Re: Comenity Bank close all my Visa/MC Accounts

taxi818 · ‎10-31-2015

@ddemari wrote:
780+ is seeing AA? Makes no sense. That's a lot of cards just abruptly closed. I won't be ok with that its too much!

Scores will not play a role in getting AA. It is the perceived risk from the lender. always best to see both sides.

Open123 · ‎10-31-2015

@UncleB wrote:
It made no sense - especially since both 'buckets' belonged to the same director, but it's how their accounting worked. I even asked more than once if the amount being lost monthly was 'real' money or just accounting tricks, and I was assured it was 'real'.

Having served my 10 years in Corp America, I can relate to your experience. For all the years I've had to endure the bureaucratic inefficiencies, glaring duplicity, and...er...constant intellectual dishonesty, I learned two valuable lessons: (1) what not to do when running my own company, and (2) the pros & cons of stock based compensation.

During my Corp days, every Exec (including myself) had an inordinate amount of stock based compensation relative to our salary and annual bonuses. Our interests were often in direct conflict with Shareholders of the company. Any Investment Banker who didn't have a strong buy, or if their Analysts didn't pump our stock, we'd terminate or threaten to; anyone in our accounting dept who didn't prepare our quarterly financials to maximize revenue and guideance to drive our stock valuation higher (since so much of our compensation was based on this) would find himself/herselt in purgatory bookeeping the intern budget.

This is why it was "heresay" to fix things, since it would necessarily reduce revenue growth projections and guidance, which would lead to lower stock valuation. It was imperative to keep up the "pump and dump" long enough for Exec's restricted stock to become (1) vested, and (2) liquidated.

Anonymous · ‎10-31-2015

I have a membership with all 3 and myfico too. I know what is in there and I check it once a week or when I get alerts. My income is pretty good and can be verified. >100K

I pay my bills in full, no chance for them to make that extra dollar Bad news for them and It was suppose to be good news for me. Not anymore I suppose, since now, If you don't have debt, you a bad account, and when you have debt, you are a bad account too.

I have not received anything yet for them. I checked all of the closed accounts today and same thing, it shows my credit limit, how much cash I can spend, and the 2 cards that I owe few $ on and the min payment. Available credit is set at 0. I decided to call and the automated machine said the same thing, at the end said that no further charges can be made at this time.

Vegas4Play · ‎10-31-2015

@Anonymous wrote:
Forgot to mention that today I decided to freeze all 3 just in case one talks to another.

Can soft pulls still be done by your lenders if your repots are frozen?

Fico 8's TU 756/ EQ 754/ EX 743- 8/2020// AAoA 5.7 years // Lines August 2020 = 619k Personal - Business 61k // Inquiries 6 TU - 0 Exp - 0 Eq.

Anonymous · ‎10-31-2015

If you have established accounts then they can view/edit/add to your reports. Only new requests from new lender that are blocked.

Anonymous · ‎10-31-2015

@taxi818 wrote:
@ddemari wrote:
780+ is seeing AA? Makes no sense. That's a lot of cards just abruptly closed. I won't be ok with that its too much!
Scores will not play a role in getting AA. It is the perceived risk from the lender. always best to see both sides.

Perceived risk from the lender isn't out in left field if I'm understanding things right. All those accounts opened over 2 months? Yeah, that'd make me nervous as the lender. Across all lenders, could make me nervous. All from ME as the lender, I'd be nervous. Should I have not approved some then (or some CLI's)? Sure. But it seems like Commenity has been doing some housekeeping (changing the way SCT/CLI's work, some things that used to be SP now HP etc). I'm not sure I'm right about all those things as I just have a little Eddie Bauer and J Jill card.

Curious, am I understanding right that all those Commenity cards are about 2 months old? What about the other accounts that were mentioned? What's your AAoA? Seems like it'd potentially be measured in days, not years.

CreditCuriosity · ‎10-31-2015

@Vegas4Play wrote:
@Anonymous wrote:
Forgot to mention that today I decided to freeze all 3 just in case one talks to another.
Can soft pulls still be done by your lenders if your repots are frozen?

absolutely and they are done all the time by all your lenders

Anonymous · ‎10-31-2015

All Comenity cards were opend within 2 months. I am with you being nervous, I got nervous myself and at one point said to myself "Are they stupid?" I have 8 other credit cards with diffrent banks that are setting at 0 balance (Don't know what to say, I just love my DEBIT card too much), 4 paid personal loans and auto loan that almost paid off. My AAoA is little over 12 years

This was just fun and now came back to bite me. They got me good, but again, A $45 in court can cost them thousands, it's just a matter of (What goes around, comes around) Do I need all the headache? Maybe not, but I do not like not being in control of my finance.

UncleB · ‎10-31-2015

@Anonymous wrote:
All Comenity cards were opend within 2 months. I am with you being nervous, I got nervous myself and at one point said to myself "Are they stupid?" I have 8 other credit cards with diffrent banks that are setting at 0 balance (Don't know what to say, I just love my DEBIT card too much), 4 paid personal loans and auto loan that almost paid off. My AAoA is little over 12 years

This was just fun and now came back to bite me. They got me good, but again, A $45 in court can cost them thousands, it's just a matter of (What goes around, comes around) Do I need all the headache? Maybe not, but I do not like not being in control of my finance.

+1

I'm with you on the 'addiction' to the debit card... for so long it was my only way to pay, and I guess I just got used to its simplicity. It took me a while to get used to using credit for everything, but once I got 'in the groove' I never looked back.

Folks on here occasionally talk of lenders being concerned with a 'bust-out'. It's usually mentioned in terms of making payments purposely to create a credit balance (which makes many lenders nervous), but there are other actions that can also be viewed as 'suspicious' by some lenders (and to varying degrees). This wasn't the case with your Comenity situation, but the quantity and size of your accounts might have been triggers as well.

Here's an interesting document I came across a little while back that details some of what they might be looking for... ironically several of the so-called "indicators" are business-as-usual for many of us here on myFICO... it was quite enlightening, at least to me.

http://www.experian.com/assets/decision-analytics/white-papers/bust-out-fraud-white-paper.pdf

axlm · ‎10-31-2015

@UncleB wrote:
@Anonymous wrote:
All Comenity cards were opend within 2 months. I am with you being nervous, I got nervous myself and at one point said to myself "Are they stupid?" I have 8 other credit cards with diffrent banks that are setting at 0 balance (Don't know what to say, I just love my DEBIT card too much), 4 paid personal loans and auto loan that almost paid off. My AAoA is little over 12 years

This was just fun and now came back to bite me. They got me good, but again, A $45 in court can cost them thousands, it's just a matter of (What goes around, comes around) Do I need all the headache? Maybe not, but I do not like not being in control of my finance.
+1

I'm with you on the 'addiction' to the debit card... for so long it was my only way to pay, and I guess I just got used to its simplicity. It took me a while to get used to using credit for everything, but once I got 'in the groove' I never looked back.

Folks on here occasionally talk of lenders being concerned with a 'bust-out'. It's usually mentioned in terms of making payments purposely to create a credit balance (which makes many lenders nervous), but there are other actions that can also be viewed as 'suspicious' by some lenders (and to varying degrees). This wasn't the case with your Comenity situation, but the quantity and size of your accounts might have been triggers as well.

Here's an interesting document I came across a little while back that details some of what they might be looking for... ironically several of the so-called "indicators" are business-as-usual for many of us here on myFICO... it was quite enlightening, at least to me.

http://www.experian.com/assets/decision-analytics/white-papers/bust-out-fraud-white-paper.pdf