Lowes ~ Monogram Bank

Discussion in 'Credit Talk' started by kim, Jul 18, 2001.

  1. kim

    kim Well-Known Member

    Okay, I just read the post of a couple of days ago re: monogram.

    I checked my mail yesterday and had a letter from them. They regret to inform me that they closed my account with Lowe's (after 5 months) for the following reasons. According to my CR report of 6/8/01 (mind you it took until 7/10/01 to produce this letter),

    1. I am using more than 75% of my available credit (duh, I'm a new homeowner that needs things in the house, hence getting the damn Lowe's card to begin with).

    2. Average number of months tradelines have been opened (duh, I got new cards when I got a new house)

    3. Worst current payment status for tradelines reported in credit file. Whatever the hell that means, and whatever it means, my payment status for any of my tradelines hasn't changed since I got my Lowe's card. I haven't paid anything late in well over 2 years.

    I'm ordering my CR today just to see what's on it that I don't know about. i'm also going to call these *******s. I don't want the card and planned on paying the thing off first of all my cards, but they'd better not put any stupid $h#t on my credit report.

    Talk about BS, I'm just irritated that they can just pull my report for stupid reasons and call it an Account Review or whatever. I didn't ask for an increase, don't want an increase, and further as long as I pay your @$$, so what if i'm using more than 75% of what's available to me.
  2. NanaC

    NanaC Well-Known Member

    Kim, Also, add a PlanetFeedback complaint! I'm so sorry..that really sucks! I'd be fuious!
  3. LadyC

    LadyC Well-Known Member

    Monogram Bank is notorious for that.

    It happened to me with my Home Depot account. I started with a 500.00 limit and 6 months later it was increased to 4,000.

    I maxed it out and always payed more than the minimum, then a year later, I get a letter like the one you recieved,(reasons 1 & 2) but they didn't close my account, just lowered the limit back to 500.00, with a 3,700 balance.

    The same thing happened with my Exxon account. They decreased my 200.00 limit to 100.00 for the same reasons.

    I closed both accounts.

  4. NanaC

    NanaC Well-Known Member

    OH, that is just not right...hmm..now I'm happy that we are likely going to be denied for Home Depot..
  5. kim

    kim Well-Known Member

    I spoke with a rep. There is nothing they can do, blah, blah, blah. I really don't care about the account itself. I just want to be sure that there won't be any adverse comments added to my credit file because of this. My plan is to pay them completely off by next week. Their interest rate is way too high (21%) anyway. Lesson learned. I have a Target card (who by the way upped my limit to $500 after 4 months), that covers all the retail cards I need.
  6. OtherTerri

    OtherTerri Well-Known Member

    I'm sorry Kim. Thanks for tipping me off to the monogram bank ptoblem. I will never even try for an account with them again! Maybe if enough people got the word about them,they would lose customers.
  7. NanaC

    NanaC Well-Known Member

    I just reread this thread..and I have to say this again..I'm so sorry..I feel this is so wrong!
  8. SisterGirl

    SisterGirl Well-Known Member

    Monogram bank has gotten VERY SHITTY w/their accounts;I have JCPenney & Exxon accounts w/them that I've had more than 8 yrs & they are about to BOTH be history(have multiple major cards & don't need them anyway).

    I loath these people & would recommend everybody to stay away from them.

    Sister Girl
  9. Shantel

    Shantel Well-Known Member

    When did Monogram buy JCPenny? I had a Pennys but they closed it right? So when I pay it off, I write them saying, "Hey...I closed this account and was never late!" <yeah, right, that's why they closed it>
    Anyhow, I get my report and it says, "Closed by consumer, never late". So if Monogram was handling them then, then I'm GLAD I got out when I did!
  10. SisterGirl

    SisterGirl Well-Known Member


    I remember late last year(Sept/Oct/Nov)that their statements changed,that's when I started having problems w/those idiots.

    They duplicated my account on all 3 credit bureaus to appear as though I have 2 accounts same balance(over $2,000 at the time).

    I fought them every way I could until I had to go Corp on their ass to get it resolved.

    Sister Girl
  11. breeze

    breeze Well-Known Member

    J C Penney sold their credir card business to Monogram last year.

    They recently sold their insurance business and direct marketing business to Aegon NV.

    They're trying to keep their stores going by selling off their most profitable subsidiaries.

  12. NanaC

    NanaC Well-Known Member

    They made some bad choices..that insurance company has caused my mom nothing but grief. She thought she was payming monthly premiums for her insurance, only to find out it was for my father who passed away months ago. (She bought this for herself after his death and they made the mistake). She's having a hell of a time getting this corrected. I may be blurry on the details...but that's the main idea.
  13. gcv1sytl

    gcv1sytl Member

    Just to give you a heads up. Monogram Bank is really General Electric Capital. GE Capital

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