, want more kids, have 2 dogs, have 2 cats
GE MoneyBank - GE MoneyBank —
GE MoneyBank is used for a variety of stores. When I went to a jewelry store, they used GE Moneybank to open a line of credit for me. When I went to the dentist & couldn't pay up front for a root canal, they suggested a line of credit called "CareCredit" and it was financed through GE MoneyBank. When I needed financing to get my home waterproofed to stop the flooding, GE MoneyBank was used.
Sounds convienent, right? Well, it is, but there's a price to pay. All accounts that I've had that used GE Moneybank (I've had several), the APR's were over 20%, except for one which was about 16%. My credit score is around 730, so there's no way it should be that much. They said they don't look at the credit score like most people, they have a flat rate. I wish I knew this at the time! Plus, the one GE Money account that was opened for the waterproofing shouldn't have been. I never signed paperwork agreeing to GE MoneyBank. An account was opened in my name from the "Home Improvement Store" that we were going through for the waterproofing. The only thing we signed was an document giving them permission to pull our credit info to see what our best option is for financing the waterproofing. That was when the salesman came to our house initially. Then, I got the 1st statement, & I called GE MoneyBank & told them I never opened the account, etc. & they wouldn't do anything. They said they looked into it, and said they have copies of paperwork with my signature that was sent over from the store. I told them I had never been in the store, so however those papers were signed, it wasn't by me. They turned their backs to me & now I'm stuck paying on this at an interest rate I didn't agree to, and a high monthly payment I can't afford. Oh, and I was price gouged, which is illegal, but nobody seems to care. So, GE MoneyBank is expensive & has questionable business ethics.
NOTE: The reviewer indicated that they are a client of GE MoneyBank - GE MoneyBank.
GE MoneyBank - GE MoneyBank
