!!!Commenity Accounts To Be FR'ed in 2016!!!

[Anonymous]

So..as many as you may know I have a personal contact who works for Commenity Capital...she has previously informed me of the recent memo going around the credit dept of acct closures due to audits of consumer files with high equifax inquiries/numerous Commenity accounts (I will have the memorandum soon and post)...also, that the bank trolls these pages (as well as other credit forums).. for "insight".  Yeah...ok.....so....

I just got off the phone with her and she informed me that beginning 2016 Commenity, in lieu of just closing accounts summarily, will begin to FR them (ie Amex, Chase) and require tax returns (4506-T) before accounts can be re-opened. This may offer some solace to those whose accounts were just closed, whereas now, if your income can sustain 12 cards wiith 30 inquiries, you will be ok.

Just to put everyone on point....I can defiitely see more and more lenders doing this.  It is just way to easy to offer unsubstantiated income in order to get approved for a card. What do you think?

Mpvong frpm smoking to huffing......just cant win

Gregg

[msbia]

Interesting....

Did she say whether it will be across the board (I.e. Everyone with Comenity backed cards) or random? Edit: just re-read, so it's only those with high numbers of EQ inquiries? I'm assuming SP audits? I only have one card through them but high EQ inqs so I guess I'd better get my returns ready lol. 

[Imperfectfuture]

I think he means when account becomes noticed (probably computer will notice those with large comenity exposure).

But, it is still hearsay (disclosure, have no dog or cat in the race here, no store cards).

[Anonymous]

From what she yold be...as they AR you (Equifax AND Exp SP)...numerous inquiries will raise a flag...if consumer has numerous accounts (and sorry...cant define numerous)..then they can be shut down pending 4506-T

Also..from my undertsanding..it is, at this time, ONLY Visa/MC...but, of course, that could change

Gregg

[pizza1]

Again, no need to send everyone in a panic. If it happens it happens, and they shouldn't have approved in first place if that's their intentions.
I could see them doing one for say...Barneys, but VS?? Cmon, very doubtful. I will believe this when I see it in person (knock on wood), or someone actually posts proof of an FR with Comenity. Until then... It'll be business as usual for me, and should be for everyone else too.

I will add that I will never supply tax documents ever to anyone in order to keep a store card.... Period. Glad I always keep a 1% until reporting at all times, 😉

[Anonymous]

Pizza..

With you 1000%  Would never ever give tax docs...close the acct..Im outta there...also, dont want to start a panic riot.

I am big into documentary evidence so, when I get both memos i will post....

Just wanted to give a heads up

Gregg

[yfan]

This might be a good thing. The thing we often hear from those who suffer from AA is that a bank closed their account based on risk criterion for the population at large, not their specific risk evaluation. Now they will have a chance to demonstrate that they are, in fact, not simply a statistic.

[msbia]

@Pizza +1000 and I was totally joking. I would not supply tax documents to keep ANY card outside of NFCU or USAA. Especially a retail card, which is the only one I have.

[Anonymous]

When Victoria Secret needs Tax Documents I'll know it's the apocalypse.

Gregg

[yfan]

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@Anonymous wrote:

When Victoria Secret needs Tax Documents I'll know it's the apocalypse.

Gregg

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Lol. No arguement there. But the way I read your OP (tell me if I'm wrong), the triggers are multiple comenity accounts or a high number of inquiries. So tax documents are not being asked for just having a single VS card.