Ah, the smell of money

So, I was talking about GE Money? Look what I found during the course of my work – a story about GE Money taking part in a scheme to help schoolkids realise the importance of being able to manage their money.

"Jean Burke, head of corporate responsibility at GE Money UK, said: ‘Our philosophy is about addressing the growing cause of indebtedness at root cause.’"

Yes, our philosophy is to address the growing cause of indebtedness (I’m going to gloss over the double use of ’cause’) by refusing to grant credit to anyone who has shown themselves capable of managing their money.

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3 responses to “Ah, the smell of money

  1. Will June 9, 2006 at 12:07 am

    Honey, before you get all het up, I feel I must say (what with working for a financial institution and all) that there are a million and one reasons why you might not have got credit from one particular company. Everyone has different credit scoring criteria, everyone has a different target market (you’re probably not GE’s), they might not use Equifax and use Experian instead (they don’t share data yet). Seriously, there are too many reasons to even go into. I had a crap credit rating, but I got a decent mortgage through an IFA…. this all shows that you can subvert the system, but only if you try hard.
    Credit card customers are 2 a penny. If you want someone to be nice then ask about a credit card from the bank you’re with now. You’d be suprised what they offer you when they realise you’re looking somewhere else.

  2. kate June 9, 2006 at 9:12 am

    is it true that being turned down for a credit card will negatively affect your credit record? cos i got turned down in similar circumstances to rach and i’m sure someone told me not to apply elsewhere straight away because i’d be turned down again simply for having been turned down once before.
    or is that bollocks?

  3. Rachel June 9, 2006 at 4:59 pm

    Sweetums, I know there are a thousand reasons why – when I get round to it I’m going to write in and ask (ie, before I apply to anywhere else!). They told me to check my credit score with Experian and it came back clean so I’m going to doubel check it is why I think it is. Of course, they have the perfect right to turn me down and they have the right to make money, being a business and all, but I find it a tad hypocritical to discover they’re then heading up a campaign to encourage responsible money management! (GE Money are the people behind store cards, which I think continuously get slated as having the worst interest rates ever, or something. They’re also based in my old home town, which is another reason to think they’re eviiil.) I bank with Smile, they’re far too ethical to offer credit cards with no-interest-on-purchases, which is what I need when I (I’ll whisper it so I don’t offend Jamie) *move house*

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