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bork6280

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3 Gas Card Accounts moved from Citi Bank to GE Credit
Recently 3 of my Gas Card Accounts moved from Citi Bank to GE Credit. This was strictly between Conoco-Phillips-76 and Citi Bank and GE Credit. It had nothing to do with me.

My card accounts are now managed by GE Credit and all three cards get paid in full each month. I presently have a zero balance on all three. Yet my credit score dropped by 28 points when the transfer of accounts took place and I did nothing to cause this activity.

Why am I being penalized for this with a lower credit score and I've been a perfect customer for on-time payments and low to zero balances?

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I would not worry to much about it.  Not sure but think GECRB ( GE Capital Retail Bank)  issued you 3 new accounts while Citi Bank Closed out 3 accounts. ( guessing as I have not been thru something like this )  In a few months your score will pop back up and if anyone else pulls your credit report they should be smart enough to notice the accounts transfered from one bank to another.

Again don't lose any sleep over this,  it will clear up over a few months.

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The score drop was caused by something else, transfers between creditors do not affect your credit score.  Also, the scores provided here vary quite a bit, so don't worry about it too much.  These scores are just for fun, nobody else sees them or uses them.  Search "FAKO vs FICO" to learn more.  Tolearn more about how your credit score is calculated, visit www.myfico.com.  To learn more about all things credit related - www.credit.about.com.

To truly understand why you had a score drop, I would have to see your full credit report before and after the score drop.  Sorry!

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