cancel
Showing results for 
Search instead for 
Did you mean: 

Comenity closed ALL of my accounts

Frequent Contributor

Re: Comenity closed ALL of my accounts

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. Smiley Frustrated


Chase SW RR Premier Visa Sig 8K/Barclays Rewards 2.25K/Loft MC $6750/Overstock 5.6K/Total Rewards Visa 3.5K/Citi DC $2700/Discover $4300/Capital One Venture 15.3K/Cap 1 Venture One 5K/AARP$3500/AMEX BCP 7.5K/AMEX PRG/Marriott 5K/AMEX Platinum

Scores on 11/24/14 Myfico//TU-613//EX-602//EQ-625Current Scores Myfico//TU-735//EX-732//EQ-723
Message 51 of 153
Frequent Contributor

Re: Comenity closed ALL of my accounts


humuhumunukunukuapuaa 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.

Message 52 of 153
Senior Contributor

Re: Comenity closed ALL of my accounts


jcef1955 wrote:

humuhumunukunukuapuaa 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!



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 53 of 153
Established Contributor

Re: Comenity closed ALL of my accounts


humuhumunukunukuapuaa 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.

Message 54 of 153
Senior Contributor

Re: Comenity closed ALL of my accounts

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.



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 55 of 153
Valued Contributor

Re: Comenity closed ALL of my accounts


jcef1955 wrote:

humuhumunukunukuapuaa 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.

FICO 08: EX-694, EQ-716, TU-705 - [1/12/2018]
FICO 09: EX-736, EQ-762, TU-752 (1/12/2018)
Mortgage: EX-714, EQ-701,, TU-750 - [1/12/2018]
NFCU NavChk 15K | NFCU Visa 6.99% 25K | CapOne 43K | CapOne 7K | Barclay Aviator 9.5K | Discover 19K | BECU Visa 10K | BECU PLOC 2.5K | DCU 7.5K | BofA 5K | Citibank secured 1K | CareCredit 10K | Lowes 10K | Amazon Prime 10K ***
173K Total Revolving
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 56 of 153
Senior Contributor

Re: Comenity closed ALL of my accounts


CH-7-Rebuilding 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.



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 57 of 153
Highlighted
Established Contributor

Re: Comenity closed ALL of my accounts

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.

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
Message 58 of 153
Community Leader
Senior Contributor

Re: Comenity closed ALL of my accounts

Sorry OP that this happened to you.
Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 59 of 153
Senior Contributor

Re: Comenity closed ALL of my accounts


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.



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 60 of 153