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Ugh! This sucks!! Sorry this happened to you OP. I guess it's really just a matter of time before my accounts are closed. I've had Overstock for about a year now and my CL is $5600, Total Rewards Visa for about a year also $3250 and I HAD the Loft Store card for about a year also at $1750 UNTIL I was asked about upgrading recently in store. It of course was a HP to EQ and was approved for 5K. Now I have a Love Loft MC sitting at $6750 that has not reported yet. My inqs on EQ are 11 and all within the last year. I wouldn't mind terribly if they closed the Overstock card but I really like my TR Visa and LOVE my Loft MC because they send me tons of coupons and I earn lots of rewards because I shop there almost exclusively. All cards have a $0 balance.
@Anonymous wrote:They're doing it to people with just a few accounts and just a few inquiries too, so now they're playing dirty and making themselves look bad. Imagine how the person felt who only had Overstock as their one account and had it closed. I feel badly for anyone who is having to deal with this. It's just wrong.
Corporate mentality, short term bottom line. When management has no coherent vision to improve services & the bottom line, they'll try any hairbrained scheme without regard to effectiveness or caualties.
@Anonymous wrote:
@Anonymous wrote:They're doing it to people with just a few accounts and just a few inquiries too, so now they're playing dirty and making themselves look bad. Imagine how the person felt who only had Overstock as their one account and had it closed. I feel badly for anyone who is having to deal with this. It's just wrong.
Corporate mentality, short term bottom line. When management has no coherent vision to improve services & the bottom line, they'll try any hairbrained scheme without regard to effectiveness or casualties.
+10000!
@Anonymous wrote:
@Chilli wrote:It appears to me they're snagging folks who are opening a card now and then they are going back reviewing all of the persons accts to assess their risk level. I believe they are being spooked by the many accts that are being opened in a short amount of time.
@humuhumunukunukuapua'a wrote:
I think part of the problem is, we are hearing from people (like mattmyfico) who only opened one or two accounts recently. The other Comenity accounts he has are longstanding. Another person reported in a different post that their sister had only one Comenity store account (Overstock) and it was shut down, and only a couple of recent inquiries.
Wow, then I take my comment back. It is aweful and bad business pactices. Why open just to close...makes no sense.
Chilli, I think Comenity as a company just makes no sense, they are going down, and they are probably taking random stabs in the dark to try to save themselves.
@Anonymous wrote:
@Anonymous wrote:They're doing it to people with just a few accounts and just a few inquiries too, so now they're playing dirty and making themselves look bad. Imagine how the person felt who only had Overstock as their one account and had it closed. I feel badly for anyone who is having to deal with this. It's just wrong.
Corporate mentality, short term bottom line. When management has no coherent vision to improve services & the bottom line, they'll try any hairbrained scheme without regard to effectiveness or caualties.
I agree that this sucks, and I feel bad for people that are getting shut down. I do think it's important to remember when talking about the long term effects of this type of policy, myFICO users are a breed unto themselves. I would be willing to bet you that 95% of their customers have no more than two or three accounts with them and no more than two or three inquiries on any one credit bureau.
In terms of the grand scheme of things, this will not not hurt them. They have made a decision, based on business analysis, that getting rid of high risk cardholders outweighs any damage to their bottom line. All businesses do this.
@CH-7-Mission-Accomplished wrote:In terms of the grand scheme of things, this will not not hurt them. They have made a decision, based on business analysis, that getting rid of high risk cardholders outweighs any damage to their bottom line.
I think the combination of recent large lawsuits against them, plus years of poor business decisions, will be what hurts Comenity more than do these actions against the customers.
The extremely poor PR from them doing this to consumers won't exactly be a plus, however.
I didn't want to make anyone panic about their accounts but I did want to make people aware that this could happen to anyone. I would not depend on any Comenity cards for anything mission critical at this point.
@mattmyFIC0 wrote:I didn't want to make anyone panic about their accounts but I did want to make people aware that this could happen to anyone. I would not depend on any Comenity cards for anything mission critical at this point.
Hang in there, matt, and thank you for keeping us informed. You are doing a great job overall and Comenity is just an unimportant blip on the radar screen.