Commenity Credit Audits..Shutting Down Cards

[Anonymous]

So here it goes...

I have a contact over at commenity bank...she has informed me of the following...

Approx 6 months ago a memorandum was circulated throughout the credit department (I am working on getting said copy) that consumers with multiple Commenity cards and high inquiry rates/pulls (Equifax mostly) are being reviewed and audited. Many many consumers who fit this profile are being closed left and right.  Has nothing to do whether or not the accout was opened through sct or HP....it really is coming down to inquiries....so....

Those of us who have multiple Commenity accounts and want to keep them please be forewarned that this is their new policy...and they are implementing it.  Be easy with the inquiries, as you should, of course, with all credit.  As soon as I get a copy of this memo (and I will get it) I will post....

Also...just to let you know...if you didnt already...Commenity trolls this forum....so..remember...big brother is watching.

Happy thanksgiving to you all and your family...

Gregg

[baller4life]

[creditguy]

I certainly understand a bank being sensitive to things like inquiries, but why approve people and hand out cards like candy through the SCT only to review A CR later and find out a person is risky then shut them down? Sounds like a idiotic way to conduct business. I wonder how much money commentiy spends every month creating accounts, issuing cards and them shutting them down. 

Like I said, I understand a bank being sensitive to things and protecting their interests, but it seems to me Commenity contributes to the behaviors that spook them. Why hand out so many cards and why do it through a SCT? maybe they should go back to the old fashioned HP for approval. 

[Anonymous]

Commenity reps trained by BBVA management

[creditguy]

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@Anonymous wrote:

Commenity reps trained by BBVA management

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Seriously, you'd almost think they were the same bank. 

[Anonymous]

Sad...what's even sadder is that they troll here and "snitch" on the very consumer that feeds their bottom line and pays their bloated management staff ridiculous bonuses. Too many good people unemployed who could use a job....too many useless people employed who need to lose it...

Gregg

[Imperfectfuture]

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@Anonymous wrote:

Commenity reps trained by BBVA management

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Wouldn't go that far (maybe).  

[pizza1]

well, Im crossing my fingers and knocking on wood, LOL!! Ive got A LOTof Comenity acts, and MAX inquiries on EQ, but none since July. Maybe ill skate by, maybe I won't. Time will tell.....But Ill certainly be understanding if it does happen to me. Having a S**T ton of inquiries in a short amount of time, is considered credit seeking=risk. Wouldnt be surprised at all, but hoping for the best!

[Cotton_Britches]

How many inquiries is considered risky? And within what time frame?

[Imperfectfuture]

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@Cotton_Britches wrote:
How many inquiries is considered risky? And within what time frame?

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Now, if they give out the algorithm, it would skewer risk based analysis.